Digital pharmacy service, Capsule, has recently announced it will be expanding into the field of telehealth, aiming to be a “one-stop-shop” for the healthcare needs of its customer base. The New York City-based startup was founded in 2015 and has since expanded to over a dozen markets, including cities like Los Angeles, Austin, Chicago, and Minneapolis. As of now the company offers prescription-filling services, including delivery, to all of its stationed cities. It has also teamed up with companies like Ginger, a mental telehealth service, in the past to create steady prescription clientele.
Now, after over a billion-dollar valuation and $300 million in capital raised from a recent funding round led by Durable Capital partners, Capsule has its sights set on creating its own place in the telehealth market. The goal is to expand the application functions to include features like health consultations and mental health services, on top of its already fruitful prescription distribution services.
The market for telehealth services has greatly expanded as a result of COVID-19 precautions in effect nationally. Many companies have jumped on the bandwagon, with mega-giants like Amazon, Walgreens, CVS, and Walmart staking claims, mostly because of the sheer vastness of their client-bases.
Though the market may seem congested at the moment with such an influx of business expansion, in reality, the pursuit of well-rounded service offerings by smaller startups like Capsule are crucial to competing with huge corporations already known for their vast array services. Consumers are becoming more and more prone to utilizing one-stop-shops, and the more this strategy is implemented by startups, the higher chances of success they’re likely to see.
Capsule will be continuing into partnerships with other startups, similar to the one it has with Ginger, in the pursuit of combining the offered services of multiple platforms into one convenient interface that can co-mingle to offer the best possible experience for patients. This symbiotic relationship will not only spread the wealth, but also provide crucial data into bettering the quality of customer relations, as Capsule already offers a comprehensive analysis of the prescription refill rates, costs, and risk management of its services.