Digital medication management company MedAdvisor (ASX: MDR) has been endorsed by the UK’s National Pharmacy Association (NPA) as the recommended supplier for consumer digital platform solutions and digital adherence programs.
Under the endorsement agreement, the NPA will offer MedAdvisor’s medication management platform, including the PlusOne pharmacy software and the MedAdvisor platform, to pharmacy members.
The platform will also promote a range of digital programs to better support patient adherence to medications and improve health education.
The NPA is the “head office” for independent or community pharmacies in the UK and offers business and practice advice to members, as well as legal and insurance services.
It also represents the pharmacy sector in government and regulatory situations and mediates with the National Health Service on behalf of its members.
MedAdvisor chief executive officer Robert Read said the NPA agreement demonstrates the value of connecting patients digitally with community pharmacies.
“To have the NPA’s endorsement will really support our efforts to promote MedAdvisor to the UK’s independent pharmacy market,” he said.
“The NPA membership base on its own is larger than the Australian pharmacy market and therefore creates a significant opportunity for [our] business.”
The agreement will also allow pharmacy members to improve their own knowledge about their medications.
“It has never been more important to educate patients about their medication, with co-ordinated delivery of education materials [becoming] an issue in a fragmented pharmacy market,” he said.
“Through this partnership with the NPA, we will create a personalised channel where digital drug information is supplied to patients post-dispensing, delivering a step change in medication adherence for patients across the UK.”
Day Lewis deal
Today’s agreement follows a partnership announced last August with Day Lewis Pharmacy Group which owns over 270 chemists and services more than 1 million customers.
That deal was the first of its kind for MedAdvisor in the UK and signalled its entry into the national market commencing this quarter.
Under the terms of the deal, Day Lewis will promote and distribute a white labelled version of the MedAdvisor platform to customers for medication ordering and management.
Customers who download the free app will be able to access a medication history (sourced direct from their general practitioner’s records), and will be able to quickly and conveniently request script renewals from their own GP.
MedAdvisor will charge a recurring monthly licence fee and SMS messaging fees to Day Lewis for each participating pharmacy.
MedAdvisor continues to expand its global reach, recently clocking up customer wins in four countries designed to support effective medication usage and access.
In the US, the company will bank $825,000 in potential revenue through the addition of two pilot patient engagement program clients on track to go live by year end.
In Asia, the company has received confirmation that three pharmaceutical companies in Malaysia and the Philippines have agreed to pilot digital adherence programs through MedAdvisor’s joint venture with Asian healthcare giant Zuellig Pharma.
The joint venture is a key driver in MedAdvisor’s strategy of addressing the rapid digital health uptake occurring across Asia.
Following set up, it is expected that revenue from these programs will commence in early 2021.
Closer to home, MedAdvisor continues to drive domestic revenue through the expansion of patient engagement programs either digitally or in-store at 18 pharmacy companies.
Mr Read said the focus was on health education and working with pharmacies to ensure they can support their customers in-store and at home.
“Managing medications safely and effectively is critical at all times, [especially] during this sustained period of uncertainty,” he said.
“Improving access to existing and new medicines is vital and [we have] created a platform where patients can learn, order and pay for their medication.”