Six health system venture capital arms have invested in a $40 million financing round for a startup aiming to make medications more affordable.
TailorMed automates pharmaceutical discounts via direct integration with manufacturers' financial assistance programs. The platform brings together providers, payers, pharmacies and life sciences companies to collaborate on medication affordability, access and adherence.
The health system investors were Providence Ventures (part of Renton, Wash.-based Providence), Peoria, Ill.-based OSF HealthCare, Inception Health (part of Milwaukee-based Froedtert Health), Ballad Ventures (part of Johnson City, Tenn.-based Ballad Health), UH Ventures (part of Cleveland-based University Hospitals), and West Des Moines, Iowa-based UnityPoint Health Ventures, according to a Nov. 21 news release.
Venture capital firm Windham Capital Partners led the financing round, which also included the Citi Impact Fund and Samsung Next.