Pinscriptive in San Juan Capistrano a software analytics company focused on specialty drugs announced today that it’s closed $1.78 million in seed funding since it started in March 2015, with $500,000 of that amount received in August.
Pinscriptive was founded by Frost Data Capital, which creates companies and funds them.
Specialty drugs are known as biologics and are typically brand names that cost $10,000 to $100,000 for a single prescription.
Pinscriptive has developed a big-data analytics platform that combines several data sources to recommend specialty drugs that produce the most effective health outcomes for patients at the best value, Chief Executive Mark Lelinski said.
The company’s goal is to help groups, including consumers, physicians and pharmaceutical companies, move from a volume-based healthcare model to a value-basedone, Lelinski said.
“Specialty drug spending is out of control in America, with costs forecast to quadruple to $400 billion by 2020,” he said. “Although specialty drugs account for only 2% of all medicines prescribed, they are on pace to comprise 50% of the drug spend, and traditional approaches to drug utilization and management have not been effective in changing this dynamic.”
