The Defining Decade: CoverMyMeds Becomes a Billion-Dollar Baby

A good idea doesn’t need to be glamorous to be lucrative. CoverMyMeds showed that in 2017, when McKesson, one of the largest health care companies in the world, purchased the Columbus prescription authorization startup for $1.3 billion.

Founded in 2008, CoverMyMeds develops software to automate the process of obtaining prior authorizations for prescriptions from health insurance companies. That mission isn’t as sexy as, say, building a new social media platform. But it turns out solving a mundane but important problem in a gigantic industry can be enough to cross the 10-digit-valuation threshold, a milestone for the city’s emerging startup community.

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Story excerpt provided by Columbus Monthly.

Written by Dave Ghose.

Originally published December 31, 2019.