LISTED medication adherence firm MedAdvisor has boosted its market share, with more than 45% of Australian pharmacies now connected to the platform.
According to an ASX quarterly update issued yesterday, the company also saw record operating cash receipts of $1.32 million for the three months to 31 Dec, with the growth following the successful acquisition of HealthNotes.
The company closed the quarter with $5.93 million in cash, with more than 600,000 patients using the platform, an increase of over 160% over the previous quarter.
MedAdvisor has also seen rapid growth of its Patient Engagement Programs, with the systems currently utilised by nine of Australia's largest pharmaceutical companies including Novartis, Bristol-Myers Squibb, AstraZeneca, GlaxoSmithKline and Pfizer.
CEO Robert Read said the MedAdvisor platform's Tap-to-Refill function is growing faster than patient numbers, and is now processing over $2.5 million worth of script refills by medication value each week.
However the company does not receive revenue from these orders, Read confirmed.
Recent enhancements have also successfully launched including Diabetes Ordering and OTC Medicines Management modules.
The recent $8m capital raising also saw strong interest from existing and new investors alongside key pharmacy groups.
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