++Pharmx Technologies (ASX: PHX)++ has launched the Marketplace platform to deliver a unified and modern ordering experience for pharmacies across Australia and New Zealand.
Replacing the company’s current PharmXchange digital sales and marketing platform, the Marketplace aims to resolve some of the common issues associated with pharmacy procurement while reducing complexity and inefficiencies.
Pharmx’s total addressable market in Australia comprises approximately 6,000 pharmacies, representing an estimated $20 billion in annual transactions.
Upgraded Marketplace Features
The Marketplace aims to provide accurate stock availability across fulfilment partners while promoting transparent pricing by leveraging historic purchase data to display each pharmacy’s ‘last price paid’.
It will simplify re-ordering by using prior purchasing data from transactions within the Pharmx Gateway point-of-sale system, saving time and improving workflow efficiency for pharmacy teams.
The platform also features a centralised promotions hub including traditionally hard-to-access turnover offers, enabling pharmacies to secure the best available deals while giving suppliers a data-driven channel to promote brands and drive category growth.
Improved Stock Visibility
Marketplace sits within the Pharmx Pharmacy Portal and is powered by StockView, which improves stock visibility and ordering accuracy for users by providing insights across more than 120,000 products from hundreds of suppliers including major wholesalers.
The functionality is underpinned by a proprietary Pharmx algorithm that applies advanced data analysis to the large volume of transactions across the company’s network, producing a highly-accurate, market-wide view of stock availability.
With research showing more than $2 billion in lost orders across the industry each year, StockView helps suppliers capture value by surfacing stock availability at the point of demand.
It also adds a high-utility, daily-use capability that strengthens engagement with pharmacies, enhances supplier-pharmacy connections, and supports broader supply chain efficiency.
Volume-Based Fee Model
As was the case with PharmXchange, the new Marketplace platform operates on a volume-based fee model.
By combining its growing ability to monetise data insights, supplier integrations, and promotional services, Pharmx will diversify its revenue base while at the same time expanding its influence across the pharmacy value chain.
While the company is unable for the moment to fully quantify the Marketplace’s revenue impact, it expects the combination of improved order flow, expanded monetisation levers, and increased customer participation to contribute meaningfully to revenue and profitability growth over time.
Digital Pharmacy Leadership
Pharmx chief executive officer Tom Culver said the Marketplace reinforced the company’s leadership in digital pharmacy enablement.
“Pharmacies are seeking simpler, more integrated solutions, and our new platform directly answers that need,” he said.
“Delivering this solution on time and budget reinforces our position as a highly-effective and trusted technology provider while strengthening our operating model, expanding monetisation potential and providing a scalable foundation for growth across Australia and New Zealand.”
Pharmx expects a seamless migration of all customers to the new setup, which is the only industry platform that combines deep integration, proprietary data, and broad supplier access to transform the way pharmacies order their stock.
