Scripta Insights Secures $17Mto Revolutionize Prescription Drug Shopping in America

Boston-based digital health company Scripta Insights specializing in AI pharmacy navigation has now completed its successful $17 million Series B round. It brings the funding of the firm to a total of $42 million. This is with an infusion of new capital that shall speed up its mission toward transforming the manner Americans buy prescription drugs and focusing mainly on the 105 million individuals that are covered in self-insured health plans.

Company Overview

Founded in 2019, Scripta Insights has developed a proprietary, AI-driven platform designed to ensure transparency and navigation tools to prescription drug purchases. Solutions focus on empowering consumers with the information that will help them make cost-effective decisions and improve adherence to prescribed therapies. The system is designed to be incorporated into existing benefits systems seamlessly, working within clients’ plan designs and formularies, all while being compatible with all PBMs.

Related post

Corsmed Secures €3.3 Million to Revolutionize MRI Technology

Funding Details

Series B round was led by Aquiline Capital Partners, the private investment firm that specializes in financial services and related technologies. In this round, existing investors-Contour Venture Partners, Eastside Partners, and ReMY Investors-participated. This strategic funding has come at a time when the company has witnessed significant growth over the past year, with a 100%+ increase in revenue in 2024.

The new funding is to be directed to a few strategic activities:

• Health Plan and Medicare Advantage Market Entry: Scripta will move its focus from self-insured employers to health plans and Medicare Advantage markets as it strives to offer cost-cutting solutions to more people.
• Scaling Platform Adoption: The company intends to accelerate the adoption of its platform within the self-insured market and through Third-Party Administrator (TPA) and Professional Employer Organization (PEO) channels.

Leadership Perspective

Eric Levin, CEO of Scripta Insights, expressed enthusiasm about the company’s trajectory, stating, “We are changing the way people shop for prescription drugs in America.” He highlighted the company’s impact, noting that in the past year alone,

Scripta has facilitated 78,000 prescription switches, resulting in $29 million in savings. Levin emphasized the company’s commitment to improving access, affordability, and adherence to necessary medications, thereby contributing to positive health outcomes.

Market Context

The rising cost of prescription drugs in the United States presents a significant challenge:

• Consumer Impact: Americans are projected to spend approximately $800 billion on prescription medications this year. High costs have led to 30% of patients reporting cost-based non-adherence to prescribed therapies.
• Physician Awareness: A staggering 79% of physicians say they do not know the cost of a drug when they write the prescription, making it difficult for them to control patient expenses in the best possible way.
• Employer Burden: Prescription drug costs account for about 30% of the benefit spend for self-insured employers and are still increasing.

Regulatory Environment

The pharmaceutical industry is increasingly being scrutinized by legislative, regulatory, and legal entities with regard to the lack of consumer choice in prescription selection. 

High-profile cases, such as Lewandowsky v. Johnson & Johnson, have shed light on the fiduciary duties of self-insured employers under the Employee Retirement Income Security Act (ERISA). In this context, Scripta’s role as an independent provider of transparency tools and pricing analysis is particularly relevant.

Product Offerings

Scripta’s platform includes two main solutions:

• Rx Navigator: This offers employees and their dependents Personalized Savings reports accessible through app, web portal, and mail. The reports detail all available prescription options, making it possible for users to make cost-effective choices. Scripta provides concierge support to help members navigate savings opportunities and alternatives, thus increasing user engagement and satisfaction.
• Rx Monitor: This is an analytical solution offered by Rx Monitor, which enables the payer to monitor and control their prescription benefit costs in the best way possible. This allows a tool to support the optimization of the benefits and informed decision-making of the plan administrator.

Technology Infrastructure

Scripta’s solutions are built upon a proprietary software platform, that consists of the following:

• Med Mapper™: A doctor-led, proprietary clinical dataset and rules engine that maps 17,000 medications and medical devices to cost-effective alternatives, looking at clinical efficacy and focusing on outcomes.
• Savings Mapper™: A proprietary recommendation engine analyzing a payer’s benefit plan, PBM formulary, and patient claims to identify areas of savings and generate actionable recommendations.

Client Base and Partnerships

Scripta serves more than 80 clients, which include self-insured health plans and employers ranging from mid-sized companies to Fortune 500 corporations across various industries such as energy, transportation, technology, healthcare, and professional services. Clients have reported an average lifetime return on investment of 4.2x