Press Releases

Capital Rx Establishes Scholarship at Howard University to Support Next Generation of Pharmacists

August 11, 2022

Capital Rx

NEW YORK--(BUSINESS WIRE)--Capital Rx, the fastest-growing pharmacy benefit manager (“PBM”) in the U.S., has established the Dr. James McCune Smith Endowed Scholarship fund to support the next generation of pharmacists at Howard University’s College of Pharmacy.

Black men and women are critically underrepresented in healthcare, comprising only 5.25% of pharmacists and 6% of surgeons and doctors.* “Each of us has a role to play in paving a more equitable path for the future of the industry,” said AJ Loiacono, Founder and CEO at Capital Rx. “Building upon the principles of innovation, diversity, and accessibility that are embedded within our Corporate DNA, Capital Rx is committed to supporting more Black men and women in the pharmacy space. Creating this scholarship is just the beginning.”

“This endowment represents a natural partnership between Capital Rx – an innovator in pharmacy benefits management – and our College of Pharmacy, which strives to be a premier college in teaching, learning, research, leadership and service locally and globally,” said Toyin Tofade, Dean and Tenured Professor at Howard University College of Pharmacy. “Working in tandem with Capital Rx, we will have the opportunity to raise African American and Minority student leaders who have the potential to influence the future of our noble profession.”

Capital Rx founded this scholarship on Juneteenth to commemorate the life of Dr. James McCune Smith, a pioneer in medicine, thought leader of the abolitionist movement, famed orator, journalist and philosopher. Born enslaved and freed upon the passing of the New York Emancipation Law in 1821, Dr. Smith graduated at the top of his class from medical school, becoming the first Black physician to hold a university degree. Although denied access to American medical schools due to racial discrimination, he earned this distinction at the University of Glasgow. After returning to New York, Dr. Smith opened his practice at 93 West Broadway, becoming the first Black person to own and operate a pharmacy in the U.S. The library behind his pharmacy became an intellectual hub and meeting spot for key figures of the abolitionist movement including Frederick Douglass.

“Dr. Smith’s academic journey was made possible by abolitionist benefactors who funded his education and travel,” said Loiacono. “Similarly, it is our goal to support talented, aspiring pharmacists with their academic expenses while honoring Dr. Smith’s enduring legacy by endowing this scholarship in his name.”

Loiacono concluded, “Together with Howard University’s College of Pharmacy, we are honored to launch the Dr. James McCune Smith Scholarship fund, and we invite our partners, friends, colleagues and those similarly inspired by the story of Dr. Smith to help us grow this endowment and magnify our impact.”

To make a pledge or for more information, please contact Sara Ganz at


About Capital Rx

Capital Rx is redefining the way prescriptions are priced and administered in the U.S. Through its Clearinghouse ModelSM, Capital Rx unlocks the pharmacy supply chain and reduces prescription costs for employer groups. By establishing a competitive marketplace for drug pricing, Capital Rx focuses its resources on deploying actionable strategies that improve plan performance and patient outcomes. The company’s commitment to innovation, technology, and service is why Capital Rx is the fastest-growing pharmacy benefit manager in America. For more information, please visit


Sean Leous
Westwicke/ICR PR
Phone: +1.646.677.1839

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