As Americans are paying increasingly higher prices at the pharmacy, Blink Health, a startup helping consumers save money on prescription drugs, just raised another $90 million in funding.
According to Business Insider, the New York–based digital health company announced that the series B funding was led by venture capital firm 8VC, along with strategic investors. This, combined with the $75 million it previously raised, brings Blink Health's total funding to $165 million. The money will be used to hire more engineers, as well as toward marketing efforts.
Blink Health searches the internet to find out what people are paying for their prescriptions. Then, with generic medications, it negotiates with the pharmacy to get a certain price for its nearly 1 million monthly users. People can then find a prescription and purchase it directly through the app. Unlike other prescription sites, such as GoodRx, Blink Health users can still go to their regular pharmacy as long as it is one of the more than 57,000 locations that accept the service.
In December, Blink Health partnered with insulin-maker Eli Lilly and the pharmacy benefit manager Express Scripts to offer up to 40 percent discounts on its insulins. The company anticipates more branded drug makers will provide rebates through Blink Health's system, which is quick to set up and doesn't require any changes to existing contracts.
"We expect every manufacturer to be on the platform," said Blink Health CEO Geoffrey Chaiken.