“With the continued push by the Department of Health to drive cost efficiencies throughout the pharmacy sector, Pharmacy2U provides a scalable, cost-efficient model, and is well-placed to capitalise on the positive market dynamics,” the company said in a statement today (May 8).
Pharmacy2U CEO Mark Livingstone added: “We look forward to implementing our growth strategy and pioneering the most cost-effective digital pharmacy service we can."
In a letter to the Prime Minister – revealed during the High Court case in March – chancellor Philip Hammond recommended community pharmacy move from traditional bricks-and-mortar businesses “towards scaled-up, innovative supply solutions employing digital technology”.
Patient registrations double
The new funding package comes 10 months after Pharmacy2U received a £10m investment to fund its merger with competitor ChemistDirect.co.uk.
The “improved operational efficiencies” and “transformed marketing strategy” under the newly merged company has seen new patient registrations double over the last six months, and monthly prescription volumes double over the last 12 months, Pharmacy2U said.
The latest funding will enable Pharmacy2U to “accelerate its marketing strategy” and support “the rapid growth of its home delivery repeat prescriptions services”, it added.
Richard Taylor of the Business Growth Fund (BGF) – the coalition of banks behind the funding packages awarded to Pharmacy2U – said the BGF “continues to be excited by the online pharmacy sector”.
Pharmacy2U’s £3.5 million dispensing hub in Leeds (pictured) – which launched in May 2016 – is capable of dispensing 700,000 prescription items a month, it said.