The trends were already gravitating toward telehealth, but the pandemic escalated an expansion in digital medical treatment. Most medical practices have shut down for non-elective procedures and are not taking office appointments during the coronavirus crisis. In the meantime, the telehealth marketplace is growing.
Analysts at Forrester Research predict that telehealth appointments could top 1 billion worldwide by the end of 2020 and Frost & Sullivan analysts think demand will increase by 64% in the U.S. alone.
Ro operates three digital health clinics in the U.S.: Roman for men’s health, Rory for women’s health, and Zero for smoking cessation. Between the 3 clinics, its product offerings cover nearly 20 conditions, including sexual health, weight loss, dermatology, and allergies.
In April the Ro Pharmacy was launched. It is an online cash pay pharmacy for existing customers. And more than 500 generic medications are offered for $5 per month per drug.
Patients use the company’s digital platform to connect with a Care Team which includes a U.S. licensed doctor or nurse practitioner. Appointments are not covered by insurance, but a visit only costs $15 which Ro says is less than many copays.
A unicorn company with big plans
Ro’s Series C funding round included significant participation from existing investors FirstMark Capital, Torch, SignalFire, Box Group, TQ Ventures, Initialized Capital, and 3L. First-time investor The Chernin Group came in for the new round. The Ro team has raised a total of $376 million since the company was founded in 2017.
