Advanced Health Intelligence Ltd (ASX: AHI) has signed a Letter of Intention (LOI) with UAE-Based e-script medicine management company Pharmak Pharmacy LLC (Pharmak Direct).
Dubai-based Pharmak Direct is a prominent stakeholder in the Middle Eastern e-script market, providing innovative digital home delivery prescription solutions for Health Insurance policy holders.
The company offers a comprehensive platform that enables payers, doctors, and patients to seamlessly manage prescription compliance, delivery and adherence electronically, enhancing the overall healthcare experience.
Pharmak represents a transformative shift in the prescription landscape with its e-script dispensing and packaging system (ESPS), enabling the company’s unique 3-minute e-script-to-packaged capability. By leveraging technology to digitise and streamline the end-to-end prescription process, Pharmak Direct enhances efficiency, accuracy, and patient safety, ultimately improving the overall healthcare experience.
Under the terms of the LOI, with the assistance of AHI, Pharmak will integrate the AHI Biometric Health Assessment (BHA), enhancing the e-script patient experience and facilitating cost-effective medication and health management solutions within the Pharmak Direct ESPS.
Once integrated, Pharmak is committed to delivering the e-script and screening solution to all current and future Pharmak partners. This is intended to seamlessly provide health data directly into the Pharmak ESPS, further providing Health insurers, government, and healthcare professionals with valuable insights into the patient’s overall health status.
The parties are targeting January 2024 as the initial launch of the combined solution and until such time AHI does not expect to see any revenue. Pharmak expects to achieve a minimum e-script order volume in 2024 of 100,000 e-scripts per month in the UAE and a further 100,000 e-scripts per month in Saudi Arabia.
Pharmak partners who utilise the transformative e-script screening solution will experience the remarkable advantages of enriched patient data, made possible through the integration of AHI technology.
The AHI capability is seamlessly incorporated within the comprehensive e-script package at no additional cost to the Pharmak valued partners. Upon completing the integration process, it has been agreed that AHI will receive 1.6% of the gross e-script value. This mutually beneficial arrangement ensures that Pharmak partners can harness the power of advanced patient data while fostering a sustainable ecosystem of innovation and collaboration.
AHI and Pharmak have agreed to enter into a definitive Master Services Agreement to set out the full terms and conditions of the partnership contemplated in the LOI within the next 90 days. The LOI will automatically terminate if a Master Services Agreement has not been executed or mutually extended by this time.
The average e-script value in the UAE is US$150.00; in Saudi, the average e-script value is US$93.40. By including the AHI screening in the e-script cost, AHI is not exposed to the utilisation risk within the process.
To further enhance the process, AHI intends to work with Pharmak to develop a medication management system within the AHI platform, which will deliver deeper value, partner retention and revenue to the partnership.
The partnership comes at a time when the MENA region is extremely vocal regarding its intention to invest heavily in the digitisation of healthcare and population screening. In Saudi alone, the Kingdom has allocated US$50.3 billion to healthcare and social development. Much of this budget is directed toward digital health initiatives to enhance accessibility, efficiency, and transparency within the healthcare system.
We are thrilled to announce the integration of our cutting-edge scanning technology with the Pharmak Direct e-script procurement system, marking a significant milestone in the evolution of our comprehensive health management ecosystem,” Vlado Bosanac, Head of Strategy at AHI, said.
“The integration will empower healthcare providers with real-time access to biometric data, revolutionising their decision-making process and enabling them to deliver personalised and precise medical advice, medication adjustments, and tailored lifestyle recommendations that cater to the unique health needs of each patient.”