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Israeli Digital Health Company TailorMed Secures $40 Million Funding the Israeli digital health company TailorMed has done well raising $40 million in a combination of equity and debt funding from its latest round, bringing total funding since 2016 founding to $69 million.
The funding round was led by Windham Capital Partners, along with contribution from top investors like Samsung Next, Citi Impact Fund, and BrightEdge, among others, and also its returner partners such as Accelmed, Almeda Ventures, Sanara Ventures, Triventures, and Bridges. The debt portion was led by Poalim Tech, the investment arm of Bank Hapoalim, and totaled $12.5 million.
TailorMed was founded by Srulik Dvorsky, CEO, and Adam Siton, CTO. The company specializes in financial assistance solutions to improve access to medications with a focus primarily on the U.S. healthcare system. Its new funding will support future growth, pushing it further as it tries to address the pressing issue of prescription drug affordability in the U.S., where more than half of adults struggle to afford treatments they need.
Prescription medication remains unaffordable for most people in the U.S., with research showing that only 55% of adults can afford their prescribed medications. This usually results in delayed care, increased health risks, and even treatment abandonment for some patients. In addition, over 100 million Americans hold some form of medical debt, which accounts for 65% of household bankruptcies. To solve these issues, TailorMed’s platform connects the patient, healthcare provider, pharmacies, and pharmaceutical companies in an effort to make the treatment process go smoothly and the medication accessible and affordable to those who need it.
TailorMed’s digital health platform allows a network of resources to help the patient manage the cost of their medication. Its principal aim is to eliminate financial obstacles by making the process of accessing financial assistance programs, insurance benefits, and manufacturer discounts less complicated. The reduction in the administrative cost burden of securing medication access by TailorMed reduces the financial impact for the patients, thus enabling quicker treatment and better overall healthcare results.
In addition, it has achieved significant progress to date in ensuring that healthcare is more affordable, supported in no small part by some of the leading health systems in the United States, who have supported TailorMed not only in this round but also in its earlier rounds. These partnerships thus endorse the credibility of the platform of TailorMed and its potential to impact critical systemic issues in the healthcare sector.
Srulik Dvorsky, CEO and Co-Founder of TailorMed, exclaimed over the growth prospects in the future. “In the past six years, we’ve built incredible momentum by empowering our network of leading health systems, pharmacies, and life science companies to drive affordability on a massive scale. But we’re just getting started. This new funding will fuel our mission to break down even more barriers to care, creating a healthcare system where affordability is the standard, not the exception, and working with patients and care teams to alleviate whatever barrier that comes next.”
Digital health solutions like TailorMed have started to emerge from the new needs for more affordable healthcare:. With scaling up of the company, efforts to bridge the gap between patients, their healthcare providers, and the pharmaceutical companies will be key to creating a more equitable healthcare system. This welcoming investment support from investors and healthcare stakeholders increasingly indicates the realization that affordability in the process has to be accounted for.
This new infusion of funds will enable TailorMed to significantly expand its platform and, in turn, unlock the potential to reach more patients across the country, hopefully moving these individuals out of unaffordable medication straits once and for all. TailorMed is positioned at the vanguard of transforming the delivery of healthcare, while ensuring that the patient is afforded affordability, so has positioned itself favorably to be the leader in accessible healthcare on a nationwide level.
