Memed – Brazil's rapidly rising and largest digital well-being firm has raised US$80 million in the previous year. Recently it has launched a set of digitally integrated care platforms. It’s a brand new strategy carried out by its CEO Joel Rennó Jr. Memed.
The most interesting fact is that approximately 65 percent of the funds generated will be used to improve product information, analytics, and medical intelligence provided to physicians, healthcare retailers, clinics and more. In addition, this platform will allow patients to buy therapy online from a Memed e-prescription with just a few clicks. As the news broke, the new strategy gained significantly more traction.
"In a fragmented market, we've established true digital bridges combining all personas across the value-chain to support convenient, speedy, and economical medical adherence by patients. The first product in this category was the exam platform, which allows patients to make online appointments for medical tests directly from Memed's e-prescription. Our physicians and trusted partners, such as insurance companies and health plan operators, deserve to know whether a given patient is performing the correct set of exams that were prescribed - our platform allows for online scheduling of such exams and drastically reduces no-shows for clinics and laboratories.”
About the new venture, CEO Joel Rennó Jr
The medication platform was the second strategic product recently launched as Memed had massive e-prescription volumes, which jumped from 2.9 million in 2018 to 29 million in 2021. With this launch, it built a reputation for itself in terms of technology and brand recognition.
Today, the platform functions as a real 3P marketplace, which Memed designed while keeping the user experience aspect. The pharmaceutical platform has already attracted six of the top ten pharma retailers in Brazil and nearly all of the digital native pharma e-commerces. This verifies Memed's strategy and highlights the unrivaled value of its scale.
Joel Rennó Jr. adds, "Imagine receiving an e-prescription from your doctor, opening it on your smartphone, clicking on a link that automatically takes you to an open platform featuring a wide range of the best pharmacies in Brazil. Then you purchase your medication online and have it delivered to your home 30 minutes later with just two clicks. That is what we have created to help our partners, physicians, patients, and pharmaceutical stores.”
Memed presently has a market share of more than 80% in e-prescriptions. However, despite the increased growth, the industry is still in its early stages regarding e-prescriptions, which account for less than 10% of total medical prescriptions issued in Brazil each year.