Medad­vi­sor rev­enue surge

Pharmacy Daily - - FRONT PAGE -

LISTED med­i­ca­tion ad­her­ence tech­nol­ogy firm MedAd­vi­sor has flagged the po­ten­tial for ex­pan­sion in­ter­na­tion­ally, as well as ex­pect­ing sig­nif­i­cant fur­ther growth in Aus­tralia in the com­ing year.

The com­pany’s an­nual results an­nounce­ment yes­ter­day noted that the US and UK of­fer sub­stan­tial op­por­tu­ni­ties, “with no dom­i­nant market player of­fer­ing a plat­form as com­pre­hen­sive as MedAd­vi­sor”.

In 2016/17 the com­pany recorded to­tal sales of $4.24 mil­lion, up 1ϵ7%, along with growth across all sec­tors of its busi­ness, with phar­macy sub­scrip­tions to the MedAd­vi­sor sys­tem grow­ing 84% and more than 837,000 pa­tients us­ing the plat­form - up 350% on the pre­vi­ous fi­nan­cial year.

MedAd­vi­sor’s phar­macy net­work now com­prises 2,66ϵ phar­ma­cies na­tion­ally, up 60% and the firm is also re­ceiv­ing in­come from 12 global phar­ma­ceu­ti­cal man­u­fac­tur­ers run­ning Pa­tient En­gage­ment Pro­grams on the plat­form.

Phar­macy sub­scrip­tion rev­enues amounted to $2.4m, while “user­based” in­come was $1.84m and the com­pany sig­nif­i­cantly grew its part­ner­ships with dis­ease state groups, to­gether rep­re­sent­ing about 6m pa­tients to whom the MedAd­vi­sor plat­form is be­ing ad­vo­cated to man­age their drugs.

The over­all re­sult for the year was a $3.4 mil­lion loss, in line with man­age­ment ex­pec­ta­tions, at­trib­uted to “con­tin­ued in­vest­ment in growth par­tic­u­larly mar­ket­ing, re­search & devel­op­ment ac­tiv­i­ties”.

Staff costs com­prised the largest com­po­nent of ex­penses, amount­ing to $4.5 mil­lion for the year, while di­rect trans­ac­tion costs in­clud­ing SMS ser­vices were worth $734,000.

The com­pany’s an­nual re­port re­vealed that in 2016 un­der its now ter­mi­nated dis­tri­bu­tion agree­ment with GuildLink, MedAd­vi­sor paid $317,000 to the Phar­macy Guild wholly owned sub­sidiary.

2016/17 also saw MedAd­vi­sor re­lease the “PlusOne” phar­macy soft­ware plat­form, which in­cludes a GP col­lab­o­ra­tion mod­ule to stream­line work­flow for both phar­ma­cies and GPs plus a new Pro­fes­sional Ser­vices ca­pa­bil­ity.

CEO Robert Read said it had been a phe­nom­e­nal year of growth for MedAd­vi­sor, with the en­hanced func­tion­al­ity of the plat­form and in­creases in phar­ma­cies, users and man­u­fac­turer clients po­si­tion­ing the firm for its next growth phase.

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