MedAdvisor Limited (ASX: MDR) is a health care company based in Camberwell, Australia. The company provides a medication management platform to aid people in making the best use of medicines. The company’s mobile and web apps are easy to use and simplifies the numerous medicine management work.
On 7th May 2019, the company announced that it has concluded the formation of Singapore based 50:50 joint venture with Zuellig Pharma Holdings Pte. Ltd. The aim of this joint venture is to commercialise MedAdvisor’s medication management platform across Asia.
The name of the joint venture entity is ZP MedAdvisor Pte. Ltd (ZPM), which is domiciled in Singapore region. This JV will initially provide SMS based Digital Adherence Programs in Philippines and Malaysia with other markets identified for subsequent rollout. ZPM will also market MedAdvisor’s leading pharmacy and patient medication management solution within the region.
The company will report the equity contributions to ZPM to fund the initial working capital in FY20 and a total of US$750,000 would be contributed over the period November 2019 to February 2021. Zuellig will initially capitalise ZPM and will contribute the same amount from the period between July 2019 to October 2020. While, MedAdvisor will invest in Zuellig in multiple stages between November 2019- July 2020.
About Zuellig Pharma
Zuellig Pharma is almost 100 years old company and one of the largest healthcare services providers in Asia. With a turnover of around US$13 billion, it has over 13,000 employees present across 13 markets. It provides healthcare services to over 350,000 medical facilities across Asia and works with more than 1,000 clients.
ZPM has entered into two initial agreements as follows:
ZPM had entered into two initial agreements, post its formation. The first agreement is a software licence agreement for its medication management solutions, exclusive to 8 key Asian markets. According to the agreement, pharmaceutical manufacturers will be providing MedAdvisor’s localised version of its global platform to digitally connect pharmacies, fund medication adherence etc.
Another agreement was signed by ZPM with Zuellig Pharma to promote and support its market entrance in Asia. Zuellig Pharma will promote MedAdvisor’s medication management products to its network of 350,000 pharmacies and medical clinics across ZPM’s key markets.
Robert Read, CEO of MedAdvisor and Chairman of ZP MedAdvisor said he was happy with the joint venture’s completion. The synergy of MedAdvisor’s global technology platform and Zuellig Pharma’s network and client reach will be a formidable combination.
John Davison, CEO of Zuellig Pharma stated he is committed to help MedAdvisor in their network of pharmacies which have an essential role in providing healthcare to the community. The company is aiming for building a successful partnership with MedAdvisor towards providing more accessible healthcare in Asia.
Also, on 7th May 2019, the company had requested to ASX for a trading pause before releasing the joint venture announcement to the market.
On 22nd March 2019, the company had released investor presentation and updated about its operational and financial performance.
The market capitalisation of the company is A$81.78 million. The 52-week high and low of the stock is A$0.061 and A$0.028 respectively. The stock closed at an intraday high of A$0.058 (as on 7th May 2019). In the last one-year period, the stock has delivered a return of 24.44%, and the YTD return stands at 69.7%.
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