Based in San Francisco, SmithRx was founded in 2016 to create a modern pharmacy benefit management (PBM) platform. PBMs administer and manage pharmacy benefits for companies and health plans to achieve cost savings and ensure patients have a seamless experience when purchasing prescription drugs. PBMs serve as the system of record for who is covered for what drugs at what price and handle the back end services that make it possible for everyday Americans to fill their prescriptions at the pharmacy of their choice.
Over the past few decades, traditional PBMs have grown to become very powerful middlemen and exceedingly profitable entities as companies and patients have borne the burden of exploding prescription drug prices in America. This has drawn the attention of the federal and state governments, who are putting the traditional PBM business model under a microscope and are pushing for changes. Enter SmithRx - we apply fresh, efficient, user-friendly technology and an aligned business model for our customers and patients so that they may receive the best pricing and service.
Each year, nearly half a trillion dollars flow through pharmacy benefit managers, with three large companies controlling 75%+ market share. SmithRx, as the only startup PBM in Silicon Valley, is offering a new path forward.
SmithRx brings together experience from healthcare companies including Anthem, Athena Health, and Collective Health as well as a broader set of technology leaders including LinkedIn, Facebook, Zynga, and Glassdoor, to solve what we believe is one of the largest problems in U.S. healthcare.
Who We Are
SmithRx team members, at our core, are two things: mission-driven and collaborative. We all believe that the U.S. healthcare system is in need of fixing and we come to work each day dedicated to making this change a reality. We are collaborative and believe we will only accomplish our lofty company goals if we work as one cohesive team.
In our work here, we consistently point to our three company values to help guide us with tricky situations we may face:
Integrity. Do the right thing. Especially when it’s hard.
Courage. Embrace the challenge.
Together. Build bridges and lift up your colleagues.