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InpharmD raised a $6.05 million seed to make on-demand drug information accessible, CEO Ashish Advani tells Axios exclusively. 

Why it matters: Hospitals face pressing challenges accessing reliable drug information amid staffing problems and rising drug costs.

Details: The round was led led by 645 Ventures.

Other participants include Atlanta Ventures, Y Combinator, Qlarant Capital and SF ELC. 

How it works: Atlanta-based InpharmD leverages artificial intelligence and pharmacists' expertise to grant physicians on-demand information about various drugs.

InpharmD has curated a database of 30 million clinical studies and uses a blend of large-language models (self-made, plus open-source) to search and summarize relevant literature.

It suggests data-driven therapeutic interchanges and protocols designed to reduce patient hospital stays.

Of note: Reinforcement learning is done by clinical pharmacists to ensure accuracy and efficiency for search and summaries and to improve the algorithm for future searches.

What's next: Against the backdrop of a difficult fundraising landscape, InpharmD wants to make this fundraise "last indefinitely, as if this is our last round of funding," Advani says.

The company is profitable and Advani says, "We don't plan to burn too much more cash." 

 InpharmD currently has 18 health systems on its waitlist and hopes to start converting those systems to customers with the proceeds from this fundraise, Advani says.

The big picture: The U.S. health care system spent $603 billion on prescription drugs in 2021, before accounting for rebates —  $421 billion of which was on retail drugs, per the U.S. Department of Human Health and Services. 

Non-federal hospitals spend $41 billion on retail drugs in 2021. 

What they're saying: "Health systems are strapped and looking for ways to cut costs," says Advani. "We can help them do that."

"InpharmD has a extremely impressive proprietary data set and the pilot conversions are exceeding any benchmarks in the industry," says Jon Smith, VP at 645 Ventures.

per the U.S. Department of Human Health and Services.  

Exclusive: InpharmD seeds $6M for on-demand drug info

Hospitals face pressing challenges accessing reliable drug information.

Illustration of a hundred dollar bill with Benjamin Franklin dressed as a doctor and holding a prescription pill bottle.

Health tech deals

InpharmD raised a $6.05 million seed to make on-demand drug information accessible, CEO Ashish Advani tells Axios exclusively. Why it matters: Hospitals face pressing challenges accessing reliable drug information amid staffing problems and rising drug costs.

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Exclusive: InpharmD seeds $6M for on-demand drug info

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