The pandemic has shaped the future of healthcare as the importance of providing access to essential healthcare services and products grew dramatically as the world scrambled to move to digital. In fact, 23.6% of all healthcare interactions were done digitally during the first four months of the pandemic, up from just .3% for the same period in 2019. Since then, companies are innovating new ways that are seeking to capitalize on consumers relatively newfound appetite for digital healthcare options. Healistic is a direct-to-consumer mobile healthtech mobile platform that acts as a marketplace to connect insurers and pharmacies to consumers. The company has just launched a delivery service that allows patients to get medications, supplements, and personal care products from a catalog consisting of 2000+ SKUs delivered to their door within 45 minutes. The company has launched in London recently with plans to expand across the UK this year. Healistic also plans to move into telemedicine with consultations available with general practitioners as well as integrated claims management into the platform to offer users an end-to-end healthcare solution.
London TechWatch caught up with Healistic Founder and CEO Daniel Bulkin to learn more about the business, the company’s strategic plans, latest round of funding, and much, much more…
Who were your investors and how much did you raise?
We received £1M in pre-seed funding from various leading international investors, including Jed Kleckner (CEO, Delivery.com), Christian Hieronimi (Founder, myoncare & Humediq) and Patrick Aisenberg (Founder, LINKBYNET).
Tell us about your product or service.
Healistic is on a mission to become the go-to D2C HealthTech mobile app, offering an end-to-end digital patient home. This will take shape as a scalable marketplace model with SaaS tech solutions to connect pharmacies, insurers, and corporations with end users.
Due to the pandemic, we have learned that curtailing virus transmission is crucial, and self-isolation is imperative to stop the spread of contagious illnesses. This is a major reason why we have begun with the fast meds delivery element of our business plan. For the consumer, this has the benefits of not having to commute to the pharmacy, no long queues, no risk of transmission, and no overheard intimate conversations at the pharmacy counter.
What inspired the start of Healistic?
I was in bed with a bad cold last winter, and realised that the only way to access the specific meds I wanted to purchase to relieve my symptoms was a physical trip to the pharmacy or waiting days for a delivery. This seemed completely counterintuitive to a restful recovery, and not risking transferring my cold to other people. It occurred to me that if I could order groceries or a takeaway Pizza to my home simply by opening an app, I should be able to order medication just as easily – and this was perhaps more important for a whole range of demographics.
How is it different?
Through our pharmacy partnerships, we offer 2,000 SKUs to answer consumers’ health, well-being, cosmetic, and personal care needs. This includes fast delivery of P-Meds, making us the first company in the UK to provide this within a fast delivery model. And this is just the first stage in our plans to create a healthcare super-app, providing an end-to-end system where people can become active managers of their healthcare through the platform’s partnerships with GPs, insurers, hospitals, labs, nutritionists, therapists, and more. A point where both patients and health professionals can universally access all services and data.
What market are you targeting and how big is it?
Our market encompasses every individual that purchases medication, healthcare, well-being, cosmetics and personal care products for themselves and/or their families. Globally, the launch of Healistic translates into a £100B+ market opportunity with strong digitalisation and growth potential.
What’s your business model?
Our business formula is based on an asset-light business model. We are essentially a marketplace connecting consumers to pharmacies.
Our business formula is based on an asset-light business model. We are essentially a marketplace connecting consumers to pharmacies.
How are you preparing for a potential economic slowdown?
We are keeping our fixed cost and burn rate as low as possible to maximise run-rate. This means focusing on the key value drivers for our customers and the business. On the growth side, we’re doubling down on the channels that are most efficient.
What was the funding process like?
It was relatively straightforward to be honest, as Healistic is filling a real gap in the market and it’s easy for investors to get their head around why such a solution is needed.
What factors about your business led your investors to write the cheque?
First mover in the UK, very large market size, white space in the market, solving a real ‘hair on fire’ problem, barriers to entry due to regulation for medicine products, scalability due to asset-light partnership model, clear path to profitability due to high AOVs, and a strong team that was ready to go.
What are the milestones you plan to achieve in the next six months?
We will continue to build on our initial offering, launching the next significant service offering from Healistic – prescription delivery from local independent pharmacies, utilising the same eco-conscious fast delivery model. This will be yet another first-of-its-kind service, providing a new level of convenience and efficiency for patients and the pharmacy workers serving their local areas. An unparalleled user experience in the UK. This will be game-changing for improving convenience for health consumers, especially those with disabilities, physical ailments, social anxiety, and other life and health issues impacting physical access to a pharmacy.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
That’s a classic one, but keeping cash burn to a low and prioritising what matters most to the customers. Additionally, plan to start fundraising earlier than you would have in pre-downturn times.
That’s a classic one, but keeping cash burn to a low and prioritising what matters most to the customers. Additionally, plan to start fundraising earlier than you would have in pre-downturn times.
Where do you see the company going now over the near term?
We are very excited to reach our next milestone of prescription delivery services, which will be game-changing for UK health consumers. We are also working towards implementing speedy prescription delivery, telehealth consultations with GPs and nutritionists, and insurance claim management as we move towards a full-service digital healthcare app.
What’s your favorite outdoor activity in London?
Outdoor activities in London is a tough question, given the fantastic weather we have here. I would probably say on a sunny day, it’s grabbing a coffee and going for a walk in a park with friends.
