DiRx, a digital health company that sells FDA-approved generic medicines through its online pharmacy platform without the need for insurance, said it has raised $10m in Series A funding.
Satish Srinivasan, founder and CEO of DiRx said the funding will continue to power the expansion and national market reach of its pharmacy model to more Americans.
“We’re so glad that our team’s successful launch of a high quality and meaningful digital platform supported by a premium customer experience has powered continued investor confidence in our strategic direction and execution capabilities.
“We’re encouraged by our investors’ clear understanding of the economic pain points in the current system and our ability to enhance medicine access and affordability for everyday Americans.”
Similar to its $5m Seed Round raised last year, this Series A round was also a private placement with healthcare-specialized investors including new as well as returning participants.
With more than 40m uninsured and 80m underinsured Americans struggling with unaffordable out-of-pocket medicine costs, the DiRx model reduces the number of supply chain layers and offers low priced options for over 1,000 FDA-approved prescription generic medications, without requiring health insurance or any discount cards or coupons.
DiRx offers a 12-month price guarantee which it says protects consumers from unexpected price fluctuations that are now part of the industry norm.
Simone Grapini-Goodman, chief marketing officer, DiRx said the company is also gaining significant traction with institutional (B2B) partnerships that would offer similar pharmacy benefit cost advantages to larger groups within the health ecosystem such as self-insured employers, third party administrators, benefit managers and brokers.
“We’re delighted that Americans in over 40 states have already started ordering their prescription medicines from us within just our first few weeks of launch.
“And, in keeping with our ‘medicine for all’ focus, we will continue to evolve our platform to reach more people, as we champion everyone’s right to affordable medicine.”
