SmithRx

SmithRx operates as a pharmacy benefits manager. It differentiates itself by offering sourcing pathways to ensure the lowest cost for drugs, employing a transparent pricing model that aligns its interests with those of employer groups. These efforts are tailored to not only save employers significant amounts on their total drug costs but also to improve the experience for members​​. Through this approach, the company claims that it has managed to consistently save 20% or more on total drug costs for its clients compared to legacy pharmacy benefits managers, demonstrating significant per member per month savings.

In January 2017, SmithRx acquired WhiteWell Rx, a privately owned pharmacy benefits manager. Following the acquisition, the company planned to leverage WhiteWell Rx's existing business relationships for strategic expansion. The acquisition also aligned with SmithRx’s objective of forging a path of transparency in the pharmacy benefits industry. 

Key customers and partnerships

The company's technology and service quality have attracted a broad customer base, including employers looking for efficient, cost-effective pharmacy benefits management. As of May 2022, the company had around 1,200 clients and over 300,000 individuals in their care. 

In October 2023, SmithRx partnered with 9amHealth, a virtual cardiometabolic care solution provider, to provide cost-effective care for cardiometabolic conditions such as diabetes and obesity. The service integrates with SmithRx's existing system and offers a comprehensive care plan that includes prescription medications, nutrition coaching, and lifestyle interventions. The aim is to improve patient outcomes and lower prescription costs for both patients and employers.

Funding and financials

In January 2024, raised USD 60 million in a Series C funding round. Healthcare-focused venture capital firm Venrock led the round. The newly acquired capital was expected to enable SmithRx to continue its mission to curb pharmacy benefits costs for small and medium-sized self-insured businesses.