Australia’s prominent medication adherence program provider, MedAdvisor Ltd (ASX: MDR) has partnered with Thrivor App to help patients with serious Illness. The key things to note include:
- MedAdvisor joined hands with Thrivor, which is an emerging SaaS Platform which assist patients and their support networks whenever they are dealing with a chronic disease.
- Thrivor is just over a year old in the market and has two major clients relating to Linear Clinical Research and Undiagnosed Diseases program.
- The Thrivor platform consists of two key components, entailing an administration portal that is designed to assist health institutions to manage communications, appointment and payments; while for patients it acts as a support tool for patients’ life outside a clinical care.
- In this partnership MedAdvisor will get 5% of the equity in Thrivor as a part of upfront initial fee.
- Patients of MedAdvisor can access the Thrivor app which helps them to steer through their requirements including managing bookings, allocation of important tasks to supporters and to save important documents.
Today, MedAdvisor Limited has announced that they are going to partner with Thrivor to innovate long standing patient care by providing the smart technology. The major goal of MedAdvisor and Thrivor is to provide support for patients who are critically ill and try to stabilize the lives of patients.
Serious illness leads to a tumult which can cause a burden on patients and their support base. During this process, managing multiple appointments and medications causes confusions. By using Thrivor and MedAdvisor, patients and their critical support base can have a better co-ordination while dealing with a serious illness. It also includes booking and coordinating appointments while including travelling to the hospitals etc. via using an API with Uber.
These partnerships signify very important steps, firstly towards the patient’s experience and meanwhile they also recognize the benefits of having a well-connected supporter base which helps a patient to deal with the various challenges in and after a health issue. The Thrivor app has a function to keep a track on medical expenses and records and maintains a health wallet which allows family and friends to contribute financially for the services required for the patients.
MedAdvisor will get 5% of the equity in Thrivor as a part of upfront initial fee with other opportunities such as Clinical Trial Recruitments to follow.
Over 1 million people are assisted through the MedAdvisor platform by managing their medication by providing live medication list and it also allows them to make order the prescriptions from the pharmacy or GP. In their platform most of the patients are diagnosed with cancer and other complex illness.
It broadens the opportunities of clinical trials which helps pharmaceutical manufacturers to offer a solution leading to an eligible patient care.
In last six months, the share price of the company plunged by about 30 percent as on 28 November 2018 and after that stock price recovered; and on 5 December 2018, MDR shares were again down. MDR shares were trading at $0.039 with a market capitalization of $51.99 million as on 6 December 2018.