Many HealthTech startups, like Atlanta-based Impiricus, saw impressive growth over 2021 as healthcare systems navigated the changing nature of the pandemic.
And the move towards digital health isn’t going to change, says Impiricus CEO Sandy Donaldson, which is helping to accelerate growth for the platform connecting physicians with the pharmaceutical industry and taking on the $43B spent each year on inefficiencies in that relationship.
“Whilst COVID may be on the decline, face-to-face access to see doctors is not going back to its pre-COVID levels. The inability for pharma to connect directly with doctors is accelerating. This is bolstered by the fact that they are increasing their spend on digital 3rd party solutions at over +40% year on year,” Donaldson told Hypepotamus. “Impiricus is in a unique position as we are highly differentiated from other pharma channels and options. We offer multiples higher engagement than any other tools. In many cases, Impiricus is now the sole option for pharma companies to engage their doctors. On-demand options are lacking for doctors, and Impiricus Concierge™ is the preferred solution for on-demand access to resources.”
Impiricus has scaled over 1,300 practices using the platform, branching out from its original focus on dermatology and oncology to serve neurology, cardiology, and endocrinology specialties.
Key to the startup’s growth is its list of repeat big pharma contracts, growing inbound interest from others in the pharma space, and its ability to keep churn “at zero or as close to zero as possible” by helping physicians navigate various pharma-related questions they have or problems they face.
The team itself has grown to 10 people, two of whom are full-time Atlanta-based developers. The team also recently relocated to Ponce City Market.
Impiricus raised its first pre-seed round this spring, which Donaldson said helped the team prove their ability to gain traction in the crowded digital health space. The startup is now raising a $3 million seed round to “accelerate doctor acquisition and fulfill our pharma contracts,” Donaldson said. He expects to close the round in around six weeks given the inbound regional and national interest.
Impiricus is building in a time of rapid growth in HealthTech and MedTech spaces overall. A Deloitte analysis suggests that VC funding almost doubled from 2019 to 2020, reaching upwards of $14 billion.