CHICAGO--(BUSINESS WIRE)--Millions of Americans cannot afford their prescriptions, and millions more admit they will skip refills or ration medications because of affordability. With the prices of many prescription drugs projected to rise again this year, Waltz Health today launched to help combat the ongoing increases in prescription drug costs.
Waltz Health is a new digital health company developing smarter, technology-enabled ways to price, distribute and prescribe medications. As part of today’s official launch, the company also announced $35.4 million in Series A funding led by GV (formerly Google Ventures), which also included participation from Define Ventures, Echo Health Ventures, Blue Venture Fund, Byers Capital, and Twine Ventures. Other funding came from a prestigious list of seasoned healthcare executives.
Waltz Health aims to fix the high costs and challenging experiences that define the U.S. pharmaceutical supply chain. The company is led by healthcare industry veteran Mark Thierer, who was CEO of OptumRx following UnitedHealth Group’s acquisition of Catamaran where he served as Chairman and CEO. Waltz Health works with all stakeholders in the prescription drug supply chain to deliver digital tools that empower consumers with information and access to better drug pricing.
“We are working with the existing drug supply chain structure to realign incentives, lower prescription drug prices and give power back to healthcare consumers. Our mission begins with giving consumers visibility into available programs to save money on life-saving medications by partnering with their pharmacies,” said Mark Thierer, co-founder and CEO of Waltz Health. “Our strategy is to deliver software-driven solutions to solve the biggest pharmaceutical challenges consumers and payers face. Our Waltz Health technology team has a reputation for creating software at scale to solve the toughest problems in today’s PBM market. We understand how the current system works and we know how to break down the barriers. We have laid out a product roadmap to create free-market machinery aimed at lowering the cost of drugs – and wrapping it in a ‘new-to-the-world’ member experience. Consumers and lower prices are the center of our universe.”
Waltz Health’s first application to launch is Marketplace Search, a white-labeled, online search engine that pharmacies make available to their customers. Drawing from a curated mix of drug-discount data sources, Marketplace Search provides consumers with an intuitive search experience that presents comparable prices for their medications. Powered by artificial intelligence (AI) and driven by consumer choice, Marketplace Search analyzes and displays the most relevant and appropriate drug prices available to consumers for specific drugs.
For retail pharmacies, Marketplace Search allows them to enhance their customer experience, build customer loyalty, and avoid much of the abrasion and burdens they encounter with today’s solutions. Waltz Health plans to announce several partnerships with major pharmacy chains this year.
“Waltz Health has created a more transparent and patient-centric approach to paying for prescription medications. Few people understand the complex dynamics of this healthcare sector better than CEO Mark Thierer and the executive team," said Ben Robbins, Venture Partner at GV. "We believe the company's core leadership and technology-driven approach to lower prescription costs will significantly impact the prescription care market, and we're proud to be early investors.”
Waltz Health leadership includes a curated roster of domain experts with a passion for driving operational and systemic change for the betterment of the healthcare industry. The team has more than 200 years of battle-tested healthcare industry experience, spanning the pharmacy benefit management (PBM), data science, clinical, policy and supply-chain landscapes.
“Prescription drug affordability is a pervasive problem, especially for those who live with multiple chronic conditions. However, the complex and confusing pricing system that underpins our healthcare system places significant burdens on consumers, retailers and even payers,” said Lynne Chou O’Keefe, Founder and Managing Partner of Define Ventures. “Waltz Health is the first company that wants to partner with every component of the pharmaceutical supply chain to drive technology-enabled pricing, distribution and prescribing. We look forward to working with Waltz Health to build its world-class team, cutting-edge product and go-to-market strategy.”
Waltz Health plans to use the new funding to scale quickly, investing in product development and growing its team across all business areas.
ABOUT WALTZ HEALTH
Waltz Health is a digital health company developing consumer tools that support better-informed decisions on prescription care. Designed for consumers, payers and pharmacies, the company offers AI-driven marketplaces to lower costs, giving consumers access to better pricing options and more information while helping payers take control of their pharmacy benefits. Founded in 2021 by Mark Thierer and Jonathon Thierer, Waltz Health is headquartered in Chicago and is backed by GV, Define Ventures, Echo Health Ventures, Blue Venture Fund, Byers Capital and Twine Ventures. For more information, visit www.waltzhealth.com.
