The company was founded in 2013. I think you are spot on in your conclusion that while their operating model helps them keep costs down now, their competitive advantage will not be able to fend off competition in the long term. This would allow them to still keep operational costs down, while reaching a larger patient base. Without an existing pharmacy and/or PBM business, I see it being a challenge for them to gain patient awareness. The potential game-changer could be whether there is a regulatory change that allows for greater original use dispensing, which is more common in Europe.Thanks Sojung, interesting post. When was PillPack founded?.
855–745–5725 . PillPack can centralizes its investment, which allows the company to sustain the business without changing the business model drastically.PillPack is a Somerville, MA-based an independent online pharmacy start-up founded in February 2014, with $62.5M raised to date (valuation unknown). For example, PillPack has a central prescription filling system, in which their robots are heavily leveraged in filling and quality assurance, freeing up pharmacists to focus on patient service. For instance, remote pharmacist support or automated delivery might unlock local penetration without requiring a departure from the company’s operating thesis. IDEO invested a ton of resources in working with the PillPack team to uncover customer needs and build a business/operational model around that and I’d be curious to see if they are able to continue to leverage IDEO innovation frameworks to stay ahead of the competitive forces that you pointed out. Switch to a simpler pharmacy today Get Started. It allows the company to fail fast, and fail cheap. So far, Amazon hasn't said much about what its plan is for PillPack. Speak to a PillPack advisor today. The web interface should be an easy challenge for big pharmacies to overcome, and while simple packaging would require some retooling of their distribution system, I don’t think that this company will be able to make it without other revenue streams.Sojung, I really enjoyed reading your post. While arguably each component of PillPack’s products and services is nothing new to the industry, its true secret is appropriately aligning all components of the business.Great post, Sojung. In less than two years, PillPack has distributed over a million individual dose packets, acquired licenses to serve patients across 47 states, and is estimated to generate $15-$20M in revenue this year.Thanks Sojung! Now Amazon and PillPack are seen as a threat to pharmacy benefits managers in the nearly $500 billion U.S. prescription and medication business.
By 2014 the IDEO incubated company was licensed in 31 states and shipping medication in dosage packets with robots handling the packaging process.
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