MEDADVISOR Solutions (MDR) has announced a strategic investment and collaboration agreement with Charac Limited UK, an omnichannel solution that helps pharmacy businesses streamline their operations into a unified, cloud-native platform that integrates into the National Health Service.

The agreement includes a 1m (A$1.9m) investment in Charac over a nine-month period which will result in MedAdvisor gaining up to a 7.4% strategic share holding.

In addition, the investment will also result in MedAdvisor closing its UK operations as it transitions customers to the Charac platform, with the company suggesting an annualised saving of up to $800,000 as a result, but it will also incur one-time costs of $300,000.

Charac has agreements with around 450 pharmacies in the UK, and according to a release from MedAdvisor, expects an additional 500 in the near future.

Previous financial support for Charac has come from the likes of Royal Mail and the National Pharmacy Association.

Rick Ratliff, CEO of MedAdvisor Solutions said, “both companies share a common focus on pharmacy-enabled patient engagement and are dedicated to supporting pharmacies as their role in the healthcare delivery system evolves”.

“This strategic move reinforces our commitment to the UK market and aligns with our vision of creating a global impact in pharmacy-enabled patient engagement.”

Meanwhile, MedAdvisor has advised that its H1 FY24 group operating revenue is expected to increase by 10-15% on the previous corresponding period (pcp) thanks to growth across the Australian and US market.

The momentum is largely due to the US business with Q1 momentum expected to continue into Q2, providing projected revenue exceeding expectation by around 90%.

The Australian side of the business is also expected to deliver positive results with an increase of over 15% on the pcp, thanks in part to the Guildlink integration. DF