weekly startup spotlight

welcome to introspection ft. harsehaj! ⭐️ i’m harsehaj, and always up to something in social good x tech.

this publication is a place for me to reflect on productivity, health and tech, and drop unique opportunities in the space right to your inbox daily. if you’re new here, sign up to tune in!💌

scroll to the end for my daily roundup on unique opportunities!

onto today’s topic: rightway 👩‍⚕️ 

the business of navigating pharmacy benefits in the corporate world is a problem space i didn’t know existed until yesterday. it turns out that the existing supply chain of prescription medicine traps insane price margins, which costs companies and employees a lot more to establish healthcare benefits.

rightway, a b2b startup, operates as a transparent pharmacy benefits management platform, promising to drive every prescription to its true lowest net cost, reducing employer spend by over 15% (source). they achieve this through an audit-level reporting feature, which allows users to track each transaction.

let’s talk numbers! 🤓

the pharmacy benefit management (pbm) market was valued at ~$432.30 billion in 2023, and is projected to grow at a cagr of 9.13% from 2024 to 2032, reaching ~$947.90 billion by 2032 (source).

as of 2023, rightway’s estimated annual revenue was ~$45.1 million (source) as a result of their pbm model which has led to an average reduction in pharmacy spending of $261 per member annually (source). a study by aon also revealed that rightway’s care navigation services resulted in a 15% decrease in per-member per-year healthcare costs, equating to savings of $823 per member (source).

questions i’d be interested to ask:

• how did you land on this specific market of the company healthcare benefits space?

• what does the user flow look like for both companies and individual members?

• who are your biggest competitors aside from the traditional pbm companies?

daily opportunity + resource drops 🔍️