Medly’s digital pharmacy platform
The digital pharmacy segment, with $500bn according to Medly’s figures, has taken on a new impetus in the ongoing COVID-19 pandemic, with patients unwilling to venture into physical pharmacies and expose themselves to coronavirus.
Medly operates on a hybrid model, with physical pharmacies for walk-in patients alongside the company’s no-cost prescription delivery service delivering to homes from its physical locations. It also offers a mobile app allowing prescription management and consultation with pharmacists.
Medly’s implementation claims to have won it 15,000 providers and 50,000 patients for the platform, having delivered over 500,000 prescriptions.
Having been founded in 2017, the company has since had . Its latest , announced last week, saw the company raise $100mn from lead investors Volition Capital and Greycroft, alongside Lerer Hippeau and Horsley Bridge Partners.
In , Marg Patel, CEO and co-founder of Medly, said: “"We continue to improve patient care by empowering customers to access prescription drugs on their own terms through a potent combination of physical and digital pharmacy services. We are excited to continue to build on that vision by opening locations in new markets and forging meaningful, long-lasting relationships with patients, physicians, drug manufacturers, and insurance companies."
Medly said it would use the investment to expand the platform and the services it offers, as well as enter new markets.
"Digital and Internet-enabled services continue to disrupt every consumer category and the legacy healthcare industry is no exception," said Larry Cheng, Co-founder and Managing Partner at Volition Capital. "Medly is driving impressive results led by the founders' strategic decision making which has enabled strong customer traction and a competitive market position. We believe Medly's value proposition as an outcome-driven pharmacy will only continue to increase as more health systems transition to digital-based models of care."
Zoom enters the healthcare market - a timeline
Since the pandemic began Zoom has become an integral part of daily life for people working from home, as well as a vital tool for families and friends to communicate. However it's also been eyeing up the healthcare space since 2017, and following the boom in telehealth the company has been rolling out additional services. Here we chart Zoom's move into healthcare.
2011 - 2013
Zoom is founded in San Jose, California, by Eric Yuan, formerly of Cisco. He got the idea to create a video calling platform from his visits to his girlfriend while he was a student, which would take 10 hours by train.
A beta version is released in 2012, which can host up to 15 participants. In 2013 this rises to 25. By mid-2013, Zoom has 1 million users.
2014 - 2017
Zoom attracts investors, including Sequoia Capital, Emergence and Horizon Ventures. By January 2017, Zoom has a series D funding worth $100 million.
2017 - 2019
Zoom for Telehealth launches, including an integration with EHR system Epic. It has cloud-based video, audio, and content sharing features, a "waiting room" for patients, and can easily be integrated into healthcare provider's workflows.
In 2019 Zoom goes public, with its IPO rising 72% in one day.
As a result of the pandemic, Zoom gains 2.2 million new users, more than in the whole of 2019. On the 23rd of March alone - the day the UK lockdown was announced - the platform was downloaded 2.13 million times around the world.
Share prices rise to around $150, and founder and chief executive Eric Yuan becomes one of the world's richest people, with an estimated net worth of $7.9 billion.
Early security issues are addressed by encrypting data with the Advanced Encryption Standard (AES). By now the the platform allows 99 people to be on a call simultaneously
New features launch, including Zoom Home and Zoom for Chats. Throughout the year the platform is used to replace most kinds of real life events: work meetings, online classrooms, church services and social events.
Renamed Zoom for Healthcare, users can share secured video, audio, and content through desktops, mobile phones, and conference devices. As well as Epic, it can be integrated with Strmr, IntakeQ, and Practice Better.
It can also be used with diagnostic cameras and other point-of-care devices, including digital stethoscopes.
In an interview with Korea Biomedical Review, Zoom Global Healthcare Lead Ron Emerson said: "Our service is not simply a virtual care and telemedicine platform but a multi-purpose platform that can satisfy the needs of healthcare institutions."
"It can be used for administrative tasks, including telemedicine, medical team meetings, recruitment, medical education, employee training, and disease prevention. Analysing electronic records managed by Zoom could provide meaningful insights into patient care."
Phoenix Children's Hospital, Belfast's Hospital Services Limited, Butler Health Services and the global Project ECHO are among Zoom for Healthcare's current customers.