On November 19, pharmacy startup Alchemy introduced the first iteration of its digital product, named “Release #1 of The Alchemy Digital Product.” The announcement was made by Sid Viswanathan, the co-founder and CEO, who shared on LinkedIn how essential this release is for the success of safety net clinics.
Alchemy’s core mission is to support safety net clinics by creating in-house pharmacies, which the company believes can improve both financial performance and patient outcomes. The company was established to address the need for comprehensive support, combining physical, clinical, and digital infrastructure to optimize pharmaceutical operations and patient care.
The new digital product is designed to align with this mission, providing long-term benefits to both clinics and their patients. Viswanathan discussed the importance of considering the entire patient journey, noting that continuous treatment, particularly for chronic conditions like HIV, is a major factor in improving outcomes. The software focuses on supporting clinics by addressing both initial and ongoing medication needs, aiming to enhance the patient experience.
“Release #1” features tools like Task Management, Patient Profiles, Inbox, and Patient Timeline View, which streamline medication refills and reduce barriers like wait times and multiple pharmacy visits. This system simplifies access to essential medicines, ensuring greater convenience for patients.
Alchemy also secured a $31 million seed investment, backed by notable figures like Magic Johnson and the Andreessen Horowitz a16z Bio + Health initiative. The funds will support the growth of in-house pharmacies, particularly in clinics serving large populations of HIV and Hepatitis C patients.
Viswanathan, a healthcare veteran and former CEO of TruePill, brings vast experience in the pharmacy tech space. His career includes dispensing over 25 million prescriptions across 50 states. He believes that Alchemy’s technology can play a transformative role in improving patient outcomes, particularly for those living with chronic conditions like HIV and Hepatitis C.
