COVAX drives MedAdvisor app use

COMMUNITY pharmacies’ involvement in the COVID-19 vaccination (COVAX) rollout is fueling growth in user numbers for the MedAdvisor PlusOne app.

Announcing results for the first quarter of the 2022 Financial Year to the Australian Securities Exchange, MedAdvisor, revealed more than 200,000 new patients had signed up to the app, “driven by the volume of COVAX administered by pharmacies, and continued utilisation of the remote patient verification process”.

“MedAdvisor has seen a significant increase in transaction volume due to the COVAX program,” the company said.

“To date, more than 900,000 vaccinations have been administered through pharmacies in the MedAdvisor network, which represents over 70% of all pharmacy vaccinations.

“COVAX utilise the MedAdvisor PlusOne booking functionality, which contributes to transaction revenue, and provides an important source of patient sign-ups.”

The company noted that it had seen a “strong growth in performance with revenue of $3.3 million” in the Australian market, in the three months to 30 Sep, while annual recurring revenue had climbed from $6.6 million as at 30 Jun to $7.4 million, “an 11.4% increase”.

MedAdvisor’s market share of the community pharmacy network grew by approximately 6.7% during the quarter, with more than 3,900 stores using using the company’s platform.

“This has been driven in part by the recent signing of a new five-year contract with Australian Pharmaceutical Industries (API) , and investment in the sales resources for the Australian business,” MedAdvisor said.

The company also reported “pharmacy churn has remained low” following a price rise and a new premium pricing model introduced in Jun.

Across its US, UK and Australian businesses, MedAdvisor reported first quarter revenue of $15.4 million, up 36.5% on the same period in FY21 on a like-for-like basis.