TrueMed · Pre-seed 2026
The medicine is free. The time isn't.
PhilHealth pays ₱20,000 of medicine per patient, per year. Almost nobody collects it.
The pharmacy that comes to you.
A PhilHealth GAMOT pharmacy that registers the patient at their workplace and delivers every refill to their door.
Pre-seed
September 2026 · Makati
The business
What we'll cover
01
What's the opportunity and unmet need?
02
What's the solution?
03
How does TrueMed work?
04
How do we make money?
05
The goal
06
Key asks
Twenty minutes, then the live model
2015 · Fraffles — ADMU leadership & strategy
3 guys that make it work
Raf and Lance run MLT Unlimited Solutions and have run REJ Diamond's e-commerce since 2022 — now on track for ₱20M+ this year. Ateneo BS Management, 2016.
R
Raf
D
Derich
L
Lance
≈ 1,000
estimated active patients for the month · September 2026
Jul 2025
Trademark name secured
Feb 2026
FDA Licence to Operate
Mar 2026
PhilHealth GAMOT accreditation
Jun 2026
First caravan event
Sources: TrueMed records · FDA LTO Feb 2026 · GAMOT accreditation Mar 2026
Act one
The opportunity
PhilHealth GAMOT · nationwide since August 2025
Context · the programme
How YAKAP and GAMOT actually work
Launched August 2025 · replaced Konsulta · ₱20,000 per patient, per year
YAKAP clinic
Register once for the year. The first patient encounter happens here.
₱1,700 to the clinic
→
YAKAP doctor
Consult and prescribe. A UPSC code is issued, valid 30 days.
No charge to patient
→
GAMOT pharmacy
Validate the UPSC, dispense the medicine, sign the slip.
₱20,000 / yr in medicine
ACPS
PhilHealth pays the clinic and pharmacy directly by Auto-Credit Payment Scheme — the patient pays nothing and never handles cash.
Source: PhilHealth Circular 2025-0013 · YAKAP programme guidelines
The opportunity
₱18.2bn
already funded.
₱20,000
Paid to the pharmacy in medicine value availed, per patient, per year
Via Auto-Credit Payment Scheme, at fixed PhilHealth prices per medicine (75 molecules)
₱1,700
Paid to the clinic — screening, labs, consultation
In two tranches — ₱680 on registration, ₱1,020 when care criteria are met
The patient pays nothing out of pocket, and never handles cash.
Source: PhilHealth Circular 2025-0013 · Sec. V.A.2, Annex A.1, Annex A.2
03 · the market
PhilHealth benefit payments
Every PhilHealth benefit — hospital, surgery, dialysis. Since August 2025, free medicine too.
Total PhilHealth benefit payments, all programmes · ₱ billion a year
₱119B
2023
₱165B
2024
₱300B
2025
₱400B
2026 target
2023–2025 actual. 2026 is PhilHealth's own target. GAMOT launched August 2025.
+59%
a year — PhilHealth payout growth, 2023–25
33.2M
Filipinos already linked to a YAKAP clinic
₱238M
of free medicine actually dispensed nationwide
Sources: PhilHealth benefit payouts 2023–2025 & 2026 target · YAKAP linkage and GAMOT utilisation, PhilHealth / PSAC, May 2026
Act two
The unmet need
The money works. The system that delivers it does not.
The unmet need
The three problems
The money works. The system that delivers it does not.
01
The working patient
Another trip, every month.
02
PhilHealth's collection
Held up by paperwork.
03
The botika
Waiting for walk-ins.
Source: TrueMed GAMOT finance & clinic records · PhilHealth Circular 2025-0013 · GAMOT dispensing rule
01 · the working patient
The medicine is free. The time isn't.
To start — seven touchpoints, every one during office hours
Register online
In-person consult
Return for results
UPSC issued
Travel to botika
Queue + validate
Dispensed
To start — register once
7
touchpoints
to register
to register
Our own team tried it in the field — and got referred onward to a GAMOT pharmacy far from the clinic. A national daily calls the process “too inconvenient and complicated.”
To continue — every month after
×3
trips per
prescription
prescription
The benefit is real — medicine is 34% of out-of-pocket health spend, and here it's free. But a 3-month script is released one month at a time, so the working patient goes back every month.
Sources: PhilHealth Circular 2025-0013 · GAMOT dispensing rule · Inquirer opinion, Oct 2025 · PSA PNHA 2024
02 · PhilHealth's collection
One issue freezes the whole collection batch.
PhilHealth pays in 13 days. Funds credited in 17. The hold-up is on our side.
UPSC
1 prescription
→
GAS
1 slip · unsigned · ₱400
→
GATN
1 transaction
→
GACN
The whole batch — every claim inside it is held
It happened to us
₱39,000
Frozen by one unsigned ₱400 slip
₱400 slip
1% of the batch
100%
of the batch held
Source: PhilHealth NCR GAMOT utilisation & TAT report, 31 Dec 2025 · TrueMed GAMOT finance, 2026
03 · the botika
Four steps we don't own decide the sale of the one we do.
Who owns each stage of the PhilHealth flow
1 Self-register on eGovPH
NOT OURS
2 Register to YAKAP centre
NOT OURS
3 That clinic's physician consults
NOT OURS
4 UPSC prescription issued
NOT OURS
5 Patient finds a GAMOT botika
THE ONLY STEP WE OWN
1 of 5
steps is ours
The four above decide the sale. It lives on walk-ins and lucky referrals.
20M+
of 36M registered members never finished their first clinic visit
PhilHealth's own funnel — as of Oct 2025
Sources: PhilHealth Circular 2025-0013 · PhilHealth NCR GAMOT report, Dec 2025 · PhilHealth via PNA, Oct 2025
The question
What if I could tell you…
Problem 01 · the patient
…your patient never made a single trip?
Problem 02 · the collection
…every peso can easily be traced to a transaction?
Problem 03 · the botika
…we do not wait for the prescription — we go get it?
Act three
The TrueMed model
We don't need a clinic. We bring one.
How TrueMed works
The TrueMed caravan, end to end
Before event
Consultant engages
Partnership pitched, approved
Conforme signed
MOA and NDA executed
Survey QR issued
Flags maintenance-med patients
Headcount confirmed
Stock and pharmacist ready
On the day · track A
On-site caravan
Registration desk
First patient encounter
Consultation
Prescription issued · UPSC
On the day · track B
Central warehouse
UPSC validated
Order created, invoice generated
Pharmacist dispenses and signs off
Picked, packed, sealed
After the event
Delivered
Documents returned and uploaded
Sale accounted
PhilHealth pays
Parallel execution: the order is packed while the patient is in consult.
Automated 30-day refill loop: refills trigger back into warehouse dispatch — no new caravan needed.
TrueMed internal operations · PhilHealth Circular 2025-0013 · the patient pays nothing at any stage
01 · the refill
One registration. Three months of medicine.
A gamot prescription runs three months. The botika releases one month at a time — so we carry the other two.
On event day
01
Dispensed
Handed over at their workplace, the same day they register.
What any botika does
Day 27 — we call
02
Delivered
Sent to home or office. No trip, no queue, no clinic.
The two months a botika never sees
Day 57 — we call
03
Renewed
Course closes and our own physician issues the next UPSC.
The two months a botika never sees
74.2%
of the June cohort came back for month two
One registration · three dispenses · zero extra clinic visits
Source: TrueMed Rx Tracker & dispensing records · GAMOT dispensing rule · the patient pays nothing
03 · the chain
A normal botika owns one step. We own the chain.
A normal botika
Register
Consult
Prescribe
Handoff
Dispense
1 of 5 owned
TrueMed
Register
Consult
Prescribe
Handoff
Dispense
5 of 5 covered
MedNexus · Maezelle
Dr. Ching · Maezelle
Dr. Ching · Maezelle
Maezelle · Cebu
OmniCare · TrueMed
4 of 5
stages are decided before a botika ever sees the patient
The unlock
A YAKAP physician may issue a prescription outside the clinic. That one rule puts stages one to four within reach.
Sources: PhilHealth Circular 2025-0013 · TrueMed clinic, supply and EMR agreements, Aug 2026
03 · the chain
Every name behind the five steps.
Four clinics of record, an accredited physician panel, three routing partners and six corporate accounts — every stage above the counter has a name against it.
Clinics of record
who sees the patient
Health Bright Medical
RNR Medical
Maezelle Clinic
Atreides Health — on EMR cert
Physicians
who issues the UPSC
Dr. Ching — Maezelle
YAKAP-accredited panel
Systems & routing
how the script reaches us
MedNexus
Cebu — 3 clinics, pilot
OmniCare — compliance MOA
Corporate accounts
where the patients come from
SIGA
GNP
Sta. Lucia
KRML
Brent
GB Distributors
15
named partners already signed or in active discussion
4 clinics · 2 physicians · 3 routing partners · 6 employers
Source: TrueMed clinic, supply and EMR agreements, Aug 2026 · OmniCare MOA is an accreditation instrument · Cebu piloting three clinics, no agreement yet
03 · the competition
Accredited, or delivering. Everybody picked one.
Two chains hand the medicine over free. Four others bring it to your door. Only one company does both.
Accredited · patient travels
Generika
~750 branches. No delivery of its own.
TGP
2,100 outlets. No published delivery.
Paid · the medicine travels
MedGrocer
Employer medicine benefits. 1M+ Filipinos.
KonsultaMD
88 enterprise clients. Its own riders.
Mercury Drug
1,300+ stores. Delivery from ₱100.
Watsons
3-hour delivery, NCR.
Free under GAMOT · the medicine travels
TrueMed
Accredited March 2026. Caravan in, refill out, free.
Generika · Healthway · MedGrocer
One group — AC Health. The accreditation, the clinic inside the employer, and a medicine-benefits manager. Every piece, unconnected.
Same accreditation. Same medicine. Different last mile.
Hollow = GAMOT status unconfirmed on PhilHealth's CY2026 list · Sources: PhilHealth GAMOT provider list CY2026 · company-published store counts and delivery terms, Aug 2026 · AC Health / Healthway
Live demo
Rx Tracker
Every patient, every dispense, every refill due date — by name.
Traction · patients
489 patients registered, dispensing up ~50% a month.
Every patient is a 3-month maintenance prescription released one month at a time — one caravan feeds three delivery cycles.
Medicine dispensed per month · patients served
₱94k
135 patients
JUN
₱150k+59%
191 patients
JUL
₱213k+42%
306 patients
AUG · to 25th
489
registered patients · 434 via employer caravans, the rest walk-in
32,602
days of therapy supplied · 1,392 dispense batches, 107 molecules
11
referring clinics · 3 MedNexus clinics carry 91% of claim value
From dispensed to cash
₱458k dispensed → ₱344k filed with PhilHealth (75%) → ₱209k settled (61% of filed). 97.5% of claims older than 3 weeks are paid, ~18 days to bank credit. Next: file the ₱115k dispensed since 3 Aug.
Sources: Rx Tracker insights · GAMOT Finance GACN explorer & bank recon · as of 25 Aug 2026
Traction · current income statement
₱572k sold in 3 months, 59% contribution margin.
Revenue recognised at dispensing · COGS at QuickBooks FIFO actuals · channel share accrued on every GAMOT peso, paid or not.
₱572k
total revenue since May · 80% PhilHealth GAMOT
58.9%
gross profit on cost of dispensing — COGS, channel share, bank charges
+62%
a month, compounded · Jun ₱98k → Aug 1–25 ₱258k
50%
of revenue already collected in cash · ₱283k received
₱98k
JUN
₱216k
JUL
₱258k
AUG · 1–25
Revenue at dispensing · compound growth per month
August is 25 of 31 days — full-month run-rate ≈ ₱310k, +43% on July. On that run-rate the compound is +78% a month; PhilHealth GAMOT alone, +50%.
Sources: Rx Tracker · GAMOT Finance · QuickBooks (FIFO COGS, trade invoices, BPI 1713) · Atreides PO-ADP-1/2/3/4 · as of 25 Aug 2026
Traction · the rows behind it
₱ · revenue at dispensing
Jun
Jul
Aug · 1–25
YTD
PhilHealth GAMOT · dispensed
94,260
150,168
213,436
458,277
Trade supply · Atreides, 4 POs
–
61,460
–
61,460
Direct supply orders · individuals
–
–
44,825
44,825
Online store · Shopify
3,601
4,295
–
7,896
Total revenue
97,861
215,923
258,261
572,458
COGS · FIFO actual rates, 19%
(17,829)
(24,215)
(49,277)
(109,257)
PhilHealth 2% WHT + bank charges
(1,213)
(3,626)
(3,182)
(8,021)
Channel share · MedNexus 25.7%
(24,215)
(38,578)
(54,832)
(117,731)
Gross profit · 58.9% YTD
54,604
131,643
150,971
337,449
Cash collected · 50% of revenue
18,106
124,873
140,427
283,405
Still due ₱289k: PhilHealth ₱134.7k filed + ₱114.5k unfiled · Atreides 60-day POs ₱37.7k by 4–9 Sep · Shopify ₱2.1k. Founder salaries, rent, riders and tax are not in these numbers.
Traction · how we make money
₱761 per patient a month — 51% is margin.
PhilHealth pays us directly for every YAKAP prescription — cash in 18 days. The patient pays nothing.
Where each ₱761 goes · per patient-month
₱139
Medicine · 18%
₱196
Channel partners · 26%
₱40
5%
₱386
Contribution before opex · 51%
₱572k
Sales since June · 80% PhilHealth
₱287k
Net profit, before founder pay
₱766
average prescribed value per Rx line · 1,216 lines
18 days
Claim to cash in the bank
One prescription = three monthly dispenses = three claims. ₱139 is FIFO actual; the ask assumes 28% medicine cost. Sources: Rx Tracker · GAMOT Finance · QuickBooks · capital-ask model · as of 25 Aug 2026
Live demo
GAMOT Finance
GACN01008127 · GATN01138025 — traced to the exact UPSC in a single search.
02 · the collection
And then the money actually lands.
The same five stages, running clean. Every peso tagged from prescription to payout — and reconciled the day it arrives.
UPSC
one prescription · tagged
GAS
one slip · signed
GATN
one transaction · posted
GACN
the batch · reconciled
PAID
credited direct by ACPS
₱204,853.31
credited to TrueMed since June — every peso accounted for
100%
collected on every matured cohort
₱4,285.05 traced to dispute and chased down. Not one peso written off.
Source: TrueMed GAMOT Finance, 12 Aug 2026 · matured cohorts only · PhilHealth pays pharmacies and clinics direct via ACPS
Act four
The goal
10,000 active patients a month.
04 · the goal
The big audacious goal
10,000
active patients a month
→
₱7.61M
in sales per month
→
₱91.3M
in sales per year
₱760.88 dispensed per active patient-month — our rate today, gearing towards the first 1,000 patients, whether new or returning from previous months.
17.9%
net after tax in year 1, climbing to 10,000
20.4%
net after tax in year 2, a full year at 10,000
₱760.88 dispensed per active patient-month · filing rate 100%, so billed = dispensed · capital-ask model, Aug 2026
04 · the pipeline
We know where 10,000 will come from.
Even without hiring a salesperson yet.
Hot
8,500
employees · signed or committed
French Baker3,000
Megaforce5,000
MedNexus network500–800
MedNexus conforme signed · onboarding through October
Warm
600
employees · interested, no date yet
Cebu engagements500
Happy Lemon100
500 is the target for the first Cebu run
Live
434
patients registered · already serving
Accounts served6
Refill rate74%
Sold since June₱572,458
Employees are not patients. 434 of ~2,100 registered — 21%.
9,100
employees named
0
salespeople hired — the plan seeks two
Sources: TrueMed account tracker & Rx Tracker, Aug 2026 · headcounts as declared by HR · employees ≠ patients · MedNexus counted at the low end
05 · caravan 2.0
Better caravan deployment
Learning from previous events. One loop, no doubling back — a diagram of the room, not a photo.
Branded backdrop wall · screen
1 · WELCOME
Roll-up, floor decals, a host with a tablet.
2 · REGISTER
Self-serve kiosks and QR table cards.
3 · VITALS
BP and scales, logged straight to the record.
4 · DOCTOR ×2
Two private pods against the branded backdrop, with a live screen.
5 · GAMOT COUNTER
Wrapped counter, queue screen, a pharmacist signs every script off.
6 · PADALA
Delivery desk, refill card, SMS on arrival.
Waiting bank — centre of the room
IN ↓
One loop. Nobody doubles back, nobody queues twice.
OUT ↓
Diagram, not a photograph · TrueMed internal operations · sets up in a morning, packs down at the end of the day
05 · the target look
When we go where the patients are.
Assets that feel apt in a workplace — not a typical medical mission. Sketched here; the real collaterals are built by the activations officer.
Roll-up standee ×2
Hi, we're TrueMed. The pharmacy that comes to you.
Backdrop tarpaulin
Free meds? Yes, really.
Ang PhilHealth benefit mo — claimable dito.
Tent cards ×2
Libreng konsulta
Libreng gamot
Libreng padala
Self-reg kiosk ×2
I-scan para mag-register.
Simulan — 10 segundo lang.
Staff tablet
Register a patient. Right here.
Full name · PhilHealth ID · Employer · Save & next
Patient app
Your medicine, delivered. Zero cost.
How it works · Track your meds · Free delivery
Queue screen
Ang proseso
1 Register · 2 Konsulta · 3 Gamot
Counter sign
GAMOT
Kunin ang gamot dito. · truemed.ph
Wireframes of the collaterals · devices sit inside the ₱1,752,648 capex, not a new line item
05 · what it takes
Better at fulfilling: beef up the machine
Five in the warehouse. Three on the road. 10,000 patients means 417 orders a day.
5
In the warehouse
new seats on payroll
new seats on payroll
One pharmacist — releases every order. One licence covers the book.
Three pick & pack — 150 orders a head a day.
One warehouse admin — receiving, FEFO, stock counts, from month 7.
The room — racking, FEFO bins, stock zone. FDA-ready before we open the door.
Seven weeks of cover. Meds don't sit.
3
On the road
new seats on payroll
new seats on payroll
Three riders — from month 4, on the non-bulk drops.
Three gas bikes and rider kit — on the road before the riders start.
Bulk vans and 3P couriers — the big employer drops.
Sealed packaging ×10,000 — every box, every month.
417 orders a day at the summit.
0
Tech
seats needed
seats needed
EMR and Rx Tracker build — GACN claims automation, reporting.
Laptops, phones and tablets — every head on the system, month one.
Label printer and 3 scanners — barcode pick-and-pack. No paper on the floor.
NAS backup, UPS, ops TV
A system files the claim. Not a person.
Eight seats here · five on the next slide · thirteen on payroll · Source: TrueMed capital ask model, Aug 2026 — capex §9
05 · what it takes
Better at selling and keeping patients
Two salesmen. Three admins on refills, claims and books. Three covering us on risk.
2
Selling
new seats on payroll
new seats on payroll
Two field salespeople — today that number is zero.
12 caravan days a month — two kiosks, tents, banners.
Field vitals kit — 8 BP stations. Bought once, used at every event.
3
Keeping them
new seats on payroll
new seats on payroll
Patient support — refills and questions. The seat that protects retention.
Claims encoder — why the filing rate is 100%.
In-house accountant — our own books, not a firm.
Rx Tracker and patient SMS — every patient tracked by name, free delivery to the door.
3
Covering us
on retainer, not payroll
on retainer, not payroll
Activations officer, months 1–6 — the caravan look, collaterals, the event SOP. Becomes the doctor at month 7, same retainer.
Legal counsel — contract and regulatory risk. MOAs and permits.
DLI management services — HR, tax, procurement, business dev, engineering.
Three retainers. Nobody on payroll.
Five on payroll · three on retainer · 16 workstations · Source: TrueMed capital ask model, Aug 2026 — opex roster and capex §10
05 · the ask
₱18M
for 30%
What the money does
₱7.12M
Stock
3 months of dispensing cover · 31.2% of sales
₱9.13M
Team & overhead
8 months of run rate · 15% of sales
₱1.75M
Build-out & tech
Caravan, fit-out, systems, licences
Now, the live model.
Every peso is named. Let me take you through it line by line.
truemed.ph