Blink Health raises further $90m to use tech to cut US drug costs
US healthtech firm Blink Health has raised $90m in series B funding, led by 8VC, which also backed the company in its $75m series A round last year. Blink Health's app allows users to purchase generic as well as some branded prescription medication at significantly reduced prices. The funds will be used to further the company's mission to "leverage technology to lower prescription drug prices for all". The company claims one in 10 doctors in the US has patients using the service.
Blink Health announced that it has raised a $90 million Series B led by 8VC, bringing its total financing to $165 million. 8VC also led Blink Health’s $75 million Series A last year and has been a strong supporter since the company’s inception. Blink Health will use the capital to drive innovations that accelerate the company’s mission of making prescription medications affordable and transparently priced for everyone in the U.S.

“Blink Health has quickly emerged as the first company equipped to dismantle the opacity of the prescription drug supply chain. Technology has brought transparency and lower prices to almost every other category of commerce and it is about time that technology shines a light on the unfair prescription drug market,” said Joe Lonsdale, founder of 8VC. “At a time when 30 million Americans remain uninsured and 83% of American workers have an average health plan deductible of over $1,400, Blink Health is solving the nation’s drug pricing epidemic through technology.”

Blink Health’s Series B financing comes on the heels of record growth since launch and accelerated recent demand. Thousands of new users sign up every day on Blink Health’s free website and mobile app, and the company now has over one million monthly active users who are accessing lower prices on the most widely prescribed generic prescriptions. More than 100,000 doctors nationwide, or one in ten prescribers, have patients actively using Blink Health to save on their prescription medications. Blink Health has also announced multiple branded drug programs, including an insulin discount program with pharmaceutical giant Eli Lilly.

“As the nation rethinks healthcare coverage and more consumers face soaring out-of-pocket healthcare expenses, Blink Health is becoming an indispensable tool for millions of Americans to access the medications they need at prices they can afford,” said Blink Health CEO and Co-founder Geoffrey Chaiken.

“Three years ago, we started Blink Health with the mission to leverage technology to lower prescription drug prices for all,” said Blink Health COO and Co-founder Matthew Chaiken, “This financing will fuel the company’s next leap towards achieving that goal.”