MDR targets pharmacy expansion

DIGITAL medication management provider, MedAdvisor (MDR), is aiming to expand its pharmacy network and drive revenue growth through health programs in the coming months.

The Australian Securities Exchange (ASX) listed business reported a 191% jump in revenue for the first half of the 2021 financial year to $12.9 million, with gross profits up 90% year-on-year.

The company revealed its Australian health programs continued to show strong momentum, climbing 56% in the six months to 31 Dec 2020, to $748,000, compared with the prior corresponding period ($479,000).

MDR said its US programs had been “growing steadily” before the company completed its acquisition of Adheris six weeks before the end of H1 FY21, which created “immediate scale in the US”.

“Total revenue for Australian operations was up 13% for H1 FY21, compared to H1 FY20, largely through pharmacy network growth, which was up to more than 3,600, representing approximately 64% of the pharmacy market,” MDR said.

“As MDR continues to grow its network and reach, the opportunity to generate an increasing amount of revenue from patients within the network and through health programs will be a key growth driver for future periods.

“Health programs revenue was up 56% on the prior corresponding period, as patient volumes grow and more sponsors are attracted to the scale of MDR.

“Our ability to improve adherence and persistence to medication is a significant attraction to pharmaceutical companies.”

MDR also reported the number of digitally connected patients in Australia was up 41% on Q2 FY20, to 1.8 million, while patient app orders and items per order were up by close to 52% and 56% respectively year-on-year for Q2 FY21 compared with the prior corresponding period.

The company noted that it was the first to market with a conformant patient app for electronic prescribing, which was introduced in H1 FY21.

“The workflows make it extremely easy for patients to handle multiple scripts whilst providing pharmacy with a more efficient workflow than with paper scripts,” the firm said.