Phil, a software therapy deployment platform, has secured USD56 million in a Series D fundraise led by Warburg Pincus, a global growth investor.
The investment is part of an arrangement for Warburg Pincus to invest up to USD100 million and enables Phil to accelerate the development of innovative products while continuing to support the growth of its customers.
As part of the investment, Fred Hassan, Director at Warburg Pincus, will join the company’s board of directors. Fred has a multi-decade career in pharmaceuticals, including roles as CEO of Schering-Plough and Pharmacia, as well as Board roles at Bausch & Lomb, Precigen, Valeant and Avon Products. He currently serves as a Director of Amgen.
Specialty pharmaceutical products treat complex health conditions and constitute a significant portion of US prescription medication spend. Despite the therapeutic potential of these products, patients and their care teams face substantial obstacles to access, affordability, and adherence. While these challenges have been traditionally addressed through call-centre based ‘hub’ services, Phil’s team has developed a next-generation suite of software tools to streamline and simplify this complex, distributed workflow spanning patients, prescribers, pharmacies, insurers, and manufacturers. Phil’s solution drives efficiencies that result in up to 6x higher adherence and 33 per cent improvements in patient affordability at 1/10th the cost of call-centre based approaches, and is able to serve a wide range of therapies ranging from specialty ‘lite’ products to core specialty therapeutics.
“As the only technology-powered, full-suite solution addressing the specialty pharmaceuticals market, Phil uniquely provides an integrated suite of solutions to replace the historically complex and cost-prohibitive process of deploying ‘hub’ services. With the goal to become the gold standard for pharmaceutical access, affordability, and distribution, this investment enables us to accelerate our growth at a rapid pace and serves as a well-deserved recognition of our entire team’s commitment over the past six years,” says Deepak Thomas, Founder and CEO of Phil. “Warburg Pincus has a stellar track record of investing and scaling innovative and category-defining healthcare and technology companies. Their operational and strategic support will be invaluable as we continue to grow our platform and relentlessly work to improve the experience of our customers and patients.”
“The increasing demand for cost-effective, technology-enabled solutions, paired with the shift towards specialty medications in the go-forward pharmaceutical pipeline has enabled Phil to emerge as a disruptor in the space, providing a differentiated business model, grounded in modern technology,” says Andrew Park, Managing Director, Warburg Pincus.
“We believe our investment will help advance Phil’s technology roadmap and are excited to partner with Deepak and the company in its next phase of growth,” adds Pranav Verma, Vice President, Warburg Pincus.
“Phil is well-positioned to help pharmaceutical manufacturers address the challenge of efficient prescription management through its innovative platform that has been successfully deployed at some of the largest pharmaceutical companies across the United States,” says Fred Hassan, Director, Warburg Pincus. “I look forward to working with Deepak and the other board members to help Phil build and innovate its exciting pharmaceutical solution.”
Warburg Pincus is a leading investor in healthcare and technology, with significant expertise in venture capital and growth investing. Since its inception, the firm has invested in excess of USD12 billion and USD22 billion into healthcare and technology companies, respectively. Current healthcare and healthcare IT investments include, Alignment Healthcare, Experity, Intelligent Medical Objects, Modernizing Medicine, Outset Medical, Qualifacts, Quantum Health, SOC Telemed, Summit Health and WebPT.