Honeybee Health is an online pharmacy offering generic prescription drugs and vitamins to consumers without requiring health insurance.
We sell generics for up to 80% off retail prices by purchasing directly from FDA-approved U.S. wholesalers and skipping intermediaries like insurance companies and pharmacy benefit managers.
Our company was formed and is managed by a group of pharmacists who became tired of watching people go without necessary medicine due to exorbitant copays or lack of health insurance. Looking for a trial run?
To get legally prescribed medication and pay cash on delivery, visit HoneybeeHealth.com. Then, we’ll have your prescription drugs delivered to your front door.
This eliminates the need for pre-authorizations, lost prescription refills, and extended wait times. Currently, Honeybee Health may be purchased in 44 different jurisdictions. Check out HoneybeeHealth.com for the whole rundown.
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Honeybee Health login
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Honeybee Health revenue
There have been many new entrants into the online pharmacy market in recent years, but few with the success of Honeybee Health Inc. of Culver City.
In only three years, Honeybee Health went from raking in $27,000 in sales in 2018 to $5 million in 2020, a growth rate of 19,159 percent.
This was the highest three-year growth rate of any firm on the Business Journal’s annual Fastest-Growing Private Companies list.
In addition, Honeybee Health’s explosive expansion will continue until all of 2021: Revenue is expected to exceed $14 million this year, nearly quadruple that of the previous year, says CEO and co-founder Jessica Nouhavandi.
In an interview with the Business Journal, Honeybee Health CEO Ali Nouhavandi explained the company’s explosive growth by pointing to three factors: the availability of low-cost generic medications; the company’s focus on patients without health insurance; and the fact that Honeybee Health is a natural pharmacy.
Founded three years ago, Honeybee is an “insurance-free” online pharmacy specializing in generic medications.
We only deal with wholesalers licensed by the FDA to sell prescription drugs. Because of this, we may fill your prescription for up to 80% less than the cost at a regular pharmacy.
Honeybee Health was conceived by Nouhavandi and co-founder Peter Wang when they were running an independent pharmacy in Moorpark, Ventura County.
She said the team “soon noticed that there were big differences” in what consumers paid for the identical prescription across insurance plans.
As far as I could tell, there was no reliable estimate of what the actual price should be. The whole thing made us feel terrible.
The couple was also influenced by GoodRx Holdings Inc. of Santa Monica, which was an early proponent of price comparison shopping for prescription drugs.
In 2017, Nouhavandi and Wang liquidated their independent pharmacy and invested between $500,000 and $1,000,000 of the revenues towards starting an internet pharmacy business.
The two partners agreed on generic drugs since this allowed them and their patients to choose from a broader range of manufacturers.
Even when many generic medicine manufacturers create the same medication, Nouhavandi said, there are always subtle variances, such as the use of fillers, chemicals, or colors.
They zeroed down on the uninsured since they would profit most from the drastic price cuts implemented for prescription medications.
Honeybee’s foresight was crucial because when the epidemic struck in the spring of 2020, millions of individuals suddenly lost their jobs throughout the country, along with their employer-sponsored health insurance.
However, Geoffrey Joyce, director of health policy at the USC Schaeffer Center for Health Policy and Economics, says that Honeybee Health is entering a highly saturated industry.
He noted that numerous companies, notably Amazon.com Inc. of Seattle, have followed GoodRx’s lead by providing customers with reduced costs on (mainly) generic medications.
However, Nouhavandi and Wang intended to run their own online pharmacy instead of working as a middleman like most other online pharmacy enterprises.
The start-up was pushed back by a year since they had to apply for pharmacy licenses in every state they planned to serve.
Currently, Honeybee Health serves residents in 47 different states and territories around the United States.
According to Nouhavandi, the integration of Honeybee Health with doctors’ EHRs has been a top priority this year.
“A lot of instances, we come in when the patient informs the doctor that they stopped taking their meds because of the cost,” Nouhavandi added.
Joyce predicted that Honeybee would have significant difficulty in continuing its rapid expansion.
It’s a crowded market, so it’ll be tough for them to grow.
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Honeybee Health valuation
Total funding amount 5.4M
Honeybee Health address
3515 Helms Ave
Culver City, CA 90232
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