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New York, NY – May 4, 2021 – From telecommuting with medical professionals to filling and paying for prescriptions online through digital pharmacies, digital health services are exploding for their convenience and accessibility, particularly during a global health crisis like the one we are facing now. Spurred on both by this digital health services boom, as well as by the huge surge in e-commerce, the North American digital pharmacy market is projected to grow at a 14.1% CAGR to reach $149 billion by 2026. These trends are driving huge market opportunities for companies in digital health services spaces like Mednow Inc. (TSXV:MNOW), Teladoc Health (NYSE:TDOC), Amazon.com, Inc. (NASDAQ:AMZN), CVS Health Corp (NYSE:CVS), and Goodrx Holdings Inc (NASDAQ:GDRX).
Mednow is Aiming to Build Canada’s National E-Pharmacy
As the telehealth and e-pharmacy spaces continue to surge and develop, Mednow Inc. (TSXV:MNOW) is looking to become the dominant digital health company in Canada. The company offers a holistic suite of digital healthcare services, including facilitating digital appointments with partnered healthcare professionals through its cutting-edge telehealth platform and providing seamless medication delivery. Mednow is currently operational throughout British Columbia and Ontario, with fulfillment center pharmacies in Vancouver and Toronto.
On May 4, Mednow announced that the company had formed Mednow Virtual Care Ltd, a proprietary telemedicine service that will seamlessly integrate with Mednow’s other services and technologies while providing patients with convenient access to partnered medical professionals. The service will launch in Ontario in Q2 2021.
“Consumers remain loyal to the pharmacies that provide the best service and we believe this is enhanced with access to a single digital platform for physician and pharmacy services. ,” Mednow CEO Karim Nassar said in the company’s release. “With the launch of Mednow Virtual Care, Mednow’s patients will receive seamless interdisciplinary care on the Mednow.ca virtual platform in addition to the convenience of all of their pharmacies needs delivered to their doorstep.”
On March 26, Mednow announced the company’s financial results for the period ending January 31, 2021, along with a series of operational milestones. These included: (i) competing an equity financing for gross proceeds of $37,073,194; (ii) introducing an at-home automated medication management tool through a partnership with AceAge Inc; and (iii) launching same-day delivery in the Greater Vancouver Area.
“With over $33 million of cash on hand, we are focused on the rapid growth of our platform. We continue to strive to expand our platform to reach expanded national coverage, develop a proprietary telemedicine platform, add users and provide an unparalleled user experience for Canadian patients. We are acting with expedience in delivering these milestones given the current opportunity for the growth and acceptance of virtual pharmacy care in the Canadian pharmacy and healthcare markets,” said Nassar in the company’s release.
Companies Expand Services in Surging Digital Health Space
In October last year, Teladoc Health (NYSE:TDOC) completed its merger with Livongo Health, becoming one of the biggest players in the telehealth space. On January 11, Teladoc partnered with DexCom, Inc to offer real-time blood glucose monitoring functionality to its platform at no extra cost to diabetic users. On February 11, the company announced that it would be offering free virtual healthcare services to people impacted by the winter storms in Texas and Oklahoma.
In 2018, Amazon.com, Inc. (NASDAQ:AMZN) entered the digital health space with the acquisition of digital pharmacy service Pillpack for $753 million. Amazon followed that purchase up in 2019 with the acquisition of telehealth platform Health Navigator before rolling these services into its Amazon Care brand.
CVS Health Corp (NYSE:CVS) launched its own prescription delivery service in 2018 and expanded the service for same-day delivery in 2019. In January, the company introduced the Symphony medical alert system, which uses wearable devices to help caregivers monitor at-risk patients for falls, motion, and room temperature, while also providing a 24/7 personal emergency response capabilities.
Employee healthcare services company Goodrx Holdings Inc (NASDAQ:GDRX) announced in December that the company would be adding telehealth and prescription delivery services to the company’s membership savings program. Goodrx is an employee discount service that connects members with partnered healthcare services at reduced rates.
Digital health services like telehealth and online pharmacies are making healthcare more accessible, easier, and safer than ever before, and companies like Mednow (TSXV:MNOW) are setting up to be leaders in this emerging market.
Mednow will be hosting a webcast investor presentation on Tuesday, May 4, 2021 at 1pm ET. During the webcast, Karim Nassar, Chief Executive Officer, and Ali Reyhany, President, will provide a business update on Mednow’s national expansion and recent strategic milestones.
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