Brazilian healthtech Memed launches innovative platform to deliver the best care directly from the e-prescription

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May 16, 2022, 09:21 ET

Well known for its leading position in e-prescriptions in Brazil, Memed invests in technology and products that integrate the healthcare value-chain by seamlessly connecting physicians, patients, pharmaceutical retailers & industries and clinics

SÃO PAULO, May 16, 2022 /PRNewswire/ -- Memed - Brazil's fastest growing and largest digital health company in terms of user base, volumes & partnerships - has raised US$80 million in the past twelve months and recently launched a set of digitally integrated care pathways as a result of a new strategy implemented by its CEO Joel Rennó Jr. Memed is backed by DNA Capital, the leading healthcare investor in Brazil, and Temasek. About 65% of the proceeds raised are being efficiently allocated to boost technology, product, data science, analytics and clinical intelligence. The new strategy now gains even more momentum with the first platform ever that allows patients to purchase medication online directly from a Memed e-prescription with just a few clicks.

"In a fragmented market, we've built real digital bridges integrating all personas within the value-chain to promote rapid, convenient and affordable medical adherence by patients", explains CEO Joel Rennó Jr. The first product in this regard was the exams' platform, which enables any patient to schedule online appointments for medical tests straight from Memed's e-prescription. "Our physicians and trusted partners, such as insurance companies and health plan operators, deserve to have visibility as to whether a given patient is actually doing the correct set of exams that were prescribed - our platform not only allows for the online scheduling of such exams but also drastically reduces no-shows for clinics and laboratories", says Joel Rennó Jr.

As Memed had a massive nine-fold increase in terms of e-prescription volumes, jumping from 2.9 million in 2018 to 29 million in 2021, and also built a reputation for itself in terms of technology and brand recognition, the second strategic product that has recently been launched was the medications' platform. The platform operates as a true 3P marketplace in which Memed controls the neatly designed user experience and sellers provide a wide array of sortiment and take care of logistics. The medications' platform has already attracted the largest pharma retailers in Brazil - 6 out of the top 10 - and essentially all of the digital native pharma e-commerces. That validates Memed's strategy and reinforces the unparalleled value of its scale.

"Imagine how wonderful would be to receive an e-prescription from your physician, open it up on your smartphone, click on a link that automatically takes you to an open platform featuring a whole range of the best pharmacies in Brazil and, with just 2 clicks, purchase your medication online and have it delivered to your home 30 minutes later? That's what we have built to the benefit of our physicians, partners, patients and pharma retailers" adds Joel Rennó Jr.

Based on public data disclosed by other companies, Memed currently has a market share in excess of 80% in e-prescriptions - however, the segment is still in its early innings despite the accelerated growth, once e-prescriptions in Brazil represent less than 10% of the total medical prescriptions issued every year.

Another key attribute of Memed's medications' platform is the solution to a long-standing healthcare issue in Brazil: sanitary and regulatory control. That is because, after the sale of a medication, the pharmacy needs to register that transaction and eliminate that medication from its inventory management system, notably for controlled substances. Through Memed's proprietary technology available to over 80 thousand points-of-sale in Brazil, any medication is automatically registered and eliminated upon its sale and the e-prescription is immediately expired. This prevents frauds and abuse of medical prescriptions and allows complete traceability for sanitary auditing purposes.

About Memed

Memed's mission is to make access to healthcare more efficient and human by building innovative technology and products that connect physicians, patients and all other stakeholders in a simple and safe way. Memed has become the standard of reference in e-prescriptions, positively impacting the lives of millions of Brazilians.

Memed serves more than 300 healthcare organizations across Brazil. It is used by about 150,000 physicians and has generated 29 million e-prescriptions in 2021, benefiting 20 million lives. The company also supports environmental preservation by saving tons of paper that would have been used with conventional prescriptions, paving the way for the construction of truly sustainable solutions within the healthcare ecosystem.

SOURCE Memed