$17M Series B Round Led by Aquiline to Fuel
Scripta’s Growth into Health Plan and Medicare Advantage Markets
BOSTON, Dec. 18, 2024 — “Consumerism in healthcare” is a popular catch phrase, but when it comes to prescription drugs, Americans are lacking the transparency, clinical expertise and navigation tools needed to make informed decisions. That’s the problem that the AI-powered pharmacy navigation platform, Scripta Insights, is on a mission to solve, starting with the 105 million Americans who are on self-insured plans. The company announced today that it has closed $17 million in Series B funding led by Aquiline, a private investment specialist in financial services and related technologies, bringing Scripta’s total funding to date to $42 million and demonstrating strong support of its mission from the investor community. This strategic investment comes on the heels of Scripta’s revenue surging more than 100% in 2024, capping a milestone year for the business.
“Scripta has pioneered the pharmacy navigation category, bringing unprecedented transparency to the market, empowering members to comparison-shop for Rx for the first time and enabling plan sponsors to contain their skyrocketing benefit costs–without disrupting the existing PBM infrastructure,” said Max Chee, Partner and Co-Head of Venture at Aquiline. “CEO Eric Levin and team have made huge strides in filling a critical gap in the benefits offering of America’s largest employers, while gaining the trust of the broker community.”
The B round financing will be used to fuel Scripta’s continued adoption and scaling of its platform in the self-insured market and TPA / PEO channels, as well as provide a capital infusion in support of the company’s expansion in the health plan and Medicare Advantage markets. The round includes additional investment from existing investors Contour Venture Partners and Eastside Partners, as well as ReMY Investors. As part of the financing, Avery Klinger from Aquiline will be joining the Scripta Board of Directors.
“We are changing the way people shop for prescription drugs in America,” said Eric Levin, CEO, Scripta Insights. “That may sound like a bold statement, but in the last year alone we’ve generated 78,000 prescription switches that have resulted in $29M in prescription savings. We’re creating an America where access, affordability and adherence to necessary medicines are no longer barriers to positive health outcomes. There is no greater proof point than the fact that 93 percent of the drug switches driven by our clinical recommendations stay switched even after 12 months.”
Levin is a serial entrepreneur who has created or managed products that have sold well in excess of $5 billion, and has been involved in more than 32 mergers and acquisitions. He was part of the executive management team, under “Shark Tank’s” Kevin O’Leary, who was responsible for growing The Learning Company from $60 million to over $1.2 billion in sales in just six years, ultimately selling to Mattel for $3.6 billion. In 2019, after meeting co-founder Dr. Paul Bradley, he turned his energy and expertise toward solving America’s prescription drug affordability crisis by co-founding Scripta Insights.
Rising pharmacy benefit costs are crushing consumers and self-insured plan sponsors:
- Americans are expected to spend a staggering $800 billion, approximately, on Rx this year alone
- Thirty percent of patients report cost-based non-adherence
- Doctors want to help their patients afford their medications, but 79 percent of them do not know the cost of a drug when they write the script
- Rx costs represent roughly 30 percent of plan benefit spend, and they’re rapidly rising
The Series B investment comes at a time when the market is also experiencing heightened scrutiny from legislative, regulatory and legal entities related to the lack of consumer choice in the prescription selection process. Adding fuel to the fire is the increased focus on the fiduciary duties of self-insured employers driven by ERISA lawsuits like the high-profile Lewandowsky v. Johnson & Johnson case.
Levin explains, “In this environment, it is more important than ever to have an unbiased third party who can credibly provide transparency tools and pricing analysis in support of ERISA-based fiduciary duty responsibilities and ACA compliance regulations. We are a completely independent company with unmatched clinical strength, a flexible platform and trusted results. Employers really appreciate the fact that our only business is helping plan sponsors optimize their pharmacy benefits and our client data is only used to help our clients.”
Scripta’s easy-to-use Rx Navigation solutions include Rx Navigator for members, and Rx Monitor for plan sponsors.
With Rx Navigator, employees and enrolled dependents on the health plan receive Personalized Savings reports, via app, web portal and mail, revealing all their prescription options. Saving could be as easy as using a coupon, filling at a cheaper pharmacy or switching to a proven therapeutic alternative if their doctor agrees. Members choose how to save. Scripta provides concierge support guiding members through savings opportunities and alternatives, as well as seamless onboarding and member engagement campaigns.
Scripta’s Rx Monitor supports Rx Navigator clients by providing unique analytics and insights for payers to monitor their Rx benefit costs. Plan sponsors are able to contain their Rx benefit spend, optimize their benefits and support plan decision-making.
The company’s Rx Navigation solutions are driven by its software platform made up of two key components: Scripta’s Med Mapper™, a doctor-driven, proprietary clinical data set and rules engine that maps 17,000 medicines and medical devices to cost-efficient alternatives, considering clinical efficacy and focusing on health outcomes; and Scripta’s Savings Mapper™, a proprietary recommendation engine that runs a payer’s benefit plan, PBM formulary, and Scripta’s Med Mapper against patient claims to identify savings opportunities and issue recommendations.
Scripta’s solutions integrate seamlessly with existing benefits systems. They work within a client’s existing plan design and formulary, with all PBMs, and alongside any other Rx benefit cost containment solutions they may have in place.
Scripta’s more than 80 clients have innovated their benefits offering, giving their members access to more affordable prescription options, guided support to understand their medication choices, and helping to lower their out-of-pocket costs. Customers include self-insured health plans and employers, ranging from 3,000 lives to the Fortune 500 across industries, from energy and transportation, to technology and healthcare, to professional service firms and more. Clients average a lifetime 4.2x ROI.
The company also has go-to-market relationships with five of the top seven U.S. benefits brokers, including Arthur J. Gallagher & Co., McGriff Insurance Services, LLC/Marsh McLennan, NFP, and WTW, as these thought-leaders in employee benefits have embraced the role of Rx Navigation in filling a key gap in the market.
Strategic partnerships have also propelled Scripta’s product innovation to integrate cutting-edge solutions, including discounted pricing from Mark Cuban Cost Plus Drug Company and precision couponing capabilities through SingleCare. Scripta’s proprietary pharmacy data and insights also power pharmacy cost-containment programs for Healthcare Bluebook (Bluebook Rx) and Lightbeam Health Solutions, lowering prescription costs for the millions of member lives they collectively serve.
About Scripta Insights
Scripta Insights, a venture-backed digital health company, is a leader in developing pharmacy navigation solutions for self-insured employers, health plans and their members. The company was founded in 2019, following nearly a decade of work by doctors, pharmacists and data analysts who helped build Scripta’s proprietary software platform. For more information about Scripta, visit www.scriptainsights.com and follow the company on LinkedIn.
About Aquiline
Aquiline Capital Partners LP (“Aquiline”) is a private investment firm based in New York, London, and Philadelphia, that is dedicated to financial services and technology. As of September 30, 2024, Aquiline has approximately $11.3 billion of assets under management and has deployed approximately $7.0 billion of capital across the firm’s three strategies in private equity, venture, and credit. For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.
CONTACT: Linda Krebs, LKPR, Inc. for Scripta Insights, [email protected], 646-824-5186
SOURCE Scripta Insights
