SmithRx Company Research Report
Company Overview
- Name: SmithRx
- Mission: SmithRx aims to reduce the complexity and costs of pharmacy benefits by instilling transparency and integrity while prioritizing the best interests of both employers and patients.
- Founded by: Jake Frenz, who started SmithRx from personal experiences dealing with the inefficiencies in the U.S. healthcare system during his caregiving role for his father, his own cancer diagnosis, and managing specialty medications for his mother.
- Headquartered: No specific information available.
- Number of Employees: No specific information available.
- Revenue: No specific information available.
- Notable For: SmithRx is recognized for being a new type of pharmacy benefits manager. It offers a transparent, pass-through pricing model, innovative technology, and alignment with customers to ensure the lowest cost prescription drugs.
Products and Services
- Products Offered:
- Pharmacy Benefits Management (PBM): SmithRx provides transparent PBM services by passing through the exact cost of drugs with no hidden fees or spread pricing.
- High-Level Description:
- Flat-rate Transparent Pricing: Utilizes a flat-rate pricing model that aligns with employers and delivers savings without spread pricing or rebates.
- Advanced Technology: Offers tools for members to find the best prices for medications and know costs upfront before purchase.
- Key Features:
- Advanced Member Tools: Helps members find pharmacy cards, prescriptions, and directions to the pharmacy with the best price.
- Comprehensive Savings Programs (Connect 360): Offers a dynamic set of cost savings programs with guaranteed ROI, aimed at reducing overall drug costs.
Recent Developments
- Recent Funding: Closed a $60 million Series C funding round led by Venrock to evolve the PBM system.
- Partnerships: Collaborated with Mark Cuban Cost Plus Drug Company, saving $9.5 million through innovative autoimmune drug sourcing.
- Specialty Programs: Introduced low-cost insulin programs and Connect 360 program for Multiple Sclerosis, ensuring medication cost savings.
- Membership in Coalitions: A founding member of Transparency-Rx, a coalition advocating for industry reforms targeting prescription drug costs.
- Product Updates: Launched new member portal features and programs like Find My Meds for cost transparency and convenience in accessing medications.
This research report provides a detailed overview of SmithRx with focus on their mission, innovative products, and strategic developments shaping their position as a modern pharmacy benefits manager.
