Australian digital medication management platform MedAdvisor has announced a deal with market leading US dispensing software company PDX that will kick-start its international expansion and provide it with a foothold in the lucrative American pharmacy marketplace.
Once integrated, MedAdvisor’s customer medication management tools will be deployed into the more than 10,000 US pharmacies using PDX’s software.
Through the co-marketing and licence agreement, the US pharmacies will gain access to MedAdvisor’s platform that provides consumers with dose reminders, script renewals, a carer incarnation, refill ordering and medication training via its mobile and web apps. Downloaded for free, MedAdvisor improves medication adherence by 20 per cent, the company claims.
PDX services about 15 per cent of the total pharmacy market in the US and, according to MedAdvisor CEO Robert Read, integration with the major dispensary is a breakthrough for the Australian company’s global plans.
“This agreement is the first step on the path towards commercialisation in the US. Our product has received fantastic feedback from pharmacy chains throughout [that] region and to get our product into their stores it is important that it is connected to the key dispensing systems in the US,” Read said.
“Dispensing systems are the backbone that enable pharmacies to order and receive medications for their patients and integration with a market leading dispensing software in the US provides us with the first piece of the puzzle to securing a position in the US market.”
Since launching in 2013, one million users have used the MedAdvisor platform to connect with about 50 per cent of pharmacies and GPs across Australia.
In its push to dominate the Australian medication management space, MedAdvisor acquired competitor Healthnotes in 2016 for $5.5 million and has been releasing additional capabilities to its medication management software.
In Victoria in 2017, it launched its GP Link application allowing patients to request repeat prescriptions from Australian certified and registered doctors through the app. Its new PlusOne workflow efficiency platform provides online booking, ecommerce and delivery services options. The company is also currently developing an application targeting hospital patients.
MedAdvisor's integration with PDX is planned to commence in 2019 following the scale up of the development team that will manage the integration and additional compliance, regulatory and operational effort for its entrance into the US.
The company is funded to continue its domestic and international expansion efforts with a current cash position of $10.8 million as of 30 March 2018.
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