Truveris, a healthcare technology company focused cloud-based data analytics solutions for the $450 billion prescription benefits industry, today announced that the company has secured $25 million in a new round of funding to accelerate its growth strategies.
The Series D round was led by McKesson Ventures, and included Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, and New Atlantic Ventures.
“Access to affordable prescription drugs is a critical need facing all Americans,” said Faisal Mushtaq, president and CEO of Truveris, in a statement. “This strategic investment enables us to rapidly expand the availability of our platform so we can help more organizations reduce costs and improve access to medications. The continuing support from our existing investors underscores their confidence in our strategy, technology, and the team we are building at Truveris.”
What Truveris’ technology platform does is aggregate data and insights from across the pharmacy ecosystem to deliver cost savings the company touts as disruptive; it also seeks to deliver patient access and affordability solutions for employers, unions, government entities, pharmaceutical manufacturers, retail pharmacies and consumers.
The Truveris TruBid solution in particular strives for a level playing field, one in which clients can understand and shop for pharmacy benefit manager contracts so they can make smarter decisions about their members’ prescription drug coverage -- resulting in an average cost reduction of 11 percent, according to the company. TruBid includes continuous bill review that analyzes every claim for accuracy of pricing and contract terms. The State of New Jersey recently used the Truveris platform to save $1.6 billion on its prescription drug benefits.
Truveris also supports more than 25 pharmaceutical brands with designing, executing and monitoring integrated patient access strategies that address changing market dynamics. These solutions feature programs that drive patient behavior, track performance and utilize real-time insights to improve prescription fill rates, drug adherence and patient outcomes.
“Truveris’ data-driven platform enables employers to create a more symmetrical buying process for prescription drug coverage by demystifying pricing strategies in PBM contracts and driving more transparent competition,” said Tom Rodgers, senior vice president and managing director at McKesson Ventures, in a statement. “It also helps Biopharma make smarter decisions about where and how it subsidizes patient assistance programs. The net effect of both is a win by improving access and affordability for payers including employers and consumers.”