RxWiki raises $5.7M to help pharmacists communicate with consumers

By Aditi Pai
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RxWikiAustin, Texas-based RxWiki, which offers a medication encyclopedia written and edited by pharmacists as well as tools to help community pharmacists to communicate with consumers, has raised $5.7 million.

This brings the company's total funding to at least $7.7 million to date, according to the Austin Business Journal. Existing investors include Milestone Partners and LiveOak Venture Partners.

Consumers can use the RxWiki app, available on iOS and Android devices, and website to learn about medications using the encyclopedia, stay up to date with doctor-reviewed articles about health conditions, and refill prescriptions with an in-app refill feature.

RxWiki also offers a digital pharmacist online forum that allows consumers to ask pharmacists questions about medications. Recent questions include "I've heard the yellow fever vaccine is intense, but I'm going to Chile and I'm told I need it. What do I need to know?" and "I want to tell the FDA and the maker of one of my drugs about a reaction I had. What's the best way to do that?"

Community pharmacists can also use RxWiki to create their own website and app so that they can communicate with customers. RxWiki offers pharmacists a number of services to market to consumers including an email newsletter product and access to RxWiki TV. Packages can cost as much as $4,990 per year, but RxWiki CEO Donald Hacket told Austin Business Journal that the average pharmacist spends approximately $3,000 per year. The company's network includes 3,430 pharmacies and about 8,600 pharmacists.

In August, the company disclosed that its 2014 revenue reached $2.4 million. RxWiki’s revenue grew more than 2,000 percent over the three years leading up to it and the company added 38 of its 44 employees during those years as well.