MyDrugRep secures $9 million second round financing
"MyDrugRep is creating an exciting combination of technology, connectivity and related services that will provide the pharmaceutical and medical device companies with impactful new ways to reach their physician customers," said Ron Hunt, Senior Vice President of the Sprout Group. "The trends within the pharmaceutical industry clearly indicate that medical products companies are looking for new, technology-enabled ways to deliver increasingly complex promotional messages about their products to physicians."
MyDrugRep's technology platform is designed to enable pharmaceutical companies to market their products to physicians by providing them with access to medical information, product samples and sales presentations, normally available only through in-person sales calls. In addition, the platform helps pharmaceutical sales representatives to better manage their time by allowing them to interact with physicians online to make in-person meetings more convenient.
"MyDrugRep has created a platform that integrates tightly with existing sales efforts and legacy systems," said Jeani Delagardelle, a Venture Partner at the Sprout Group.
"The early traction that it has developed with many large pharmaceutical customers provides clear evidence that MyDrugRep is emerging as a leader in this space."
In addition to leading the investment, Hunt and Delagardelle from Sprout Group will join MyDrugRep's board of directors.
"We are excited to have the support of Sprout Group and our current investors as we enter the next phase of our growth cycle," said Quang Pham, Chairman and CEO. "Completing this round of financing with top-tier investors in the midst of a challenging fundraising environment, along with our growing base of cash revenues, firmly positions MyDrugRep as a growth company in the pharmaceutical marketplace. We have a very capital-efficient business model that we are scaling to meet the demands of our pharmaceutical customers."
The company will use the additional funding to focus on its sales efforts and expand its product development. There are also plans to release several new features for its online physician community later in the year. In addition, MyDrugRep is also building an e-pharma services platform designed to enable its pharmaceutical clients to take advantage of new technologies to provide more efficient services to health care professionals.