PillPack has been named to Forbes' list of the Next Billion-Dollar Startups.
The list will be featured in the October 24, 2017 issue of Forbes magazine and was published online here.
PillPack's mission is to make it easier to manage chronic health conditions. PillPack is the only pharmacy focused specifically on serving the 60% of people in America who live with one or more chronic conditionslike diabetes, hypertension, and high cholesterol. For this group of customers, it's necessary to chase refills, pick up prescriptions throughout the month, and accurately fill pill boxes each week to stay healthy. Because of these and other factors, 50% of medications are not taken as prescribed, leading to increased risk of health complications and an estimated additional $100 to 280 billion annual cost to the health care system.
PillPack address these logistical challenges with a pharmacy service that's simple and easy to use. The company ships prescriptions, vitamins, and over-the-counter medications each month, with pills in pre-sorted packaging. PillPack keeps refills current, provides 24/7 access to a licensed pharmacist, and offers online tools that make it easy to control preferences. PillPack's main pharmacy and distribution center is in the Millyard in Manchester, NH, where it employs over 400 people in a 50,000 sq. ft. facility. The company also has corporate offices in Somerville, Mass. and Salt Lake City, Utah.
PillPack CEO & co-founder TJ Parker, a second-generation pharmacist, remarked, "While medicine has made huge advances in the last half-century, pharmacy hasn't kept up. PillPack has reimagined how a pharmacy can function. Our primary goal is to remove complications so customers can take the right medications, at the right time, every time. We're proud to receive this recognition from Forbes and hope that we will see more customer-centric pharmacy innovation in the future."
To compile the list, which is limited to startups in the U.S., Forbes collaborated with TrueBridge Capital Partners, and asked 195 venture firms which companies they thought were most likely to hit the billion-dollar mark soon. To be considered, firms had to provide a range of revenue, financial and other data. The list was then narrowed down, and the most promising candidates were further evaluated based on a number of factors, including business track records, business plans, and conversations with founders, investors, customers and competitors. After that analysis, the final list of 25 companies was chosen.
Investors in PillPack include Accel Partners, Atlas Venture, CRV, Founder Collective, Menlo Ventures, Sherpa Ventures.