TELSTRA Health is set to acquire the remaining 50% stake in Fred IT Group, an Australian technology provider for the pharmacy sector (PD breaking news).
The acquisition marks the culmination of a decade-long joint venture between Telstra Health and Fred IT Group.
Telstra Health, which initially acquired a 50% interest in Fred IT in 2013, will purchase the remaining shares from the Pharmacy Guild of Australia (Victoria branch).
Fred IT co-founder and CEO Paul Naismith, will remain in his role, along with the existing team.
"Pharmacy stands as a cornerstone within Australia's healthcare industry, serving as a primary touchpoint for countless Australians," said Naismith.
"With Fred IT becoming wholly owned by the Telstra Health group, pharmacists are poised to more seamlessly integrate into the digital health landscape of the health and aged care sectors, empowered by an expanded scope of practice."
The acquisition presents opportunities for the long-term growth of Telstra Health in Australia, said Managing Director, Elizabeth Koff.
"Fred IT has been a market leader in the digital pharmacy space and is well-positioned to benefit from the increasing shift towards digitisation of medication services that is underway across Australia."
The investment is the latest in a series of strategic partnerships for Telstra Health which was established in 2013. JG
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