Due to the emergence of companies like Truepill, the days where consumers visit pharmacies to receive their prescription medications might be coming to an end.
Based out of San Mateo, California, the 2015 telemedicine startup already raked in $48 million of revenue in 2018. Since then, the company’s projections for success have grown promising enough to earn a place on Forbes’ next billion-dollar startups list this year—even though Truepill was last valuated at only $80 million.
While that billion-dollar mark might be some ways off yet, Truepill’s continually expanding customer base is bringing it exponentially closer. In fact, with their current progress, the startup’s annual revenue for this year will likely double to exceed $100 million.
All this activity is drawing a lot of attention from additional investors, and garnering ample momentum toward the ongoing shift in how people access their medications.
The Inspiration behind Truepill
Truepill was started by co-founders Umar Afridi and Sid Viswanathan, who both still maintain majority ownership over the company.
Following on-demand delivery trends, both owners believe that healthcare consumers are naturally shifting from in-person visits to doctors and pharmacies. But more than that, Truepill seeks to ease the common frustrations that come with the medication acquisition processes of today.
From eliminating the need to wait in pharmacy lines, to simplifying the bureaucratic phone calls and faxes that authorize prescriptions, Truepill aims to make it easier for consumers to get the medicine they need.
How Truepill works
Truepill isn’t the first delivery health care or pharmacy service to hit the market. Rather, the pharmacy delivery startup PillPack first launched in 2013, which was acquired by Amazon last year for $750 million. Plus there’s other established players in this emerging industry, like Capsule Pharmacy, who delivers same-day-as-ordered prescriptions throughout New York City.
But by operating on a business-to-business focused model, Truepill separates itself from those who’ve come before. Instead of providing direct-to-consumer prescription deliveries and competing with others in the crowding market, they’re empowering a high-performing pharmacy distribution center. Meaning, the company’s services help other prescription providers send their medicines, connect with a network of physicians and nurses, provide custom clinical patient experiences, and maintain legal compliance.
Of course, with this model Truepill will always remain behind the scenes, and most consumers won’t even know they exist. But that’s perfect for the startup, who’d rather profit by helping drug-makers and pharmacy managers best cater to their consumers.
Their list of business customers is growing all the time, and some examples of the providers that Truepill already partners with include Hims, which sells treatments for hair loss, skin care, and erectile dysfunction, and Nurx, which sells birth control.