MedAdvisor to move offshore
ASX-listed medication adherence app vendor MedAdvisor is moving its executive functions to the US, with former Surescripts CEO Rick Ratliff taking over as CEO and managing director from Australian-based Rob Read.
The company began as a start-up in 2014 under founder Josh Swinnerton and has since become the dominant market player in medications apps in Australia, with almost 60 per cent of pharmacies able to accept orders and send alerts through the app.
However, according to an ASX filing, MedAdvisor’s main market is now in the US, with around 80 per cent of revenues and earnings now sourced in that country. It announced a transition to a new CEO in April.
“I have thoroughly enjoyed the past seven years building MedAdvisor from a small software business in Australia with less than $1 million in revenue, into a global healthcare software provider with operations in four countries and hundreds of staff, supporting thousands of pharmacists and millions of patients, and generating over $70 million in annual revenue,” Mr Read said in a statement at the time.
“With the majority of the business now based in the US, the best path forward is to appoint a US-based group CEO with deep experience and connections in the US market.”
In addition to his role with Surescripts, Mr Ratliff was formerly an executive with Accenture, including a stint when the consulting firm was in charge of building what was then known as the PCEHR.
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