The Australian digital medication management company hopes to launch its products by leveraging relationships with US pharmacy chains, manufacturers and insurers
MedAdvisor has announced the appointment of two key advisors in a move that it hopes will “accelerate” its expansion into the United States.
This follows a June ASX announcement that MedAdvisor had signed a co-marketing and licensing agreement with a leading US pharmacy dispensing software company, PDX Inc.
PDX services over 10,000 pharmacies in the US, representing about 15% of the total 60,000+ pharmacy market – which MedAdvisor points out is 10 times larger than Australia.
There are an estimated US$100bn+ in costs that are attributed to non-adherence across the US annually.
The deal could see PDX potentially deliver MedAdvisor’s medication management smartphone application to US consumers.
“Dispense integration is the first step towards commencing roll-out and commercialisation in the US market and is expected to be complete this calendar year,” said the company on the announcement.
MedAdvisor’s newly appointed advisors to help with this roll-out include two highly experienced and well-connected executives in the US pharmacy industry.
James Rotsart, Executive Vice President of Adheris, has been selected for his “deep relationships” with US pharmacy chains, pharmaceutical companies and strategic partners.
Lucas Merrow is the co-founder of the Eliza Corporation as well as Adheris—which is the largest provider of tailored, direct-to-patient medication adherence programs in the US, partnering with thousands of pharmacies and most pharmaceutical manufacturers.
“We are pleased to have attracted such high-calibre industry players to help drive expansion into the US market,” says Robert Read, CEO of MedAdvisor.
“Expansion beyond the Australian market is a key part of our growth strategy and our track record in Australia is highly regarded by companies internationally.
“The appointment of Mr Merrow and Mr Rotsart following the PDX agreement is further validation of our business opportunity and a great step in securing the customer and partner deals in the United States,” said Mr Read.
“We are excited about the massive opportunity that exists to expand in the US market.”