The MedAdvisor Ltd (ASX: MDR) share price is rocketing higher on Tuesday.
In morning trade the leading digital medication management company's shares are up 15.5% to 33.5 cents.
Why is the MedAdvisor share price rocketing higher?
Investors have been buying the company's shares this morning following the release of an announcement relating to its UK operations.
According to the release, the National Pharmacy Association (NPA) has endorsed the MedAdvisor digital medication management platform as the recommended digital supplier for the UK community pharmacy market.
This is a big positive for the company given that the NPA represent 8 out of 10 of the UK independent pharmacy members. This is a number which exceeds the entire Australian Pharmacy market.
Under the agreement the NPA will promote MedAdvisor's solution to their pharmacy members. MedAdvisor will then provide its pharmacy software PlusOne and the MedAdvisor app to these pharmacies. The NPA will also assist member pharmacies to benefit from Digital Adherence Programs that better support patient health outcomes.
This builds on MedAdvisor's partnership with Day Lewis Pharmacy Group. This is one of the largest independent pharmacy chains in the UK, owning over 270 pharmacies and servicing over 1 million customers.
MedAdvisor's CEO, Robert Read, said: "MedAdvisor has demonstrated the value of connecting patients digitally with community pharmacy. The UK market is a highly attractive market given the size and similarities to the Australian market. The NPA is the leading advisory body to 8 out of 10 independent UK community pharmacies and to have the endorsement of the NPA will really support our efforts to promote MedAdvisor to the UK's independent pharmacy market."
The NPA's acting chair, Andrew Lane, spoke very positively about MedAdvisor.
He said: "We have looked globally for the best solution for pharmacy digital solutions. We were really impressed with what MedAdvisor has delivered in other markets globally and we can see the value that MedAdvisor's tried and tested digital solutions can bring to our member pharmacies. We are passionate about improving medication adherence and this partnership will help us do that in a more impactful way."
