MedAdvisor Secures $11.5M Funding Led by HMS to Expand Digital Medication Management Platform

VCBeat (WeChat ID: vcbeat) learned from foreign media that on October 14, 2019, Australian digital medication management platform MedAdvisor (ASX: MDR) announced the completion of an $11.5 million (approximately A$17 million) financing round led by HMS. HMS stated that, following its $7.5 million strategic investment, it now holds a 13% equity stake in the platform.

According to reports, MedAdvisor initially sought to raise just over A$10 million, but raised the cap due to strong demand. The company ultimately priced its shares at $0.05 per share, representing an approximately 11% increase over the previous closing price.

MedAdvisor, founded in 2013 and headquartered in Australia, specializes in developing personal medication management software. Its mobile network platform provides users with an automatically updated medication list following prescription fulfillment, including relevant information such as dosage instructions and potential side effects. The platform also enables users to send medication refill requests to pharmacists, allowing pharmacies to prepare prescriptions in advance. Additionally, the tool reminds users when to refill their medications and when to consult a physician for new prescriptions.

MedAdvisor stated that it will use the newly injected funds to accelerate its international expansion in countries and regions such as the United States, the United Kingdom, and Southeast Asia.

“MedAdvisor has a bold ambition: our goal is to help millions of people improve how they manage their medications. In Australia, we partner with pharmacies to provide patients with tools for tracking, managing, and ordering their medications. The MedAdvisor platform also delivers health knowledge through digital initiatives and pharmacy-based programs, helping people cultivate healthier mindsets,” said Robert Read, CEO of MedAdvisor.

MedAdvisor also stated that it has been committed to building a pharmacy network in the United States through its partners, which will enable it to support large pharmaceutical companies. “Through HMS, we have reached a broader range of organizations, such as health insurance companies, that seek to help patients improve their health and provide them with digital program support. This aligns with HMS’s goal of delivering solutions to healthcare institutions by reducing costs, improving health outcomes, and enhancing patient satisfaction.”

Data indicate that medication management applications can improve patient adherence, thereby enhancing clinical outcomes. Just a few weeks ago, Medisafe, a developer of patient-facing medication management and adherence applications, shared the results of an international pharmaceutical pilot study. The findings demonstrated improved patient adherence and high user satisfaction with the medication management application.

“MedAdvisor’s advanced technology platform has already had a significant impact on helping people manage their medications safely and effectively,” said Bill Lucia, Chairman and Chief Executive Officer of HMS, in a statement. “We look forward to building a highly successful alliance that combines MedAdvisor’s platform with population health management solutions. We aim to expand MedAdvisor’s presence in Australia through our health plan partnerships and customer relationships.”

MedAdvisor, founded in 2013 and headquartered in Australia, primarily develops personal medication management software.

HMS is headquartered in Texas, USA, with over 2,500 employees across 25 offices nationwide. HMS primarily helps healthcare organizations reduce costs and improve patient health outcomes to enhance the healthcare system, saving billions of dollars in healthcare expenditures for relevant entities each year.

(Compiled by He Li)