20 Growing Pharmacy Startups in 2021

by Josh Howarth - November 22, 2021

The global pharmaceutical industry reached new heights in 2020, generating $1.27 trillion in revenue. This upward revenue trend is expected to continue in 2021 and into 2022.

With changing healthcare landscapes and the onset of new technologies, such as machine learning and artificial intelligence, there has been a steep rise in the number of pharmacy startups.

We’ve rounded up some of the best pharma startups to keep an eye on in 2021.

1. MRM Health

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5-year search growth: 3000%

Search growth status: Regular

Year founded: 2020

Location: Ghent, Belgium

Funding: $16.3M (Series A)

What they do: MRM Health is a biotech company that focuses on microbiome-based therapeutics. Their proprietary technology aims to combine specific microbial strains into Optimized Consortia. Furthermore, a unique manufacturing and optimization process works toward creating a single drug substance. MRM Health received $16.3M in 2020 in its collaboration with DuPont Nutrition & Biosciences.

2. Axial Therapeutics

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5-year search growth: 99X+

Search growth status: Regular

Year founded: 2016

Location: Waltham, MA

Funding: $115.9M (Series C)

What they do: As a biotech startup, Axial Therapeutics utilizes the microbiome to develop drugs for neurological disorders and diseases. Their work focuses on the development of small molecule drugs that target gut microbiology and help impact the pathology, symptoms, and progression of various neurological disorders. Recently, Axial Therapeutics raised $37.25M in Series C funding.

3. ROME Therapeutics

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5-year search growth: 8700%

Search growth status: Regular

Year founded: 2020

Location: Cambridge, MA

Funding: $127M (Series B)

What they do: Rome Therapeutics aims to develop treatments for cancer and autoimmune diseases by exploring the repeatome. The company’s belief is that 60% of the human genome that has repetitive sequences of nucleic acid can be targeted through specialized medicine. Rome Therapeutics raised $77M in Series B funding by Section 32 in September 2021.

4. PharmEasy

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5-year search growth: 1800%

Search growth status: Exploding

Year founded: 2015

Location: Mumbai, India

Funding: $1.6B (Debt Financing)

What they do: As a digital health startup, PharmEasy is looking to simplify healthcare in India. Through various partnerships and providers, the startup has created a steady supply chain that allows users to receive medicine, tests, consultations, and healthcare products from vetted pharmacies and clinics. According to their website, they have a presence in over 1,200 Indian cities and 80,000+ pharmacy partners.

5. EyeNetra

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5-year search growth: -100%

Search growth status: Peaked

Year founded: 2011

Location: Cambridge, MA

Funding: $7M (Series A)

What they do: EyeNetra aims to make eye exams more accessible and convenient. The company offers three devices in their Netra kit, including an autorefractor, handheld phoropter, and a digital lensometer. Aside from that, they offer an online portal for keeping track of and recording user readings. EyeNetra claims that its products are active in 133 countries.

6.MFine

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5-year search growth: 1900%

Search growth status: Regular

Year founded: 2017

Location: Bengaluru, India

Funding: $97.6M (Series C)

What they do: An online healthcare provider, MFine is creating a virtual hospital to make health services more accessible. They offer condition-based health packages, full-body health checkups, and lifestyle-based health packages. Furthermore, they also offer online consultations with doctors and lab test assistance. Mfine raised $48M in Series C funding in early 2021.

7. Tricog Health

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5-year search growth: 0%

Search growth status: Regular

Year founded: 2014

Location: Singapore, Singapore

Funding: $15M (Series B)

What they do: Tricog Health is a predictive healthcare analytics firm that provides virtual cardiology services to remote clinics. The startup is working toward reducing cardiac deaths using its product, InstaECG. According to their website, it allows them to identify over 200+ cardiac conditions across several hospitals and clinics. Tricog Health raised $10.5M in Series B funding in March 2020.

8. Echo (LloydsDirect)

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5-year search growth: 4700%

Search growth status: Regular

Year founded: 2015

Location: London, United Kingdom

Funding: $11.5M (Non-Equity Assistance)

What they do: Echo recently rebranded to LloydsDirect, a platform that takes care of repeat prescriptions by working directly with NHS England GPs. Customers can order, track, and set reminders for their repeat prescriptions. According to their website, over 500,000 people regularly use their services. Echo (LloydsDirect) currently has a 4.6 rating on TrustPilot.

9. EpiEndo

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5-year search growth: 0%

Search growth status: Regular

Year founded: 2014

Location: Reykjavik, Iceland

Funding: $33.3M (Series A)

What they do: EpiEndo is a pharma startup that develops epithelial barrier enhancing drugs. The goal of the company is to help treat chronic respiratory diseases. EpiEndo has developed macrolide candidate NCEs that can be ingested orally. They act as disease-modifying therapeutics for chronic obstructive pulmonary disease. The startup raised $23.3M in Series A funding in August 2021.

10. Eagle Genomics

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5-year search growth: 0%

Search growth status: Regular

Year founded: 2008

Location: Cambridge, United Kingdom

Funding: $20.1M (Series Unknown)

What they do: As an enterprise software solutions company, Eagle Genomics aims to establish a platform for exchanging scientific data-derived assets. The startup is working toward creating a platform-driven ecosystem where scientists and companies can use, share, and utilize microbiome data to create pharmaceuticals. Eagle Genomics won the AI Champion title in the Business Weekly 2021 awards.

11. Minoryx Therapeutics

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5-year search growth: 0%

Search growth status: Regular

Year founded: 2011

Location: Barcelona, Spain

Funding: $88.8M (Debt Financing)

What they do: Minoryx Therapeutics focuses on drug discovery and drug development for severe central nervous system diseases. The startup is currently focusing on their novel treatment - selective PPAR gamma agonist, leriglitazone. The clinical-stage treatment is expected to work against several orphan CNS disorders. In October 2020, Minoryx Therapeutics raised $29.1M through debt financing.

12. Breath Therapeutics

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5-year search growth: 0%

Search growth status: Regular

Year founded: 2016

Location: Munich, Germany

Funding: $50.6M (Series A)

What they do: Acquired by Zambon Pharma, Breath Therapeutics is a biopharmaceutical company that is working to improve inhaled drug delivery. The startup is working on various therapies to help make inhaled drugs more efficient. Their goal is to help patients with long-term respiratory diseases. Zambon Pharma acquired Breath Therapeutics for $163M.

13. Lyndra Therapeutics

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5-year search growth: 0%

Search growth status: Regular

Year founded: 2015

Location: Watertown, MA

Funding: $163.3M (Series C)

What they do: Lyndra Therapeutics is a drug development company that aims to develop longer-lasting medicine, which can reduce the number of times people need to take doses. Their goal is to help patients adhere to prescriptions that are hard to keep track of. Lyndra Therapeutics recently raised $60.5M in a Series C round.

14. 3Z Pharmaceuticals

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5-year search growth: 41%

Search growth status: Peaked

Year founded: 2008

Location: Reykjavik, Iceland

Funding: $1.7M (Seed)

What they do: Focusing on CNS disorders, 3Z Pharmaceuticals discovers novel drug candidates using behavioral genetics and disease modeling. The startup also focuses on drug repositioning - researching existing licensed drugs to figure out new medical avenues and uses. In its most recent seed funding round, 3Z Pharmaceuticals raised $400K.

15. AceCann

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5-year search growth: 0%

Search growth status: Regular

Year founded: 2019

Location: Lisboa, Portugal

Funding: $15M (Seed)

What they do: AceCann provides medical cannabis products in Europe. Their process of creating these products starts with organic cultivation. After that, the cultivated substance is processed, extracted, and turned into medical cannabis products. The startup also researches new ways to utilize medicinal marijuana. AceCann recently received $15M in seed funding.

16. MAYD Group

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5-year search growth: 73%

Search growth status: Regular

Year founded: 2021

Location: Berlin, Germany

Funding: $15.1M (Seed)

What they do: As a medication management solution provider, MAYD helps users quickly find information on healthcare products. The startup partners with small-scale pharmacies to manage localized deliveries. MAYD received $15M in seed funding from 468 Capital and others.

17. ReCode Therapeutics

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5-year search growth: 0%

Search growth status: Regular

Year founded: 2015

Location: Dallas, TX

Funding: $162M (Series B)

What they do: ReCode Therapeutics is a biotech company that develops disease-modifying therapies against respiratory diseases. It’s an integrated genetic medicines company and is currently focusing on cystic fibrosis and primary ciliary dyskinesia. ReCode Therapeutics recently closed an $80M series B funding round.

18. ShouTi

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5-year search growth: -100%

Search growth status: Peaked

Year founded: 2016

Location: Shanghai, China

Funding: $142M (Series B)

What they do: As a drug discovery company, ShouTi is developing small molecule drugs to make medicine more accessible. The startup focuses on GPCR, utilizing its drug discovery expertise and optimized computation methods to develop improved medicine. The company also provides direct visualization of various molecule binding procedures for better understanding. ShouTi recently raised $100M in Series B funding.

19. CinCor Pharma

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5-year search growth: 99X+

Search growth status: Regular

Year founded: 2018

Location: Cincinnati, OH

Funding: $193M (Series B)

What they do: CinCor Pharma is an early-stage biopharma company that helps approve promising clinical candidates. The startup’s primary focus is on cardiovascular, kidney, and metabolic diseases. Their goal is to help patients that suffer from chronic cardiorenal conditions and improve their lives. CinCor Pharma recently raised $143M in Series B financing.

20. Exo Therapeutics

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5-year search growth: 99X+

Search growth status: Regular

Year founded: 2020

Location: Cambridge, MA

Funding: $103M (Series B)

What they do: As a small molecule drug discovery and development company, Exo Therapeutics focuses on utilizing druggable enzymes. The startup aims to modulate enzyme activity in oncology. Their ExoSight platform helps develop a pipeline of potent drug candidates that bind exosites. This helps reprogram enzyme activity, leading to a precise therapeutic effect. Exo Therapeutics recently raised $78M in Series B financing.

Conclusion

That concludes our list of the top pharmacy startups transforming healthcare right now.

The introduction of AI-powered diagnostics, clinical trials, and drug development systems has brought a new wave of biopharma advancements.

It’s safe to say that many new pharma startups will launch as the demand for new drugs, vaccines, and therapies continue to rise.

Written By
Josh Howarth
Co-founder of Exploding Topics.
548 Market St. Suite 95149
San Francisco, California
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