Corporate: This small cap is launching a medication delivery service
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Medication management tech company MedAdvisor (ASX:MDR) will begin a same-day medication delivery fulfilment service.
The company has partnered with delivery company Kings Transport to ship right to people’s doors on the same day.
The service will begin in the second half of this financial year, initially in the major cities, and MedAdvisor will receive a portion of the shipping fee.
The platform sees $300 million worth of medication orders each year and MedAdvisor’s network consists of 3300 pharmacies.
The news comes only a few weeks after it raised $17 million – the majority of which came from major US healthcare provider HMS.
CEO Robert Read told Stockhead this move was to meet the expectations of customers of his network pharmacies for a personalised and connected customer experience.
“Offering full convenience to consumers has been our ambition from day one to continue to improve the accessibility of medicines in Australia,” he said.
“We have researched and found that for optimal medication management, it requires a tight relationship between pharmacist and their patients that improves convenience solutions to improve access to medications.”
He also told Stockhead there was potential for online pharmacy to capture 10 to 15 per cent of Australian pharmacy business.
The company’s share price rose 2 per cent this morning. Since the start of 2019, shares have been volatile but are currently 40 per cent higher than the start of 2019.
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