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Key Points:

• McKesson works with Alchemy to help support safety-net clinics as they establish and operate in-house pharmacies.
• Alchemy raised $31M in seed financing in 2024 from a group of mission aligned investors, including Magic Johnson as one of several contributors. 
• The collaboration currently supports multiple clinic sites, with additional locations in the process of launching.  
• 340B Drug Pricing Program: A federal program that allows eligible health care organizations to purchase certain outpatient drugs at discounted prices, subject to applicable statutory and regulatory requirements.¹

For millions of Americans living with HIV and chronic conditions in under-resourced communities, accessing quality pharmacy care can be a struggle. Yet, managing pharmacy services can be operationally complex for safety鈥憂et clinics, particularly as patient needs grow and pharmacy deserts continue to expand. In this environment, clinics are exploring models that offer closer alignment between pharmacy operations and clinical care.

Alchemy is a purpose-driven startup founded by leaders with experience in HIV access initiatives and a focus on addressing challenges in pharmacy care delivery. Its team works with 340B鈥慹ligible organizations to support the development of in-house pharmacy services.

Their vision: support clinics in developing sustainable pharmacy operations that align with their patient care missions.

In 2024, NBA  in on the mission, helping Alchemy raise $31 million to eliminate barriers to care and strengthen safety-net clinics.

As Alchemy continues to expand, McKesson serves as their prime distributor for the in-house pharmacies they build and manage.

Through this collaboration, we deliver proven distribution excellence and value-added programs like  and ProviderPay®.

From Conversation to Impact

What started as an exploratory conversation in late 2023 evolved into a strategic partnership that required innovative strategies.

“Alchemy brought a clear vision for supporting clinics,” shared Josh Yax, vice president of National Accounts, Specialized Care Pharmacy, McKesson. “Our teams worked collaboratively to understand operational needs and identify practical solutions. We built it together by listening, problem-solving and staying focused on what would work for both McKesson and the clinics we serve.”

Drawing on our extensive 340B expertise and creative problem-solving, we worked closely with Alchemy to navigate regulatory and operational complexities, helping to ensure successful clinic launches.

Today, Alchemy has a rapidly growing footprint, with 14 active sites with us and 12 more in the onboarding process, helping give patients in under-resourced communities access to the medications they need. These clinics can now reinvest pharmacy revenue into hiring more providers, extending hours and adding services.

“The best part is that we’re passing along 100% of those savings from the McKesson supply agreement to our partners,” shared Sid Viswanathan, founder and co-CEO at Alchemy. “This aligns with the true intent of the 340B Drug Pricing Program and we’re grateful for the collaboration.”

1. Thomas S, Schulman K. The unintended consequences of the 340B safety-net drug discount program. Health Serv Res. 2020 Apr;55(2):153-156. doi: 10.1111/1475-6773.13281. Epub 2020 Mar 1. PMID: 32114714; PMCID: PMC7080379.