Company Profile is an initiative by ListMyStartup to publish verified information on different startups and organizations. The content in this post has been approved by Alto Pharmacy.
As the world advances in the digital era, more and more people are turning to the internet for healthcare information and services. Online pharmacies are one such sector that has gained more traction throughout the Covid-19 pandemic.
It has been stated that around 50% of people fail to take prescribed medications, leading to hospitalization and death. However, with digital pharmacy platforms, individuals can order their prescriptions online and deliver them to their doorsteps.
Alto Pharmacy is one such digital pharmacy platform born out of convenience and affordability. This article will shed light on vital details of Alto Pharmacy, including its startup story, founders, funding, services, and more.
Alto Pharmacy – Company Highlights
- Company Name-Alto Pharmacy
- Headquarters-San Francisco, California, United States
- Founders-Mattieu Gamache-Asselin, Jamie Karraker
- Founded In-2015
- Revenue-$1B (2022)
Alto Pharmacy - About
- Alto Pharmacy is the United States leading digital pharmacy. Its business model is centered on pharmacists' crucial role as the final link in the individual's health journey. The company combines expert pharmacist care with purpose-built technology to deliver an economical and convenient experience for people needing medication.
- Alto Pharmacy has its presence in twelve markets, including San Francisco, Los Angeles, San Diego, Denver, Las Vegas, Seattle, New York, Houston, Dallas, Austin, Sacramento, and Santa Barbara
- The company has fulfilled over three million prescriptions and built a mobile app experience making it easier to manage medications. It has achieved a 70% Patient Adherence rate and enabled $53 million in drug savings, with over 41% of patients benefiting from prescription savings.
Alto Pharmacy - Founders and Team
- Mattieu Gamache-Asselin and Jamie Karraker are the co-founders of Alto Pharmacy.
- Mattieu Gamache-Asselin graduated from the University of Ottawa with BASc in Software Engineering + Biomedical. Before co-founding Alto Pharmacy, he worked as Software Engineer at Adobe Systems and Engineering @ Parse at Facebook.
- Jamie Karraker completed the Bachelor of Science and Master of Engineering from Massachusetts Institute of Technology. He worked as a Researcher at MIT Computer Science and Artificial Laboratory (CSAIL) and Software Engineer at Facebook.
- In 2015, he co-founded Alto Pharmacy and currently working as its Co-CEO.
- Alicia Boler Davis is the CEO of Alto Pharmacy, a company with a team of over 900 expert engineers, pharmacists, and care specialists.
Alto Pharmacy - Startup Story
- Mattieu Gamache-Asselin and Jamie Karraker were drawn to healthcare and shocked to uncover that 50% of people in the U.S. don't get or take their medications as prescribed due to high costs and friction in the pharmacy experience. Moreover, they realized how inefficient and inhumane the pharmacy system was.
- Therefore, they both ran some Facebooks ads, offering simple services to pick up people's prescriptions and deliver them to their doorstep. In the first week, Mattieu and Jamie succeeded in delivering medications to happy and paying customers.
- Before setting up Alto Pharmacy, the co-founders realized they needed to learn from the best, and thus, they spent months learning from a family-run pharmacy in Mission District, San Francisco. There they realized that people expect pharmacists to know them- their budgets, preferences, and routines.
- Mattieu and Jamie raised enough capital to purchase AG Pharmacy in 2015 by partnering with Vivian and her team. They quickly built their team and brought together expertise across technology and healthcare. In the first year, AG Pharmacy built the core pieces of its technology stack- a pharmacy operating system, a physician collaboration tool, and an app for Alto patients.
Alto Pharmacy - Mission and Vision
- Alto Pharmacy aims to fulfill medicine's true purpose, i.e., to improve the quality of life for each person who needs it.
Alto Pharmacy - Business Model
- A user creates an account on the Alto mobile app to transfer his existing prescription or can ask his doctor to send a new prescription to the platform. The company's team finds customers the best price by combing through its database of coupons, copay cards, and other saving options. Moreover, it handles customers' insurance paperwork to identify ways to save them money.
- Users can see the savings and delivery options, and once ordered, the prescription is delivered by hand on the chosen day and time without any delivery fee. In addition, Alto Pharmacy's team ensures their customers never miss or run out of medication by reaching out to schedule the delivery. Customers can use the Alto app to set reminders to take their medicines and chat with a pharmacist.
Alto Pharmacy - Products and Services
- The Alto app specializes in delivering HIV, Hepatitis C and Infectious Diseases, Asthma and COPD, Rheumatology, Cardiology, Multiple Sclerosis, Gastroenterology, Covid-19 antivirals, and other medications.
- Moreover, it launched the Auto Connect app for prescribers and clinical staff for seamless on-the-go prescription management and pharmacy communication.
Alto Pharmacy - Funding and Investors
- Alto Pharmacy raised a total amount of $560 million in 7 funding rounds. Its latest funding round - Series E Round, was conducted on January 27, 2022, and raised $200 million. 58 investors fund the company, the most recent being What If Ventures, Sand Hill Angels, SoftBank Vision Fund, Zola Global Investors, and Greenoaks.
Alto Pharmacy - Mergers and Acquisitions
- On August 23, 2017, Alto Pharmacy acquired Round Health.
Alto Pharmacy - Patents and Trademarks
- Alto Pharmacy is registered with 1 trademark, categorized into the 'Scientific and Electronic Apparatus and Instruments' class.
Alto Pharmacy - Growth
- The estimated annual revenue of Alto Pharmacy in 2022 is $189 million per year ($210,221 per employee), with its current valuation standing at $1 billion. Moreover, the monthly web visits grew by 0.88%, with 317,938 visits. And its employee count increased by -9% last year.
Alto Pharmacy - Partners
Alto Pharmacy has partnered with the following:
- New York City Health Department
- Hims & Hers
- Oma Fertility
- Howard University
Alto Pharmacy - Awards and Achievements
Alto Pharmacy is recognized as a customer-obsessed, industry-leading digital pharmacy with an NPS score of 86. Some of its most recent recognition and accolades are:
- One of America's Best Startup Employers by Forbes
- Modern Retail's Best Mobile App Award
- Top 100 Healthcare Technology Companies of 2021
- Top 25 Consumer HealthTech Executives of 2021
- Top 25 Women Leaders in Consumer HealthTech
Alto Pharmacy - Competitors
Some of its main competitors are:
- Health Warehouse.com
- CVS Health
- Now Rx
- Nimble Rx
What is Alto Pharmacy?
Alto Pharmacy is a digital pharmacy platform that combines expert pharmacist care with purpose-built technology to deliver an economical and convenient experience for people needing medication.
Who founded Alto Pharmacy?
Mattieu Gamache-Asselin and Jamie Karraker are the co-founders of Alto Pharmacy.
Who are the main competitors of Alto Pharmacy?
Some of Alto Pharmacy's main competitors are:
- Health Warehouse.com
- CVS Health
- Now Rx
- Nimble Rx