Waltz Health

What Waltz Health does

Waltz Health is a Chicago-based digital health company founded in 2021 that builds AI-driven marketplaces for the pharmaceutical supply chain. Its core technology platform consists of Marketplace Search, an AI-powered multi-card cash price comparison tool that helps consumers identify the lowest prescription drug price across multiple discount programs, and Waltz Connect, an end-to-end specialty pharmacy platform built on the Intelligent Specialty Engine that routes specialty prescriptions to optimal pharmacies based on weighted criteria including price, turnaround time, fulfillment accuracy, member experience, and adherence rates. The platform tracks over 80 million pharmacy transactions annually and supports more than 9 million patients.

Waltz Health serves health plans and payers, pharmacy benefit managers (PBMs), self-insured employers, pharmacies, and pharmaceutical manufacturers, with integrations including Serve You Rx, WellDyne, CerpassRx, Levrx, and SCAN Health Plan, plus manufacturer partnerships with Eli Lilly and Novo Nordisk for obesity medication access. Its business model combines white-labeled SaaS/platform licensing, per-prescription transaction fees, and value-based cost-savings sharing arrangements, with demonstrated outcomes including $917 average savings per specialty prescription, 90% biosimilar conversion rates, and projected $100M+ in annual payer savings.

In August 2025, Waltz Health merged with EVERSANA in a transaction valued at approximately $6 billion, with co-founder Mark Thierer becoming CEO of the combined organization. The combined entity integrates Waltz Health's AI-driven prescription pricing and direct-to-payer technology with EVERSANA's global pharmaceutical commercialization services network serving 650+ life sciences clients, and has since launched a direct-to-employer GLP-1/obesity medication access model effective January 2026.

Name

Waltz Health

Legal name

Asset Blue Pharmacy Services, Inc.

Website

https://waltzhealth.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Waltz Health is a Chicago-based digital health company that builds AI-driven pharmaceutical marketplaces, including Marketplace Search for consumer drug price comparison and Waltz Connect for specialty prescription routing, serving health plans, PBMs, employers, and pharmacies. It merged with EVERSANA in August 2025 for approximately $6 billion.

Ownership category

akta.pro rank

Product category

Pharmaceutical Technology & Drug Cost Management

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Pharmacies and Drug Retailers (45611)

SIC

Retail-Drug Stores And Proprietary Stores (5912)

akta.pro primary industry

Pharmacy Benefit Management (PBM) & Formulary Management IT (HLACAKAD)

akta.pro secondary industries

Specialty Pharmacy & Complex Therapy Management Platforms (HLACAKAG), Copay Assistance, Patient Support & Affordability Programs (HLAEAKAI)

Keywords

• Prescription drug marketplace
• AI pharmacy routing
• Specialty pharmacy platform
• Pharmaceutical price transparency
• Drug cost optimization

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Platform/SaaS Licensing: Waltz Health offers its AI-powered marketplace technology (Marketplace Search, Waltz Connect) as white-labeled solutions to health plans, PBMs, pharmacies, and self-insured employers. These are deployed as configurable integrations with partners' existing systems.
2. Per-Prescription Fees: Serve You Rx pays Waltz Health a per-prescription fee for using the Waltz Connect platform. This transaction-based model generates revenue for each prescription routed through the AI-powered specialty pharmacy marketplace.
3. Cost Savings Sharing: Waltz Health generates savings for payers and patients by routing prescriptions to optimal pharmacies and facilitating biosimilar conversions. The company projects to save over $100 million annually for payers and their patients, suggesting a model where savings are shared or value-based.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Waltz Health operates AI-powered pharmaceutical marketplace platforms that connect payers, pharmacies, pharmaceutical manufacturers, and patients to lower prescription drug costs. The company sells white-labeled software solutions (Marketplace Search and Waltz Connect) to health plans, PBMs, self-insured employers, and pharmacy chains for consumer-facing drug price comparison and specialty pharmacy routing, plus a direct-to-employer access model for obesity medications.

Product overview

Waltz Health operates as a platform company with multiple integrated products designed to lower prescription drug costs through AI-powered marketplace technology. The core offerings include: (1) Marketplace Search - an AI-driven multi-card cash search solution for consumers to find the lowest drug prices at pharmacies; (2) Waltz Connect - an AI-powered specialty pharmacy platform built on the Intelligent Specialty Engine that routes prescriptions to optimal pharmacies competing on price and outcomes; and (3) Payer/Pharmacy Solutions - integrations for health plans, PBMs, employers, and pharmacies. The portfolio also includes a direct-to-employer access model for GLP-1/obesity medications launched November 2025. Following the August 2025 merger with EVERSANA, the combined platform integrates pharmaceutical commercialization services with AI-driven prescription pricing and routing technology.

Differentiator

Problem solved

Functional benefit

Products and services

• Marketplace Search AI-powered multi-card cash search marketplace solution that helps consumers find the best prescription drug prices at their pharmacy of choice by analyzing prices across multiple savings programs to identify the lowest cost without requiring pharmacy changes. Deployed white-labeled to health plans, PBMs, and pharmacy chains.
• Waltz Connect AI-powered end-to-end specialty medication platform that manages all aspects of payer specialty medication coverage. Features a dynamic marketplace where specialty pharmacies compete on price, service levels, and clinical outcomes. Built on the Intelligent Specialty Engine for prescription routing. Used by PBMs including Serve You Rx, WellDyne, and CerpassRx.
• Direct-to-Employer Access Model for Obesity Management Medications Direct-to-employer access model for FDA-approved obesity management medications providing self-insured employers with fixed pricing, real-time eligibility screening, pharmacy routing, prescription adjudication, and ongoing patient engagement. Partners with Novo Nordisk and Eli Lilly.

Quantifiable outcome

• Average savings of $917 per specialty prescription with 14% overall cost reduction
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability6 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and flagship.

• LevrxcoreStrategic or Co-development Partner · 1 April 2026Integration of Waltz Health's AI-driven transparent pharmacy marketplace into Levrx's pharmacy navigation platform. Collaboration targets high-cost specialty medications with demonstrated average savings of $917 per specialty prescription and 90% biosimilar conversion rate.
• Eli Lilly (Employer Connect)flagshipGTM or Marketing Partner · 5 March 2026Waltz Health is one of 15+ independent program administrators in Eli Lilly's Employer Connect platform offering Zepbound KwikPen at $449/month across all doses. Initiative targets over 100 million American adults affected by obesity.
• True Rx Health StrategistscoreStrategic or Co-development Partner · 25 February 2026Collaboration to offer direct-to-employer GLP-1 medication pricing starting in 2026. Partnership aims to improve affordability and access to medications like Wegovy and Zepbound by integrating them into existing pharmacy benefits.
• RxLogiccoreTechnology or Integration · 14 January 2026RxLogic provides payment and reconciliation technology to power Waltz Health's prescription care platform. Selected for modern cloud-based architecture, modular design, and API capabilities supporting complex financial workflows for healthcare programs. Exploring additional collaboration including discount program integration and network expansion.
• Novo NordiskflagshipStrategic or Co-development Partner · 21 November 2025Novo Nordisk agreed to participate in Waltz Health's direct-to-employer access model for obesity management medications with goal of delivering more affordable weight loss medications with exceptional experience.
• EVERSANAflagshipStrategic or Co-development Partner · 26 August 2025Merger creating unified healthcare platform that integrates Waltz Health's AI-powered drug-price marketplaces and direct-to-payer technology into EVERSANA's global commercialization services. Mark Thierer, Waltz Health's Co-Founder and CEO, became CEO of the combined organization. Deal valued at approximately $6 billion.
• Serve You RxflagshipStrategic or Co-development Partner · 1 May 2025Serve You Rx integrated Waltz Connect AI-powered specialty pharmacy platform. Partnership delivered $917 average savings per prescription and 14% overall cost reduction from May-July 2025. Achieved 90% biosimilar conversion rate with prior authorization turnaround times reduced by 50%.
• WellDynecoreStrategic or Co-development Partner · 1 May 2025WellDyne partnered with Waltz Health to bring greater transparency to specialty pharmacy clients, integrating Waltz's AI-powered platform alongside Mark Cuban Cost Plus Drugs into broader member routing strategy. Partnership aims to surface real-time alerts helping members find affordable medication options.
• CerpassRxcoreStrategic or Co-development Partner · 7 November 2024Launched Intelligent Specialty Engine, AI-powered platform powered by Waltz Health to manage specialty drug spend. Includes real-time analytics and specialty spend management capabilities driving significant cost savings for health plan customers and self-insured employers.
• NoomcoreStrategic or Co-development Partner · 21 October 2024Partnership to bring comprehensive and more affordable weight loss program to employers. Leverages Waltz Connect to provide end-to-end GLP-1 prescription support including dispensing and application of available discounts for market-leading lower prices.
• Reliance RxcoreTechnology or Integration · 26 August 2024Reliance Rx joined Waltz Connect as in-network pharmacy option for specialty prescriptions. Brings 80 dispensing locations with average time-to-fill of about three days and over $5,200 in cost savings per clinical interaction.
• SCAN Health PlancoreStrategic or Co-development Partner · 1 February 2024First Medicare health plan client deploying customized Marketplace Search technology to help Medicare Part D members find savings during coverage gaps and discover lower-cost cash-pay options or patient assistance programs.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• CVS Caremark: CVS Caremark is one of the 'big three' U.S. PBMs and a dominant incumbent that Waltz positions against through its transparent AI routing. As a broad incumbent with integrated retail, PBM, and specialty pharmacy assets, it represents the established model Waltz is built to challenge.
• Amazon Pharmacy: Amazon Pharmacy is a major online prescription retailer offering transparent pricing, free delivery, and integration with Prime. While broader in scope than Waltz's specialty marketplace, it competes in the same drug-pricing transparency and consumer/plan affordability space and serves as a large incumbent in online pharmacy.
• OptumRx: OptumRx is the largest PBM in the U.S. and the incumbent Waltz Health explicitly aims to disrupt. It offers pharmacy benefit services at massive scale, but its opaque spread-pricing economics are exactly the model Waltz's transparent marketplace and Intelligent Specialty Engine are designed to replace. Waltz's CEO previously ran OptumRx.

Direct peers

• Capital Rx: Capital Rx is a technology-first PBM operating a transparent, claims-processing platform (JUDI) that competes directly with Waltz Connect for payer and self-insured employer business. Both position themselves as modern, AI-enabled alternatives to legacy PBMs with auditable pricing.
• SmithRx: SmithRx is a tech-enabled, transparent PBM focused on self-insured employers with a modern technology platform. It is a direct peer to Waltz on the payer/employer side, competing for the same self-insured employer procurement dollars with a similar transparency-led value proposition.
• GoodRx: GoodRx is a leading consumer drug price transparency and discount platform, directly comparable to Waltz Health's Marketplace Search product. Both focus on helping consumers find the lowest cash-pay prescription prices, though Waltz is more enterprise/payer-oriented and GoodRx is consumer-direct.
• Navitus Health Solutions: Navitus is a PBM built on a transparent, pass-through pricing model serving health plans, employers, and government programs. Like Waltz, it differentiates by removing spread pricing and aligning incentives with payers, making it a strong direct peer in the alternative PBM category.
• Mark Cuban Cost Plus Drug Company: Cost Plus Drugs offers transparent, fixed-markup drug pricing direct to consumers and is mentioned in Waltz's WellDyne partnership as a routing alternative. The two companies share a mission of disrupting opaque PBM pricing with transparent alternatives, making them direct peers in the transparency movement.

Emerging players

• Arrive Health: Arrive Health is a healthcare technology company providing real-time prescription benefit transparency and decision support at the point of prescribing. It overlaps with Waltz's Marketplace Search in delivering actionable price information to patients and providers, but focuses on the prescriber workflow rather than payer/PBM-side routing.
• RxRevu (now part of Avia): RxRevu was a prescription price transparency and benefit decision-support platform integrated into EHR workflows, comparable in mission to Waltz's Marketplace Search. It was acquired by Avia; both companies focus on surfacing real-time drug pricing to clinicians and patients to reduce out-of-pocket costs.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/waltz-health

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds3 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waltz Health