|14 April 2017|
A technology startup has attracted multi-million dollar backing for a pioneering platform that cuts prescription costs for Americans.
Through Blink Health’s free online app and website users buy what they need before collecting it locally – saving up to 90% on standard prices in the process. Blink harnesses people power by grouping patients together to drive down the costs of commonly used drugs.
And the New York startup announced this week it has raised $90 million in its latest funding round, led by 8VC, making it a total of $165 million raised in the last year.
“Blink Health has quickly emerged as the first company equipped to dismantle the opacity of the prescription drug supply chain. Technology has brought transparency and lower prices to almost every other category of commerce and it is about time that technology shines a light on the unfair prescription drug market,” said Joe Lonsdale, founder of 8VC. “At a time when 30 million Americans remain uninsured and 83% of American workers have an average health plan deductible of over $1,400, Blink Health is solving the nation’s drug pricing epidemic through technology.”
Blink Health CEO and Co-founder Geoffrey Chaiken added: “As the nation rethinks healthcare coverage and more consumers face soaring out-of-pocket healthcare expenses, Blink Health is becoming an indispensable tool for millions of Americans to access the medications they need at prices they can afford.”