MedAdvisor growth soars
August 3, 2016
WITH more than 180,000 patients
now using its system, MedAdvisor
has announced via the ASX a 132%
increase on the prior corresponding
period in a quarterly activity report.
The MedAdvisor pharmacy
network has grown by 33%,
now totalling more than 1600
pharmacies, increasing
market penetration to
30% of all Australian
pharmacies.
Cash receipts for
the quarter totalled $292,000, up
7% on the previous March 2016
quarter, with the Tap-To-Refill script
ordering function driving patient
engagement so 40% of subscribers
use the function, generating in
excess of $1.1m worth of refills per
week and growing.
Cash outflows for the quarter
totalled $996,000 up 31%,
reflecting a planned increase
in marketing activity, and the
company closed the quarter with
$2.89 million in cash.
Significantly, MedAdvisor has
also succeeded in increasing the
number of patients per pharmacy,
showing a 35% growth since Jan
2016 and 92% up since Jun 2015.
MedAdvisor also began Beta
testing the new GP Link function
which allows patients to connect
with their local GP and request
repeat scripts, creating a first for
Australian patients who can now
access both their pharmacist and
GP on the one platform.
Agreements have been signed
with Novartis, GlaxoSmithKline
and Bristol-MyersSquibb to deliver
patient engagement and education
programs through the
platform.
MedAdvisor has
also managed
strategic relationships
with Apotex and now Arrow
Pharmaceuticals strengthening
their market reach using the
60-strong pharmacy specialist
representatives to target more
than 3,000 pharmacies across the
country.
MedAdvisor ceo Robert Read said
he was confident the momentum
will continue, adding: “We remain
focused on our strategy to drive
user numbers and engagement,
along with continuing to build
both our pharmacy network and
manufacturer partnerships.”
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