Monroe, New Jersey, September 18, 2020
DiRx Inc., an emerging digital health company seeking to provide U.S. consumers with direct access to affordable and safe generic Rx (prescription) medications through a cash-based subscription pharmacy model, is excited to announce the successful closing of its $5 million Seed Funding round through a private placement with healthcare-specialized U.S. investors. The funds will be used to enable readiness of its HIPAA-compliant virtual pharmacy platform, and to scale-up its pre-launch activities.
As an increasing number of insured Americans suffer from unaffordably high out-of-pocket healthcare costs, and several more face the near-term prospect of losing health insurance coverage as a consequence of the Covid-19 pandemic and the ongoing seismic shifts in employment patterns, DiRx seeks to offer these underinsured and uninsured patients one of the lowest priced options to access high quality FDA-approved prescription generic medications for cash payments without requiring any insurance, deductibles, or co-pays. When the company launches its service, currently anticipated in Spring 2021, consumers across all the 50 states will be able to order their prescription generic medication using the DiRx App and/or website safely from their home, connect with a pharmacist as needed, and get in-home delivery and refills without needing to worry about navigating complex insurance coverage.
Satish Srinivasan, Founder and CEO of DiRx, said, "Encouraged by the strong momentum in digital health investments overall, and the success achieved by early entrants in the digital pharmacy space in enhancing customer convenience, we felt now is the right time to also address the affordability factor for many underinsured and uninsured Americans in addition to the convenience factor. Given the fact that generics constitute almost 90% of the prescribed units of medications in the country, this offered a great opportunity for our team of experts from the generics, technology and healthcare industries to come together and build an affordable, transparent and direct-to-consumer service platform. We’ve also been extremely fortunate in securing strong support from our investors who clearly understand the economic pain points in the current system and share our goal of connecting the dots more efficiently to enhance health equity, access and adherence, with the patient as the central focus."
About the Company
Headquartered in Monroe, New Jersey, DiRx is a new type of digital pharmacy that is designed to deliver significant savings to consumers on most commonly prescribed, FDA-approved, generic medications delivered to their doorstep on a recurring subscription model. Envisioned by a team of experienced health care leaders whose goal is to put consumers first and enhance affordability, DiRx's service will be available on a cash-only subscription basis, without insurance.
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