PocketPills bills itself as a lone online pharmacy which is currently being operated in Canada. Since it is expanding throughout the country, it has raised $7.35 million in its newer financing.
Harj Samra, the co-founder, and chief operating officer of the company, said that they had an option for us to come and join their platform like any pharmacy. Samra first launched the company in 2018 with Raj Gulia, who is a fellow proprietor of pharmacies throughout Canada, and the serial entrepreneur and co-founder of the RocketFuel Abhinav Gupta. After the public offering of RocketFuel, Gupta was toying with different ideas for the direct to consumer companies when he was advised by Samra and Gulia.
Together, the three men started PocketPills to bring the online pharmacy model to Canada as a process to save money for insurers.
The problem for the insurers is that the utilization of the generic drugs in Canada has fallen behind that of the United States. Gupta said that the difference was quite significant, and the United States was about 90% generic fill rate, and in Canada, the number was at 70%.
PocketPills covers everything that a regular Canadian pharmacy would outside of the controlled substances as well as narcotics. The bulk of the prescriptions of the company to date are for the medications for chronic conditions.
Now the company is searching for expanding throughout the country by opening fulfillment locations in Nova Scotia and soon will be in Quebec.
To back that growth and continue the development, PocketPills turned to a larger Canadian family office and the investment firm Waterbridge to finance the $7.35 million round.