Capital Rx plans to invest in its technology in order to deliver an enhanced customer service experience and improved health outcomes. Here are the top-line bullets you need to know.
Capital Rx, a pharmacy benefit manager, has raised $106M in funding from B Capital Group and Transformation Capital.
How’s the company performing?
- New York-based Capital Rx manages prescription benefit plans for hospital systems, health plans, employers, unions, and municipalities.
- The company currently caters to over 150 customers that collectively represent nearly 1.2M people.
- It has a customer retention rate of nearly 100%, and its consumer membership increased by 200% in 2021.
- Capital Rx intends to add more than 1M new individuals as part of its 2023 plan.
Source: Capital Rx
Why does the market matter?
- The global pharmacy benefit management market is expected to reach a value of $740.1B by 2029, growing at a CAGR of 5.9%, according to Fortune Business Insights.
- The increasing prevalence of chronic diseases as well as rising healthcare expenditure are contributing to market growth.
- Players in this space saw increased demand amid the pandemic — however, their revenues returned to pre-pandemic levels in 2021.
