NowRx is a new model for pharmacy utilizing robotics, software automation and logistics to provide free same day delivery of prescription medications in the USA. Launched in Silicon Valley in 2016, the company has delivered 28,000 prescriptions to 5,900 customers and generated $3 million in revenue.
Traditional retail pharmacy is inconvenient and time-consuming. The large pharmacy chains have historically focused on in-store pickup of prescription medications, attracting customers into large stores filled with other products (vitamins, beauty products, food etc). We believe the large pharmacy chains are ill-equipped to develop the necessary technology, logistics and customer service processes to meet customers demand for convenience, and furthermore, they are incentivized against free same-day home delivery.
We re-conceive retail pharmacy by establishing highly automated, local warehouse facilities within customer communities to provide free same-day delivery of medications and over-the-counter items to the customer. NowRx leverages the latest in robotics, software automation and logistics to provide the most convenient customer experience available. By removing the dependency on large retail stores, NowRx operates with significantly lower fixed overhead expenses and can absorb delivery costs so the customer doesn't have to.
Retail pharmacy is a $280 billion industry in the US and $1 trillion globally. We believe the bulk of this market will soon be forced to adopt the same free same-day delivery model. Pressure continues to mount on industry players to make strategic build vs. buy decisions to address this new reality.
Disclosures: company has loans, 2017 net loss was $1.09m