DiRx, an online pharmacy platform that delivers savings on commonly prescribed, FDA-approved generic medicines without the need for insurance, has raised USD5.75 million in Series A funding.
Additional funding interest is under advanced contract negotiations and will conclude in the coming weeks. Coinciding with the anniversary of its initial USD5 million Seed Round in September 2020, this Series A round was also a private placement with healthcare-specialised investors including new as well as returning participants.
With over 40 million uninsured and 80 million 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. With medicine priced as low as USD3 a month, DiRx offers a 12-months price guarantee – an industry first, protecting consumers from unexpected price fluctuations that are now part of the industry norm. In addition to its direct -to-consumer digital platform, DiRx is also gaining traction with institutional partnerships that would offer similar cost advantages to larger groups in traditional as well as digital health ecosystems.
Satish Srinivasan, Founder and CEO of DiRx, says: “Our team is delighted to have successfully executed on all development milestones in a timely manner and launched a meaningful platform with even more capabilities than we had set out to build. We’re motivated by continued investor confidence in our strategy, showing a clear understanding of the economic pain points in the current system and of our goal of connecting the dots more efficiently to enhance health equity, access and adherence – while always putting people first.”
Simone Grapini-Goodman, Chief Marketing Officer of DiRx, notes: “We’re excited by the opportunities we’ve uncovered through extensive market research to make a meaningful difference to so many Americans who struggle to afford essential medicine. 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.”
