MedAdvisor announces it’s taking its tech to Asia, shares jump 18%
Health & Biotech
Special Report: The health-tech platform that helps patients manage their medication plans is to further expand its footprint with a joint venture in Asia.
The company has partnered with Zuellig Pharma – one of Asia’s largest healthcare businesses providing services to over 350,000 medical facilities. Among its clients are some of the largest pharmaceutical companies in the world.
The joint venture is to be headquartered in Singapore and MedAdvisor (ASX:MDR) will license its technology under the agreement, with Zuellig providing access to an extensive network of pharmacies, medical clinics, and pharmaceutical manufacturers.
The news sent MedAdvisor’s shares up 18% yesterday.
CEO of MedAdvisor Robert Read said: “Asia is a significant market with more than 560 million people across the region. This partnership will expand our footprint beyond Australia and further builds on our existing international expansion plans.”
MedAdvisor is already in the process of expanding into the United States through a partnership with the leading dispensary software provider, PDX Inc, and is expected to launch next year. PDX boasts a network of 10,000 pharmacies that MedAdvisor will initially target with the full support of PDX.
The initial launch of the platform in Asia, planned for 2020, will be in the Philippines and South Korea.
Robert Read continued:
“As one of the largest healthcare businesses in Asia, Zuellig Pharma is the perfect partner to take our offering into the region.”
The pharmacy market in Asia is highly fragmented, providing MedAdvisor with a unique opportunity to capture market share and to offer pharmacies the ability to better streamline their workflow and manage their patients and their medication.