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Rick Bowmer / AP

Health care startup ZappRx has raised $25 million in a new round of funding led by the health care arm of Qiming Venture Partners. Other big names in ZappRx's round were GV, the venture capital hub of Google and Alphabet, and SR One. The company has now raised $41 million and will use the money to scale nationally.

What ZappRx does: It gets specialty drugs to patients faster by cutting administrative waste. ZappRx CEO Zoe Barry started the company in 2012 after her brother, who has epilepsy, had to wait more than nine months to get the medication he needed. It usually takes 19 minutes for providers to fill out enrollment and prior authorization forms for many specialty drugs, but Barry says her company's technology gets that down to just under two minutes.

Context: Specialty medicines, or those that treat complex and chronic conditions, are a primary cause behind the country's rising prescription drug spending. ZappRx is designed to get patients the treatment they need more quickly, but it doesn't address drug pricing itself.

Go deeper

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.