Mednow acquires companies for liver and chronic care
December 22, 2021
TORONTO – Mednow Inc., Canada’s on-demand virtual pharmacy, is pleased to announce the company will acquire Liver Care Canada Inc., as well as London Pharmacare Inc. In the last fiscal year, the two companies being acquired generated an aggregate of $21.3 million in revenue and $2.1 million in gross profits from selling prescription medications and diagnostic services to its patients.
The acquisition of Liver Care Canada and London Pharmacare follows the purchase of InfusiCare and Medvisit earlier in 2021. The acquisition of these companies will expand Mednow’s offering of specialty pharmacy and clinical services in addition to those now offered by Mednow’s wholly-owned subsidiary InfusiCare Canada.
Liver Care Canada services over 20,000 patient visits per year virtually and in-person with over 10 hepatologists and gastroenterology specialists, a team of 12 specialty nurses, three of which are nurse practitioners, and boasts a history of treating over 5,000 Hepatitis C patients with curative treatments.
Liver Care Canada provides a holistic approach to liver disease management, starting with early detection and diagnostic services to direct access to treatments and supportive therapies such as weight loss and nutrition counseling. Liver Care Canada’s patient care team serves as a patient care concierge connecting patients to care based on individual needs and care plans. Their mobile clinics also travel across Canada to help patients with liver diseases.
“The share purchase agreements with Liver Care Canada and London Pharmacare further demonstrate the continuation of our acquisition strategy to continue to expand nationally and grow organically,” said Karim Nassar (pictured), CEO of Mednow. “Over the last ten months, since our initial public offering in March 2021, Mednow has continued on its growth trajectory by acquiring companies with aggregate revenue in their last fiscal year of approximately $33.6 million and $3.3 million in total gross profit, while building out a national, digital pharmacy.”
Mednow is focused on the future and believes that chronic disease management is an important aspect of its mission to lead the digital health evolution, combining its people-first approach with helpful technology, and redefining pharmacy’s role in holistic care.
The recent acquisition of InfusiCare Canada, also located in London, Ontario, offers immediate synergies to Mednow’s specialized assets, which now include rheumatology and hepatology.
“With virtual care and the ability to reach patients through Mednow’s platforms, I believe Liver Care Canada will be able to provide its services all over Canada and help more patients access care and receive their treatments safely, and efficiently,” said Karim Ragheb, president of the target companies.
It is estimated that one in ten, or more than three million Canadians, have some form of liver disease. 95% of deaths from liver disease are due to chronic hepatitis B and C, alcoholic liver disease, non-alcoholic fatty liver disease (NAFLD), and liver cancer.
According to recent studies, the projected number of NAFLD cases is expected to increase by 20% between 2019-2030. In 2020 hepatitis C medications accounted for the third-largest class of drug by a percentage of public drug spending
It is estimated that 250,000 Canadians are living with chronic hepatitis C, and as many as 44% are unaware of it. The cost of managing end-stage liver disease is significantly higher than the costs associated with the four most common cancers.
About Liver Care Canada
Liver Care Canada was founded in 2015 by a team of healthcare professionals with a goal to make services and treatments easily accessible to liver disease patients. With recent advances in therapies and diagnostics, liver disease patients can now be effectively treated outside the hospital system. Liver Care Canada’s CARE Teams are deployed according to the needs of each community in which they service. In major cities, where there is affordable public transit, they have full-service Liver Care Canada Centres. In many rural areas of Canada, where medical services are not easily accessible, Liver Care’s Mobile CARE Units travel to their patients. Each mobile healthcare facility is equipped with the latest technology and driven by a member of the CARE Team. This ensures that the medical services reach as far as possible. Liver Care Canada’s program improves patient outcomes through care coordination and navigation of available patient care support programs.
Mednow is a healthcare technology company offering virtual access with exceptional care. Designed with access and quality care in mind, Mednow.ca provides virtual pharmacy and telemedicine services, as well as doctor home visits, with convenience and through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, a user-friendly interface for easy upload, transfer, and refill of prescriptions, access to healthcare professionals through an intuitive chat experience, a specialized PillSmart system that packages prescriptions, and vitamins by date and time, and doctor consultations. To learn more, follow Mednow on LinkedIn, Twitter, Facebook and Instagram, or visit www.mednow.ca