MEDICATION management platform, MedAdvisor, is continuing to lead the Australian market, with more than 55% of community pharmacies using its PlusOne system, the company's annual report reveals.
MedAdvisor saw more than 1.2 million Australian patients process in excess of $300 million worth of medications orders through PlusOne, in the 2019 financial year.
The company grew the number of government-funded professional services recorded in PlusOne by 76%, delivering 58 health programs, up from 30 in 2018.
MedAdvisor posted a net loss of $8.2 million for 2019 to the Australian Securities Exchange (ASX), compared to a loss of $4.5 million in 2018.
The company said the increasing losses reflected "the decision to scale the team to pursue global markets and develop a globally scalable technology platform and infrastructure".
Operating revenue climbed 25% to $8.2 million, driven by a combination of recurring Software as a Service (SaaS) revenue through a growing pharmacy network, and use-based revenue from health services and programs that promote health literacy and improved medication adherence.
MedAdvisor CEO, Robert Read, said 2019 was a landmark year for the business's international expansion, signing partnerships in the US (PD 25 Mar), the UK and Asia (PD 08 May).
Read said the expansion would enable the company to lower costs while accelerating market entry, creating a shorter path to revenue.
"The Australian market continues to grow strongly, and we have increased our network and revenue per pharmacy," he said.
"FY19 also saw us take the decision to invest capital in developing scalable US-ready technology and infrastructure to open the US market.
"We now have landmark deals in three significant markets, being the US, Asia and most recently the UK.
"The revenue opportunity over the medium term is significant and the quality of partners and customers is testament to the fact we have built something that helps solve a global problem in a unique way," Read added.
"Through these global partnerships we will be able to help tens of millions of patients better manage their medication and therefore have better health outcomes."
The company also noted it had strengthened its leadership team with the appointments of Global Head of Product and Chief Technology Officer, Victor Kovalev, and new Chief Financial Officer, Simon Glover.
Going forward the Australian community pharmacy sector remains a key focus in continuing to drive patient uptake, with MedAdvisor also exploring other ways of boosting patient numbers including through hospitals and general practitioners.
The above article was sent to subscribers in Pharmacy Daily's issue from 30 Aug 19
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