Company seeks to make prescription drug ecosystem more efficient by providing transparency through data-driven solutions
NEW YORK – THURSDAY, SEPTEMBER 22, 2016 – Truveris, a leading provider of solutions across the prescription drug ecosystem, today announced the appointment of Faisal Mushtaq as the chief executive officer. Mr. Mushtaq brings to Truveris deep experience in health information technology and extensive entrepreneurial expertise.
Truveris works with Fortune 500 employers, global pharmaceutical brands and benefits consulting organizations to help manage pharmacy benefits and improve consumer engagement. Truveris’ deep understanding of the complex prescription drug ecosystem, which includes pharmaceutical manufacturers, prescription benefit managers (PBMs), pharmacies, payers, consumers, and providers, enables the company to provide unparalleled insights to its customers and partners. With consistent, exponential revenue growth over the last three years, Truveris continues to strengthen its infrastructure and rapidly expand its product and customer footprint.
“Mr. Mushtaq is a seasoned digital health executive with the experience and the acumen necessary to lead Truveris,” said Stephen Bloch, MD, general partner at Canaan Partners and a member of Truveris’ board. “Faisal will build on Truveris’ mission to simplify and make transparent how we each pay for prescriptions. As a physician, I share Faisal’s vision of making medications accessible and affordable for all.”
Truveris’ knowledge of drug pricing forms the foundation of its monthly National Drug Index (NDI) which calculates the average price for all prescription drugs, weighted by utilization. The latest NDI and accompanying analysis shows that the average price of prescription drugs rose 7.70% over the last 12 months and may be leading to an increase in prescription abandonment rates. When patients don’t fill their prescriptions, complications and ER visits increase, leading to an overall increase in the healthcare spending.
“The system of determining the price paid for a prescription drug is opaque and difficult to understand,” said Mr. Mushtaq. “This leads to inefficiencies and inequities in the marketplace, affecting consumers, payers, pharmaceutical companies and the pharmacy benefits managers. Truveris has emerged as a proven innovator, and I look forward to continuing the development of solutions that address the most complex problems to achieve improved clinical outcomes and financial results.”
Prior to joining Truveris, Mr. Mushtaq served as senior vice president and general manager, payer life sciences for Allscripts. He led Allscripts’ fastest growing business, building innovative solutions for payers, pharmaceutical manufacturers, clinical research organizations and providers. Previously, Mr. Mushtaq served in several executive leadership roles at Misys, which was acquired by Allscripts in 2008. Mr. Mushtaq earned a bachelor of science in electrical engineering and computer science from the University of Wisconsin-Madison. He is also a graduate of the Advanced Management Program at Harvard Business School.
Founded in 2009, Truveris brings transparency to the prescription drug ecosystem through data-driven innovation. Truveris’ platform offers customers – from the individual patient to employers to pharmacy benefits stakeholders and manufacturers – the data and insights they need to effectively and efficiently manage the rising costs and market access strategies. Based in New York City, Truveris is funded by Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, New Atlantic Ventures and First Round Capital. For more information, visit truveris.com.