Mandolin, a platform that uses AI automation to enhance access to specialty drugs, has announced it secured $40 million in funding.
Maverick, SignalFire, SV Angel, Greylock Partners, Jerry Yang (cofounder of Yahoo) and Guillermo Rauch (CEO of Vercel) participated in the round.
WHAT IT DOES
Mandolin offers an AI-enabled workflow automation platform for use in the administrative side of specialty drugs. Its AI agents assist with intake, prior authorizations, benefits and revenue cycle management.
The San Francisco-based company says its platform integrates into EHRs, manufacturer hubs and payer portals.
Mandolin launched its product in January and touts that it is deployed in more than 700 clinical locations.
“We’ll use this capital to grow the team, primarily focusing on world-class engineering and customer implementation talent in order to more deeply serve the needs of our sophisticated customers,” Will Yin, cofounder and CEO of Mandolin, told MobiHealthNews in an email.
MARKET SNAPSHOT
Total spending on specialty drugs increased from 21.7% in 2012 to 71.1% in 2021, according to a study published in the Journal of Managed Care and Specialty Pharmacy. Specialty drugs accounted for 6.2% of prescriptions but 71.1% of total spending in 2021.
Other digital health companies working in the specialty drug space include Serve You Rx, a pharmacy benefit manager, which in May announced a collaboration with Amazon Pharmacy to offer home delivery services for maintenance medication to its members.
Serve You Rx members can access common medications, and specialty patients can use Waltz Health’s AI-powered platform to access their specialty drugs.
In April, Mark Cuban Cost Plus Drugs announced a collaboration with specialty pharmaceutical distributor Morris & Dickson to provide access to injectable medications via the Cost Plus Marketplace.
California-based SamaCare offers a workflow platform for providers offering specialty medication. Last year, the company secured $17 million in an oversubscribed Series B investment round.
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