Pharmacy app primed for international expansion with £1m investment
A new deal with an Australian medication platform will give the UK-based pharmacy app Charac the capability to expand into new territories around the world, it has announced.
Charac announced yesterday (November 28) that it has secured a £1 million investment from the Australia-based company MedAdvisor, which it said will allow the platform to “expand its capabilities” into Australia, New Zealand and the USA.
The Charac app allows pharmacies to digitise their services by managing repeat prescriptions, accessing patient records, creating bookings and conducting consultations.
Under the deal, “specific components” of the app have been licensed to be integrated as “cloud-based enhancements” into MedAdvisor’s Plus One platform, which is “already actively used in pharmacies across Australia and New Zealand”, Charac said.
According to the announcement, MedAdvisor will invest the funding over nine months for a 7.4% shareholding and its CEO Rick Ratliff will join the Charac board as a non-executive director.
Read more: Pharmacy app secures seven-figure funding boost thanks to NPA partnership
And Charac noted that as part of the agreement, MedAvisor “will end its operations in the UK, transferring its relationships to Charac”.
The company said that the investment brings the company’s total invested capital to £3.5m following investments from the National Pharmacy Association (NPA) and Royal Mail.
“An ideal partner”
Commenting on the news, MedAdvisor CEO Rick Ratliff said that the “strategic move reinforces” its “commitment to the UK market” and aligns with its vision “creating a global impact”.
Mr Ratliff said he was “confident” that the partnership “will not only benefit our UK customers but will also open up exciting possibilities for growth in Australia/New Zealand and the US”.
Founder and CEO of Charac Santosh Sahu said that MedAdvisor was “an ideal partner” and would help the company “accelerate our international growth plans”.
Read more: Pharmacy app secures million-pound Royal Mail investment
Mr Sahu said that “there is a growing realisation globally that pharmacies can do so much more to …relieve the pressure on their health system”.
He added that “digitally managed patient engagement systems is vital in delivering this” and added that that the “partnership with MedAdvisor will be a significant step forward in making this vision a reality”.
Charac’s announcement highlighted the “huge growth opportunities” in the pharmacy sector and stressed that “given the £645m NHS investment planned for community pharmacy services, the potential for Charac’s further growth is high”.
Read more: Pharmacy First IT updates: Pharmacists to have greater GP records access
Details on how a multi-million pound investment into community pharmacy services will be spent were finally announced earlier this month as the government released information on how it will implement its primary care recovery plan reforms.
Under the raft of changes, a new pharmacy contraception service will launch on December 1, while a national Pharmacy First service will begin in England “early next year”.
Pharmacists will also have greater access to GP records and be able to receive urgent referrals digitally under the new service.
