The Medadvisor Ltd (ASX: MDR) share price has soared today after the digital medication
management company announced it was launching a medication delivery service. Medadvisor shares are currently trading up more than 22% at 40 cents.
Home delivered medications
The delivery service will allow patients to order, pay, and request delivery of medicines within the Medadvisor App. Medadvisor has fast tracked roll out of Phase 1 of the delivery service and plans a national rollout within the next 3 weeks. This will allow much needed medications to be delivered to patients at home during the coronavirus pandemic.
Federal Government support
As part of the coronavirus package announced on 10 March, the Federal Government has pledged $25 million to support medication delivery, at $5 per delivery at participating pharmacies. Medadvisor's software will facilitate pharmacies ability to claim the funding for delivery services.
Same day delivery
Many pharmacies already offer some form of home delivery, often utilising their own staff. Medadvisor will allow pharmacies to utilise their own services or Medadvisor's delivery partner. Phase 2 of the service will allow pharmacies to offer same-day delivery by utilising Medadvisor's third-party delivery provider to fulfil delivery requests. Coverage will be provided in all metro regions with go-live scheduled for mid-April.
Increased activations
Medadvisor has seen activation of pay in advance functionality more than triple over the past two weeks to 2,500 or approximately 75% of engaged pharmacies. The rate of new user activations on the Medadvisor platform has also increased during the current pandemic. Medadvisor charges transaction fees on pay in advance and also on delivery fees by its third party delivery service.
All prescription and over the counter products can be ordered for delivery. Individual pharmacies will have discretion over certain medications which they may deem unsuitable for delivery. Measures are in place to provide no-contact delivery to avoid unnecessary contact with vulnerable patients.
Fast tracked launch
By fast tracking the launch of the delivery service, Medadvisor hopes to help relieve pressure on pharmacists struggling on the frontline of the crisis, as well as protect patients from unnecessary exposure and provide ongoing access to critical medications.
Commenting on the launch, Robert Read, CEO of Medadvisor said:
Medadvisor is playing a critical role in remote medicines management in Australia during this health crisis. With the ability to pay in advance and request delivery from your pharmacy it can streamline the workflow for community pharmacies when managing patients remotely.
