Walmart is looking to buying online pharmacy startup PillPack, for under $1 billion
Online pharmacy startup, PillPack, is currently in talks to be acquired by Walmart for under $1 billion, according to the latest report from CNBC, citing, two sources familiar with the matter.”We are often asked to speculate on possible acquisitions and we simply don’t comment on those types of questions,” A Walmart spokesperson told CNBC. PillPack is an online pharmacy that was founded in 2013 by Brian Hoffer, Elliot Cohen and TJ Parker. The startup has raised a total of $117.8 million based on publicly available funding data.
The startup offers a modern technology-based system that helps people take timely medication.They fill, sort, and deliver all your medications in personalized packets based on when you need to take them. Their service helps you take the right meds at the right time, every time. Their vision is to make managing medications simple. They want to ensure that everyone is on the optimal set of medications, that it’s easy to organize and take those medications, and that you have access to the information you want about those medications.
According to recent data, about 32 million Americans are on at least five different prescription drugs. A 2005 study also found that half of all Americans on medications don’t take them properly, adding an annual cost of $100 billion ti U.S. health care costs. That is part of the problem is solving and Walmart seems to like what the young pharmacy startup is doing. PillPack sends prescription drugs by mail order to its customers. That’s not all, instead of sending all Plavixin in one bottle and the Zocor in another, the startup sort the pills into clear plastic wrappers printed with the date and time at which they should be taken. They no longer have to worry about when to take what pills. The service, including shipping, costs customers about the same as picking up the prescription at the local pharmacy.
PillPack cofounder and Chief Executive T.J. Parker, is the son of a pharmacist. He grew up working at his dad’s drugstore and making deliveries as a teenager to people who could not leave their houses. He later went to Massachusetts College of Pharmacy but discovered that he didn’t like what the business was becoming. PillPack is licensed in 47 states and has over 66 employees.