House Rx Company Profile

Background

House Rx, founded in 2021, is a healthcare technology and services company dedicated to enhancing the accessibility and affordability of specialty medications. The company partners with specialty clinics across the United States to implement medically integrated dispensing (MID) models, enabling patients to receive both medical and pharmacy care from a unified team. This approach aims to improve patient outcomes, reduce healthcare costs, and provide a seamless care experience.

Key Strategic Focus

House Rx's strategic focus centers on:

Medically Integrated Dispensing (MID): Empowering specialty clinics to dispense specialty medications in-house, fostering collaboration between physicians, pharmacists, and clinical staff.

Technology-Enabled Services: Providing a platform that streamlines pharmacy operations, enhances communication, and supports patient-centered care.

Specialty Areas: Initially focusing on oncology and rheumatology practices, with plans to expand into other specialties.

Market Expansion: Partnering with clinics nationwide to broaden the reach of MID models and improve patient access to specialty medications.

Financials and Funding

As of March 2022, House Rx secured $30 million in financing, comprising a $25 million Series A round led by Bessemer Venture Partners and a $5 million seed round led by First Round Capital. Additional investors include Character.vc, 1984.vc, Khosla Ventures, and Maverick Ventures. The funds are allocated towards enhancing the technology platform and scaling pharmacy operations.

Technological Platform and Innovation

House Rx distinguishes itself through its proprietary technology platform, which offers:

AI-Enabled Pharmacy Management: Utilizing generative AI to streamline prior authorization processes, reducing submission times to under a minute with a 92% first-pass approval rate.

Integrated Care Coordination: Facilitating seamless collaboration between prescribers and pharmacists within a single system, enhancing operational efficiency and patient care quality.

Analytics and Reporting: Providing built-in analytics to enable continuous improvement in operational efficiency and quality of care.

Leadership Team

Ogi Kavazovic, CEO & Co-Founder: Former executive at Flatiron Health, bringing extensive experience in healthcare technology and operations.

Tesh Khullar, President & Co-Founder: Also a former Flatiron Health executive, with a background in healthcare services and business development.

Denali Cahoon, PharmD, Chief Pharmacy & Operating Officer: Previously an executive at Trellis Rx, with expertise in pharmacy operations and management.

Competitor Profile

Market Insights and Dynamics

The specialty pharmacy market is valued at over $250 billion, accounting for more than half of U.S. drug spending. The industry is experiencing rapid growth due to the increasing prevalence of chronic diseases and the development of complex therapies. However, the market faces challenges such as high medication costs, complex distribution channels, and the need for improved patient adherence.

Competitor Analysis

Key competitors include:

PharmaCord: Founded in 2016, PharmaCord provides patient support services for pharmaceutical companies, focusing on improving patient adherence and outcomes.

US Bioservices: Established in 1994, US Bioservices offers specialty pharmacy services, including medication dispensing and patient support programs.

Asembia: Founded in 2004, Asembia specializes in pharmacy solutions and services, partnering with pharmaceutical manufacturers and healthcare providers.

These competitors primarily focus on external specialty pharmacy services, whereas House Rx differentiates itself by integrating dispensing capabilities directly within specialty clinics.

Strategic Collaborations and Partnerships

House Rx has established significant partnerships to enhance its market position:

National Cancer Care Alliance (NCCA): Providing NCCA member clinics with analytical insights to optimize in-office specialty drug dispensing operations.

Rheumatology Clinics: Collaborating with practices such as Rheumatology Associates to implement in-house specialty medication dispensing, improving patient access and care coordination.

Operational Insights

House Rx's operational strategy focuses on:

Empowering Clinics: Enabling specialty clinics to manage specialty medication dispensing internally, reducing reliance on external pharmacies.

Technology Integration: Implementing a unified platform that supports seamless collaboration between care team members.

Patient-Centric Approach: Prioritizing patient access and adherence through streamlined processes and integrated care models.

Strategic Opportunities and Future Directions

House Rx aims to:

Expand Specialty Focus: Broaden services to additional specialties beyond oncology and rheumatology.

Enhance AI Capabilities: Integrate AI support into 85% of pharmacy software workflows, including scheduling, prescription intake, and documentation support.