Truveris, a provider of cloud-based data analytics solutions for the prescription benefits industry has raised $25 million in Series D funding led by McKesson Ventures, and included Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, and New Atlantic Ventures. The company plans to use the latest round of funding to advance the company’s data and insights capabilities, which help manage rising prescription drug costs.
Founded in 2009, Truveris aggregates data and insights from across the pharmacy ecosystem to deliver disruptive cost savings as well as patient access and affordability solutions for employers, unions, government entities, pharmaceutical manufactures, retail pharmacies and consumers. The company’s core offerings include:
– Truveris TruBid, a solutions that provides a level playing field where clients can understand and shop for pharmacy benefit manager (PBM) contracts so they can make smarter decisions about their members’ prescription drug coverage resulting in an average cost reduction of 11%. TruBid includes continuous bill review that analyzes every claim for accuracy of pricing and contract terms.
– TruBid Express, an online marketplace that allows small to mid-size businesses unprecedented access to competitive pharmacy benefit offers. The product is typically offered to employers covering less than 3,500 members.
The State of New Jersey recently used the Truveris platform to save $1.6 billion on its prescription drug benefits. Truveris also supports more than 25 pharmaceutical brands with designing, executing and monitoring integrated patient access strategies that address ever-changing market dynamics. These solutions deliver unique programs that drive patient behavior, track performance and utilize real-time insights to improve prescription fill rates, drug adherence and patient outcomes.
The company also works with the nation’s largest retail pharmacies to improve savings opportunities for cash paying patients. Its consumer app, OneRx, allows both insured and uninsured users to instantly research drug and pharmacy prices to identify the drug offering and the best value to meet their medical needs.
“Access to affordable prescription drugs is a critical need facing all Americans,” said Faisal Mushtaq, President and CEO of Truveris in a statement. “This strategic investment enables us to rapidly expand the availability of our platform so we can help more organizations reduce costs and improve access to medications. The continuing support from our existing investors underscores their confidence in our strategy, technology, and the team we are building at Truveris.”