Listed medication adherence technology firm MedAdvisor this week announced the $5.5 million acquisition of Healthnotes, with the deal said to "bring together the two leaders in medication adherence management".
MedAdvisor ceo Robert Read said the move would increase the company's connected community pharmacies to 2,400 or about 45% of the market, serving around 500,000 patients using the MedAdvisor platforms.
MedAdvisor will fund the deal with $3.3 million in cash plus the remainder in shares to Healthnotes' owners, with MedAdvisor also conducting a $6 million capital raising to boost its reserves.
"MedAdvisor and Healthnotes share a bold mission to make patients' lives easier and improve health outcomes through digital medication management," Read said, with the acquisition set to accelerate MedAdvisor's entry into the GP market.
Healthnotes has relationships with more than 4,000 GPs across Australia, while MedAdvisor will later this month launch its GP link system, which connects doctors and pharmacies to make patients' lives easier and improve outcomes.
Read said the combined user base of MedAdvisor and Healthnotes would boost the number of scripts pre-ordered via the 'Tap to Refill' feature in MedAdvisor to about 320,000 per month, with an annualised value of over $150m.
Healthnotes executive director Saurabh Mishra said the companies together would "create the preferred platform for patient communications in Australia.
"Our pharmacy network will benefit from the additional services and offering that MedAdvisor can bring, while still enjoying the benefits of Healthnotes," he said.
The above article was sent to subscribers in Pharmacy Daily's issue from 02 Sep 16
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 02 Sep 16
