HMS invests $7.5Mn in digital medication management firm MedAdvisor
Category: #health  By Paroma Bhattacharya  Date: 2019-10-07
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HMS invests $7.5Mn in digital medication management firm MedAdvisor

Medication adherence or taking medications correctly and on time is one of the most important parts of any treatment. This also includes refilling prescriptions, making medication management a vital part of the pharmaceutical industry. In fact, its importance has fueled several strategic collaborations between various pharmaceutical firms as well as acquisitions across the world.

The latest activity in this segment was recently observed when HMS Holdings Corp, a Irving, Texas based company focused at advancing healthcare by helping industry players improve health outcomes and reduce costs, reportedly announced that it would make a $7.5 million strategic investment, through its subsidiary, in the ordinary shares of Australia’s foremost digital medication management firm, MedAdvisor Limited, based in Camberwell, Australia.

The company aims to fund this investment with cash on hand. After the completion of this transaction, HMS will possess approximately 13% of ownership stake in the Australian firm. HMS would obtain one board seat among the board of directors of MedAdvisor, owing to this investment. HMS Chief Financial Officer, Jeff Sherman would be occupying the new seat in the board of directors at MedAdvisor.

The strategic investment also launches a new strategic relationship between HMS and MedAdvisor, which will focus on tackling the medication non-adherence problem across the globe. Non-adherence of patients to their respective medications is a worldwide issue and enhancing adherence benefits both doctors as well as patients alongside pharmacists, and payers.    

HMS’ Chairman and CEO, Bill Lucia stated that the advanced technology platform of MedAdvisor is already having a significant impact on helping patients in managing their medications effectively and safely. The company looks forward to making a highly successful alliance, combining MedAdvisor’s platform with HMS’ Population Health Management solutions.

Lucia added that the company expects this to expand usage of digital adherence programs developed by MedAdvisor throughout the United States through the company’s health plan consumer relationships as well as in Australia where the company has an option to integrate its patient engagement solutions, and further leverage its burgeoning partnerships across Australia.

CEO of MedAdvisor, Robert Read stated that the company has proven that it can deliver an effective, automated and safe solution to enhance medication adherence and health literacy among patients.

Robert added that the company is thrilled to collaborate with HMS on its journey towards creation of a global infrastructure of digital medication management as well as an improved approach to prescription adherence for millions of people.

 

Source credit: https://www.globenewswire.com/news-release/2019/10/06/1925545/0/en/HMS-Makes-Strategic-Investment-in-MedAdvisor.html



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Paroma Bhattacharya

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Paroma Bhattacharya

Paroma currently works as a content developer for Algosonline, MSF and a series of alike platforms. Fortified with a post-graduation degree in Journalism and Mass Communication, she delved head long into a writing career, creating resourceful and information enriched ...

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