- MedAdvisor (MDR) has signed its second U.S. agreement to provide medication education programs for a top 10 global pharmaceutical company
- The company will perform the first four pilot programs through a group of 4000 U.S. pharmacies
- $825,000 in gross revenue is expected to be generated through the agreement
- MedAdvisor is up 21.63 per cent on the ASX and is trading at 45¢ apiece
MedAdvisor (MDR) has signed its second U.S. agreement to provide medication education programs for a top 10 global pharmaceutical company.
Under the agreement with its U.S. strategic partner Adheris Health, MedAdvisor cannot disclose the name of the pharmaceutical company.
However, it can say it's in the top 10 global pharmaceutical company, with revenue excess over $29 billion (US$20 billion).
The company will perform the first four pilot programs through a group of U.S. pharmacies, totalling 4000 pharmacies, in partnership with Adheris Health.
"It is anticipated that once these initial pilots have been successfully executed, there will be the opportunity to increase their scale by adding additional pharmacies," the company said.
The digital health programs are nine month pilots providing important digital education to patients on any one of four different medications over the next 12 months.
These pilot programs represent the first material revenue from the U.S. expansion and shows an important milestone in the commercialisation and scale of the U.S. market.
The gross revenue through this agreement is expected to be $825,000 for MedAdvisor over the next 12 months from the pilot programs.
"To demonstrate the scale of the U.S. health programs market, this initial program equates to over 80 per cent of the total revenue from Australian Health Programs in FY19," the company told the market.
Keith Kiarsis, President of MedAdvisor Welam USA is pleased to be announcing its first material medication health programs in the U.S.
"This new client is illustrative of the strong U.S. market interest in our products, services, and capabilities," he said.
CEO Robert Read says MedAdvisor has built a great platform to help people take their medication more effectively.
"The problems with non-adherence to medication in the U.S. are estimated to cost 120,000 lives per annum," Robert told the market.
"Strategically the U.S. market is enormous and with our partnerships with Adheris and HMS, the opportunities to approach a very large addressable patient pool and generate revenue at scale over the next 3-5 years is significant," he added.
MedAdvisor is up 21.63 per cent on the ASX and is trading at 45¢ apiece at 2:13pm AEDT.