What you should know:
– Same-day drugstore delivery startup NowRx is raising $ 20 million in Series B funding to expand into new U.S. territories and accelerate its technology roadmap, transforming the way consumers get their prescriptions.
– NowRxThe competitive advantage of is its proprietary pharmacy management system, which leverages AI and robotics to fill and dispense prescriptions in record time, including interfacing with assurance, verification of interactions medication, 30-second bottling / labeling, providing video chats and SMS with pharmacists, as well as safe, reliable and convenient home delivery by NowRx’s HIPAA drivers.
– Over the past year, NowRx has grown its new customer base by 84% and increased revenue by 78%. Since its first delivery in 2016, it has delivered over 200,000 prescriptions to over 28,000 customers.
NowRx, a Mountain View, Calif., Same-day drugstore delivery company that is experiencing rapid growth during the coronavirus pandemic, has raised $ 20 million in a Series B funding round through SeedInvest .com, one of the main crowdfunding platforms in A + regulation. This funding round is the largest in the history of SeedInvest and brings the company’s total funding to $ 30 million.
Retail pharmacy is a $ 400 billion industry that relies on expensive real estate to generate foot traffic and relies on outdated and legacy software systems to manage prescriptions. Founded in 2015, NowRx exists to provide the most convenient pharmacy experience available, with free same-day prescription drug delivery. Expedited one-hour delivery is also available for a fee of $ 5.00. All pharmacy services are delivered from a low cost, highly automated ‘virtual pharmacy’ location, utilizing end-to-end robotic delivery (‘One-Click Fill’) and artificially intelligent chatbots, coupled with NowRx drivers and plug-in electric vehicles, to provide a more efficient and effective pharmacy experience for busy customers.
“The real reason you’re stuck in the queue for your prescription is because the big drugstore chains actually want you in their stores so you can do other shopping while you’re there,†Cary said. Breese, CEO and co-founder of NowRx. “This flawed strategy ignores the fact that consumers are keen to avoid the hassle and risk of in-store purchases, especially during a pandemic.” According to Breese, these retailers are unable to deliver a good customer experience with prescriptions because their legacy software systems and manual processes create bottlenecks and inefficiencies. “By revamping the pharmacy management software and deploying modern automation technology in our high-tech, low-overhead micro-fulfillment centers, NowRx delivers a much better customer experience at margins equal to or greater than those of biggest players in the industry, â€he said. added.
How it works
Clients and physicians can use the services through the NowRx app, SMS, phone, and virtual assistants such as Google Home. Doctors can send prescriptions to NowRx electronically, fax, NowRx app, or phone. Current services provided include filling new or refills, transferring prescriptions from other pharmacies, consulting pharmacists by phone, and applying for drug manufacturer coupons.
NowRx Pharmacy is easy to use and works in 3 simple steps.
1. You or your doctor send a prescription to the NowRx pharmacy
2. Once NowRx receives your prescription, it will contact you to obtain basic information (insurance, payment method, preferred delivery time, etc.).
3. Once everything has been confirmed, NowRx will deliver your medications to you within 5 hours for your regular co-payment.
Quickfill pharmacy automation
NowRx’s competitive advantage stems from its proprietary pharmacy management software technology, QuickFill (v3.5), which was designed from the ground up to streamline and simplify the filling and delivery of prescriptions while reducing costs and increasing efficiency. improving customer service. QuickFill was recently certified by the country’s leading health information network, Surescripts Health Alliance Network, which unifies providers of electronic health records (EHRs), pharmacy benefit managers (PBMs), pharmacies, clinicians and health plans and connects QuickFill to over 1.5 million physicians across the United States
The Quickfill technology suite includes both a consumer app that gives customers transparency and control over their prescriptions as they are processed, as well as Wheelz, the driver app that coordinates delivery by customers. NowRx’s HIPAA trained drivers, enables delivery signatures and transactions, and tracks deliveries in real time using GPS.
QuickFill technology also incorporates end-to-end robotic dispensing. When a customer clicks the button to order a refill, that order is automatically routed to the nearest NowRx micro-fulfillment center, where robots sort, count, bottle and label each medication in under 30 seconds. Quickfill software also streamlines the insurance approval process and even has an automated coupon feature that has saved customers millions of dollars by automatically finding and applying coupons from drug manufacturers. Since deploying its fully automated end-to-end robotic dispensing technology, NowRx has filled over 15,000 prescriptions (each in less than 30 seconds)
Traction / Milestones
NowRx recently opened one of its high-tech micro-execution facilities in Burlingame, the fourth in California, and recently received its pharmacy license to operate another facility in Arizona. Over the past year, NowRx has grown its new customer base by 84% and increased revenue by 78%. Since its first delivery in 2016, NowRx has delivered over 200,000 prescriptions to over 28,000 clients.
NowRx is on track to achieve profitability even as it exceeds customer expectations by offering free same day delivery. According to SeedInvest CEO and co-founder Ryan Feit, investors in the popular crowdfunding platform Regulation A + quickly grasped the benefits of NowRx even before the COVID-19 pandemic, as many have first-hand experience of the hassle associated with it. ‘execution of orders. “Investors understand the problem NowRx solves,†he said.
Fuel expansion in other territories
The funds will be used to launch more of NowRx’s high-tech micro-fulfillment centers to offer free same-day prescription drug delivery to customers in other territories. NowRx will also use the funds to accelerate the technology roadmap of its proprietary pharmacy management software and logistics technology to increase efficiency and improve profitability.
The NowRx Pharmacy currently has multiple locations in the Silicon Valley and Orange County areas of California.