TerryWhite Chemmart is set to get its own digital app, as EBOS announces an investment in MedAdvisor
Digital medication management company MedAdvisor has received a $9.5 million investment from EBOS Group, which operates the TerryWhite Chemmart pharmacy group among others.
The investment of $9.5 million is through a placement of approximately 165m ordinary shares in MedAdvisor at A$0.0575c a share, representing a 44% premium to the last capital raising price of $0.04 in October 2016. EBOS has also purchased an additional 20 million shares in an off-market transaction.
Once both of these transactions are completed, EBOS will be a significant shareholder in MedAdvisor with a holding of just over 14%, alongside a number of other pharmacists and pharmacy groups who invested into MedAdvisor in prior capital raisings.
The investment will be used to ramp up MedAdvisor’s customer acquisition strategy through the hospital and GP channels, to broaden the health services made available to pharmacies and their customers via MedAdvisor’s software, to increase the pace of international business development efforts in the UK and US and to extend those efforts to the Asia Pacific region, including New Zealand.
“MedAdvisor has achieved rapid growth and an important position as an independent partner to a wide range of healthcare businesses,” says Patrick Davies, CEO of EBOS.
“EBOS recognises the strength of that independence and we look forward to working collaboratively with MedAdvisor to unlock value across our diverse portfolio of businesses to help improve health outcomes for patients via improved medication management.”
MedAdvisor announced its appointment as the provider of the TerryWhite Chemmart app, which will provide medicines and health services management to its customers and will consist of a customised version of MedAdvisor’s App and PlusOne software.
This will include the ability to retrieve prescriptions on smart devices; receiving refill reminders; a “tap to refill” function; exclusive health programs and loyalty program benefits.
TerryWhite Chemmart CEO Anthony White says the development of the health app opens up a “world of opportunities” for the pharmacy network.
“The future of TerryWhite Chemmart is in health and we see this new digital offering as fundamental to improving our ability to provide even better healthcare outcomes to all Australians,” Mr White says.
“This health app will provide the pathway to achieve that through improved medication management, medication adherence, health programs, screening and pretesting.
“We embrace and encourage new healthcare technologies and believe MedAdvisor will be a great partner, to drive TerryWhite Chemmart to the forefront of customer health care and leading edge digital offerings,” he says.