NowRx 2021 Momentum – in Revenue, Expanded Services and Service Areas, Equity Raises, and More – Makes it a Healthcare Company to Watch in 2022
Company is capitalizing on key trends thanks to its newest telehealth product, proprietary “QuickFill” software, use of intelligent automation and robotics, and expert staff
NowRx, a tech-powered pharmacy that provides same-day prescription delivery and telehealth services, shared a number of milestones demonstrating the momentum achieved in 2021 and why it is a company to watch in 2022.
Thanks to its newest telehealth product as well as existing, proprietary “QuickFill” software, use of intelligent automation and robotics, and expert pharmacy staff -including HIPAA-trained drivers, NowRx has now:
- Achieved over $25M in annualized revenue as of November;
- Launched NowRx Telehealth which grew by 1,081% from Q1 to Q3;
- Announced expansion beyond California and Arizona to Nevada, Washington State, Houston and Colorado (it is about to add four new locations to its existing 8 DEA-licensed micro-fulfillment pharmacies);
- Raised record amount of equity crowdfunding (Record $20M Series B raise on SeedInvest sold out and in the process of raising a record $73M with $12 already committed); and,
- Won the SureScripts White Coat Award for highest accuracy in e-prescriptions and patient safety.
According to NowRx CEO Cary Breese, the company’s success was also due to its ability to capitalize on several key trends in 2021. “Much has been written about the role of the pandemic in accelerating the adoption of telehealth services,” said Breese. “Patients seeking to avoid infection got used to virtual visits with their doctors. Why would they want to leave the comfort of home to go stand in line to fill a prescription? This naturally led to increased demand for same-day prescription delivery services.”
Breese explained that on-demand prescription delivery became an even more important alternative as traditional brick-and-mortar pharmacies started to withdraw from communities. “Reduced sales, supply chain issues, and staffing shortages led to the closure of retail stores in general and retail pharmacies in particular – CVS recently announced it is shutting down nearly 1000 locations,” said Breese. “But as they leave, we are establishing new microfulfillment pharmacies nearby so we can address the needs in these communities for a better pharmacy experience.”
In 2022, the company plans to open a number of new locations across the Western part of the US, while significantly expanding the types of diseases that can be treated within its Telehealth services. Furthermore, NowRx plans to expand its pharmacy product offerings to include specialty medication and mail-order services as well as a NowRx physician portal which will offer any physician a direct line of visibility and communication into their patients’ using NowRx. The company expects these additionals will have a significantly positive impact on revenue and customer acquisition in 2022.