MedAdvisor set to list on ASX through acquisition
Medications adherence software developer MedAdvisor is set to list on the stock exchange through its proposed acquisition by resources and energy exploration company Exalt Resources.
MedAdvisor was set up in 2012 in association with pharmaceutical company Actavis and has worked with the Pharmacy Guild to integrate with its GuildCare software platform. Since its launch, it has signed up Chemmart, PharmaSave, Terry White, Amcal and Guardian pharmacies and now says 20 per cent of Australian pharmacies are paid subscribers.
It claims to have been the most downloaded medication-related app in the Australian Apple and Android stores in 2014 and 2015. It can only be used in association with a participating pharmacy.
The technology involves a free app for patients featuring a 'Pharmacist Phil' avatar that allows them to manage their medications lists on their phone, order refills of repeat scripts, set alerts to take medications at certain times and to receive a reminder to book an appointment with their GP for a new prescription when the final repeat is filled.
The platform is integrated with the GuildCare software suite, which notifies MedAdvisor of any dispense activity. It is mainly aimed at patients with chronic illnesses who regularly leave their scripts with their pharmacist.
MedAdvisor also has agreements with four pharmaceutical companies to provide training and service contracts and last year signed an agreement with health insurer Bupa to promote the app to Bupa's customers.
According to an announcement to the stock exchange, the company is currently developing new systems that will support GPs in improving patient medication adherence, as well as assessing opportunities in the hospital and aged care sectors.
It also plans to run a pilot study to assess the commercial and operational viability of its home medication review platform.
MedAdvisor and Exalt Resources have entered into a heads of agreement that will see Exalt purchase 100 per cent of MedAdvisor through a share offering, enabling MedAdvisor to publicly list. The agreement is subject to shareholder approval.
Posted in Allied Health