TELEPHARM: A Med-tech journey to 8-figure exit.

How can we keep these stores open by utilizing one pharmacist for two stores or three stores?," 28-year-old University of Iowa graduate Roby Miller asked himself.  Seeing his father's rural pharmacies struggle, Miller quit his job four years ago to chase an idea of harnessing digital technology for rural pharmacies. Today, Roby has sold his startup in what one investor called an “8-figure acquisition.”.

 Ohio-based Cardinal Health Inc. which bills itself as a $103 billion health care services company, acquired Roby Miller’s Telepharm in July, according to Courtney Tobin, a Cardinal spokeswoman



The acquisition comes after Telepharm in 2014 closed a $2.5 million venture capital fundraising campaign led by Iowa Board of Regents President and agribusiness pioneer Bruce Rastetter; Adam Ingersoll, founder and principal with Compass Education Group; and philanthropist John Pappajohn, who has given away more than $100 million, including to major projects at the UI.

“Start-ups with a single founder who has never run a business before, moving into a market that doesn’t exist yet, with a difficult regulatory environment … odds of survival are close to zero,” Ingersoll recently wrote on social media. “Roby not only survived, but in just four years, he built a thriving business that was acquired last month in an 8-figure acquisition by Cardinal Health.

 

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