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Online pharmacy group completes ‘hugely significant’ deal

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Online pharmacy group completes ‘hugely significant’ deal

An online pharmacy based in Glasgow has completed a deal to buy the UK arm of US digital healthcare company Truepill in what one insider described as “a hugely significant moment in the evolution of digital healthcare” in Britain.

Phlo Technologies paid an undisclosed amount for California-headquartered online prescription business Truepill after recently raising £10 million in venture capital financing to expand its reach across the UK.

The deal sees Phlo acquire Truepill’s partnerships with some of the most notable digital healthcare providers including contraceptive support platform The Lowdown, contraception and intimate care business Hanx, metabolic health companies Levels and Veri and gynaecological health outfit Daye.

As part of the deal, Phlo will also acquire Truepill UK’s NHS patient base and prescribing technology and will eventually be able to prescribe, dispense and deliver medicines to patients who use their platform. As a result of the acquisition, Phlo will expand its UK footprint, establishing a same-day medicines delivery service in Manchester to add to its presence in London and Birmingham.

Phlo’s founder and chief executive Nadeem Sarwar said: “We’re delighted that this market consolidation will enable further improvements to the excellent service that Phlo offers to patients and partners, and also allow us to extend that service by welcoming new patients and partners across the country.”

Sarwar said its fundraising efforts had put Phlo “in a stronger position than ever to lead digital transformation in the pharmacy sector and to play a pivotal role in improving health outcomes in the UK.”

 

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