LetsGetChecked completes Truepill acquisition

At-home diagnostics firm LetsGetChecked has successfully completed the acquisition of digital pharmacy and telehealth startup Truepill. LetsGetChecked specializes in providing at-home tests for various health concerns, including sexual health, diabetes, thyroid function, cholesterol levels, and COVID-19. On the other hand, Truepill operates as a digital pharmacy service.

This acquisition broadens LetsGetChecked's pharmaceutical and technological capabilities, enabling a cohesive range of services from health testing to treatment. Patients from both companies will benefit; Truepill's clients will have access to LetsGetChecked's health tests and digital healthcare services, ensuring a more comprehensive healthcare experience. Post-acquisition, Truepill will function as a subsidiary of LetsGetChecked.

Paul Greenall, CEO of Truepill, expressed enthusiasm about the merger. “We are thrilled to join forces with LetsGetChecked to bring our digital pharmacy capabilities to a wider audience,” he stated. “By integrating our pharmacy platform with the extensive health solutions offered by LetsGetChecked, we are providing our customers and patients with an unparalleled, complete healthcare experience that ranges from screening to treatment. Together, we can assist more life sciences, health plans, employers, and healthcare providers in delivering top-quality care and experience for patients.”

THE LARGER TREND

In 2022, LetsGetChecked secured a $20 million strategic investment. The company also ventured into genomics by acquiring Veritas Genetics and Veritas Intercontinental. Furthermore, LetsGetChecked purchased BioIQ, a company collaborating with employers and health plans to offer lab testing, health screening, and vaccination services. The company, based in New York, completed a Series D funding round worth $150 million the previous year. This followed several other funding rounds in 2018, 2019, and 2020.

Earlier this year, Truepill partnered with healthcare technology prescription specialist ScriptDrop. This collaboration aimed to integrate ScriptDrop's same-day prescription delivery service with Truepill's platform, allowing patients to select their retail pharmacy for medication delivery using ScriptDrop's two-hour service.

However, in 2022, Truepill faced scrutiny from the Drug Enforcement Administration (DEA). The DEA issued an Order to Show Cause against Truepill for allegedly dispensing thousands of prescription stimulants, including Adderall, unlawfully. The DEA reported that from September 2020 to September 2022, the California-based online pharmacy filled over 72,000 controlled substance prescriptions, 60% of which were for stimulants, including generic Adderall. The DEA accused Truepill of dispensing controlled substances without legitimate medical purposes, filling prescriptions written by prescribers lacking proper state licenses, and surpassing the 90-day supply limits.

This acquisition marks a significant step for LetsGetChecked as it continues to expand its services and capabilities, aiming to offer a complete healthcare experience that bridges the gap from screening to treatment. Truepill’s integration into LetsGetChecked's offerings is expected to enhance the range and quality of services available to patients, employers, health plans, and healthcare providers.