Australian digital medication management platform MedAdvisor has raised $11.5 million (17 million Australian dollars) through placement investment headed by Texas-based HMS Holdings, which now claims an approximately 13% ownership stake in the platform as a result of its $7.5 million strategic investment.
MedAdvisor initially sought to raise just over $10 million (15 million Australian dollars) in its raise, according to the company, but raised that cap due to “strong demand.” The company offered its shares at an issue price of $.05 Australian dollars, which it noted was a roughly 11% increase over its prior closing price.
WHAT THEY DO
MedAdvisor’s mobile and web platform provides users with a list of their medications that’s automatically updated when a script is filled. It includes information about each medication, such as instructions for use or warnings of possible side effects, and allows users to notify pharmacists of a refill request in advance so that the medication is ready when they arrive at the pharmacy. The tool also reminds users when they’re due for a refill, and when they need to visit their doctor for a new prescription.
“MedAdvisor has a bold ambition. Our purpose is to help millions improve the way they manage their medications,” MedAdvisor CEO Robert Read told MobiHealthNews in an email. “In Australia we have done that through our partnerships with pharmacy and giving patients the tools to track, manage and order their medications. The MedAdvisor platform also helps build health literacy and under understanding through both digital programs and in pharmacy programs.
WHAT IT’S FOR
MedAdvisor said that it will be using the new cash to speed up international expansion into the US, Southeast Asia and the UK — an aim with which HMS can contribute.
“We have focused on building a pharmacy network in the US through our partner Adheris. This will allow us to run programs for large pharma, in a similar way to what we do here,” Read said. “Through HMS we open up an even wider group of organizations, like health insurers, that want to help their patients be healthier and run digital programs to support them. This aligns closely with HMS’ goal to provide the solution to healthcare organizations through reducing costs, improving health outcomes and enhancing patient satisfaction.”
The company also noted that its will be boosting its domestic sales, marketing and technology development as it pushes to bring its business into the green.
MARKET SNAPSHOT
Data has shown that medication management apps can improve patient adherence and, subsequently, improve patient outcomes. Just a few weeks ago Medisafe, maker of a patient-facing medication management and adherence app, shared the results of an international pharma pilot reporting increased adherence as well as high satisfaction from users. Another name in the space is Digital Pharmacist, which offers a collection of digital tools ranging from refill apps to messaging services and marketing management.
ON THE RECORD
"MedAdvisor’s advanced technology platform is already having a meaningful impact on helping people manage their medications safely and effectively,” Bill Lucia, HMS’ chairman and CEO, said in a statement. “We look forward to building a highly successful alliance, pairing MedAdvisor’s platform with our Population Health Management solutions. We expect this to expand utilization of MedAdvisor’s digital adherence programs across the US through our health plan customer relationships and in Australia where we have an opportunity to integrate our patient engagement solutions and leverage our burgeoning partnerships in that country."
