Sid Viswanathan, cofounder of the tech-enabled pharmacy Truepill, has launched a new healthcare startup called Alchemy. The company aims to increase access to HIV medications by building and managing in-house pharmacies for community clinics. Alchemy has raised $31 million in seed funding led by venture firm Andreessen Horowitz.
NBA superstar Magic Johnson, who was diagnosed with HIV in 1991, is also an investor in the startup. The company has already established pharmacies inside 15 clinics across the country that serve large HIV and hepatitis C patient populations. Alchemy sets up and runs the pharmacies, receiving a percentage of the revenue.
Viswanathan and his co-founders, Peter Park and Susie Crowe, aim to address the gaps in HIV care in the United States. Around 3,000 HIV-focused clinics exist in the country, most of which are in underserved Black and brown communities.
Magic Johnson backs HIV initiative
However, less than 20% of these clinics have in-house pharmacies, making it difficult for patients to obtain and stay on their treatments. Magic Johnson emphasized the importance of Alchemy’s mission, stating, “The HIV epidemic disproportionately impacts Black and brown communities across the country. What Alchemy is doing – bringing pharmacies directly into the clinics that serve these vulnerable populations – is a game-changer because for many, one of the biggest obstacles to staying on their HIV medication is getting to the pharmacy.”
Alchemy opened its first location at Equality Health, an STD testing and treatment center in Oklahoma City, in the summer of 2023.
The startup has since rolled out in Federally Qualified Health Centers, STD clinics, and Ryan White clinics in various locations across the country. With the new funding, Alchemy plans to expand its pharmacies to 20 states over the next year while also adding a mobile clinic program and digital tools to streamline operations and patient communications. Andreessen Horowitz partner Julie Yoo noted that Alchemy’s focus on HIV medications is just the beginning, and the company could eventually target specialty clinics focusing on cancer or immunology and spin up additional businesses with its software.
Peter Park emphasized the broader community need, highlighting the issue of pharmacy deserts in Black and brown communities that are overburdened by diabetes and hypertension. Alchemy’s mission to address pharmacy deserts and improve access to essential medications positions the company to make a significant impact on healthcare access for underserved communities.
