ASX-LISTED digital medication management company MedAdvisor signed a Heads of Agreement to form a 50:50 joint venture (JV) with Zuellig Pharma Holdings, one of the largest health services groups in Asia (PD breaking news).
The new venture will be based in Singapore with cross-licensing agreements around MedAdvisor's intellectual property while retaining ownership rights for the platform including any customisations accommodating specific countries.
With close to 100 years of operating history, Zuellig Pharma's US$12 billion business provides healthcare services to over 350,000 medical facilities - including pharmacies, medical clinics and hospitals - across Asia, while the firm also works with over 1,000 corporate clients, including the top 10 pharma companies in the world.
Zuellig Pharma says it puts emphasis on providing pharmacy and medical clinic customers with state-of-the-art digital customer service capabilities to help cater to the growing convenience and service expectations of patients, and sees MedAdvisor as a suitable partner with the ability to support an extensive number of its customers in the region.
Zuellig Pharma plans to market the joint venture's offering to its extensive network of pharmacies, medical clinics and pharmaceutical manufacturers, initially focussing on the Philippines, with about 27,000 pharmacies, and South Korea where there are an estimated 21,000 pharmacies.
A rollout in 2019/20 will be followed by launches in additional Asian markets, the companies said.
MedAdvisor says the addressable population in the defined markets exceeds 560m people while the pharmaceutical spend is estimated to be US$69b.
EBOS holds a 14.1% strategic stake in MedAdvisor.
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