Telepharmacy solutions provider PipelineRx announced yesterday (July 7) it secured a $9.1 million funding round led by Mitsui USA and joined by McKesson Ventures and existing investor AMN Healthcare.
“As our success over the past year shows, the time is right for hospitals to explore telepharmacy as they are keen to understand the challenges of workforce management and operational efficiencies,” PipelineRx CEO Brian Roberts said in a company release. “We are excited to welcome Mitsui and McKesson Ventures, and continue our partnership with AMN Healthcare, as we continue to service those hospitals and IDNs who are looking for partners that can deliver clinical excellence in a cost-effective manner.”
PipelineRx, which operates a medication management services platform, said the additional capital will be used to evaluate areas of growth and opportunity, as well as strengthen its technologies as integrated delivery networks (IDNs) and hospitals prepare to expand workflow models and provide better patient care.
“Now more than ever, IDNs need tools that drive greater efficiencies and ensure pharmacists are appropriately focused on clinical performance and outcomes,” said Tom Rodgers, McKesson Ventures SVP and Managing Director. “PipelineRx’s solution provides a platform for IDNs to accomplish both goals by enabling them to leverage in-house pharmacists across their network or supplement with the help of PipelineRx’s outsourced services.”
According to PipelineRx, the telemedicine market is expected to rise to $30 billion by 2020, providing an opportunity to boost existing platforms and develop new technological capabilities with its new investment. The company currently serves over 200 hospitals, helping them to enhance medication efficacy, patient safety and satisfaction, the company release stated.
“PipelineRx’s innovative telepharmacy solution has been gaining momentum with hospital clients helping them manage their pharmacy operations better,” explained Junjiro Sato, General Manager of the health care business at Mitsui USA. “We’re excited to forge a new partnership with PipelineRx as they continue to penetrate this market as a leading provider. PipelineRx has demonstrated clinical and fiscal value in the U.S., and we look forward to exploring additional markets together.”
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