London, 22 May 2017 – Hikma Pharmaceuticals PLC (Hikma) (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY), (rated Ba1 Moody’s / BB+ S&P, both stable), the fast-growing multinational pharmaceutical group, announces that its venture capital arm, Hikma International Ventures and Development LLC (Hikma Ventures) has participated in a round of financing for Lemonaid Health.
22 May 2017
Lemonaid Health, the simplest and fastest platform for online healthcare, today announced $11 million in new funding to support continued innovation in affordable online healthcare. The Series A funding round was led by Novartis Venture Fund and Hikma Ventures and joined by Correlation Ventures, Adaptive Healthcare Fund, Vega Ventures, 415 Ventures and other investors.
“Millions of people are looking to lower their healthcare costs and gain more convenient access to physicians and the medicine they need,” Lana Ghanem, Managing Director of Hikma Ventures, said. “Lemonaid Health’s technology, algorithms, and machine learning opportunities will improve the quality of care while decreasing the time and hassles required to get it. We look forward to working with the Lemonaid Health team and co-investors in expanding the platform to include more services with even greater reach.”
Now available in 14 states in the US, Lemonaid Health leverages evidence-based guidelines and the most up-to-date clinical protocols to provide quality care for less than typical co-pays. In just a few minutes, Lemonaid enables patients to get care for conditions such as acid reflux, erectile dysfunction, flu, hair loss, urinary tract infections (UTIs) and for birth control medication. If appropriate, Lemonaid Health’s board-certified doctors recommend a treatment and send a prescription to the pharmacy of choice.
“We know there’s an increasing shortage of physicians in parts of the US,” Campbell Murray, a Managing Director at the Novartis Venture Fund, said. “Lemonaid Health gives patients better access to physicians and care providers, supporting the overburdened healthcare system while delivering high quality care.”
To streamline administration, the entire telehealth practice is powered on the custom-built Lemonaid Health platform. To ensure maximum access, the service can be accessed from any modern web browser or on the iOS or Android app.
“This new capital will accelerate our development of future product capabilities while expanding Lemonaid’s operating footprint,” Paul Johnson, Co-CEO of Lemonaid Health, said. “We’re using technology to augment physicians’ ability to provide standardised and streamlined quality care at scale. We’re thrilled that our partners can see how machine learning and other technologies will increase access to timely care and improve affordability.”
To streamline the process further, Lemonaid Health’s partnership with Phil, Inc. allows users to have prescriptions delivered to their home. A process that typically takes months (from appointment booking to prescription pick-up), now only takes a couple of hours. It’s another reason why Lemonaid Health now has an 89 Net Promoter Score (NPS) — more than three times the industry average — for the patients it treats.