Digital medication management company MedAdvisor (ASX: MDR) has signed a second US agreement to provide a series of digital health education programs for a top 10 global pharmaceutical company.
The deal will be executed in conjunction with MedAdvisor’s strategic partner, US-based Adheris Health, which was engaged in March for an initial 12 month period to promote and jointly-sell MedAdvisor’s digital adherence programs to existing pharmaceutical clients.
The health education programs comprise nine-month pilots designed to provide important education in a digital format to patients of four different medications over the next 12 months.
The first four pilots have an estimated revenue of $825,000 for MedAdvisor and will be rolled out to a group of 4,000 US pharmacies with a focus on program design, execution refinement and validation.
MedAdvisor chief executive officer Robert Read said once the pilots have been successfully executed, there will be an opportunity to increase scale by adding additional programs and pharmacies during the year.
“The problems with non-adherence to medication in the US are estimated to cost 120,000 lives per annum and we believe we have built a great platform to help people take their medication more effectively,” he said.
“Strategically the US market is enormous and there is a significant opportunity for us to approach a very large addressable patient pool and generate revenue at scale over the next three to five years.”
Mr Read said MedAdvisor is building a large US pharmacy network through its partnership with Adheris.
Adheris receives script data for more than 190 million patients through approximately 26,000 pharmacies, many of which are digitally consented and able to be included as an addressable audience for digital health programs.
Digital health platform
MedAdvisor’s Digital Health Programs (DHP) platform is designed to help pharmaceutical companies educate patients digitally to take their medication safely and effectively.
It interprets complex medication patterns, administers and curates health content in a compliant way, manages millions of patients uniquely, and renders and delivers messages optimised to each device so patients receive the right information at the right time.
In Australia, MedAdvisor has worked with over 20 DHP clients including eight of the top 10 pharmaceutical companies, to fund digital and in-pharmacy programs designed to help patients take their medication safely, effectively and on time.
The results of these programs have demonstrated significantly improved medication adherence.
Last year, revenue from health programs accounted for approximately 12% of MedAdvisor’s total revenue, and this figure is expected to grow as the company expands internationally.
At midday, shares in MedAdvisor were trading 22.97% higher at $0.455.