Medzy, a Montreal-based virtual pharmacy technology platform, has collected C$2.3 million in financing. The round was backed by TGIC2, Investissement Québec and other investors. The startup said it will use the funds raised to accelerate its growth across the Canadian market.
MONTREAL, Oct. 27, 2021 (GLOBE NEWSWIRE) — Medzy, Quebec’s first virtual pharmacy technology platform, has concluded a $2.3 million financing round in conjunction with its previous investors, as well as TGIC2, a private investment group, and Investissement Québec within the latter’s Impulsion PME program. The company intends to use the funds to accelerate its growth in the Canadian market.
“Medzy has demonstrated real demand for online pharmacy services,” said Sonia Boutin, a pharmacist and co-founder of Medzy. “More than 10,000 people took advantage of this new way of interacting with their pharmacist during the company’s first 18 months. The effectiveness of our business model is real. With the help of our new partners we intend to grow.”
MODERNIZING THE PHARMACY BUSINESS MODEL
With the traditional pharmacy model, customers are responsible for managing refills, for remembering to take medication, and for following up with their doctors for new prescriptions. However, a 2019 report noted that nearly 70% of patients do not take their medications as directed by the doctor. This can have health implications.
Medzy is changing the game by ensuring diligent therapeutic follow-up, based on an effective system of reminders and alerts, clear and personalized medication dosing, and continuous and completely confidential interactions between patients and their pharmacists. Pharmacists become proactive actors in the therapeutic process and patients see their lives greatly simplified, while benefitting from access to sustained expertise.
“Pharmacists want to interact more with patients,” says Boutin. “But they spend a large portion of their day doing administrative work. By automating pharmacy operations and facilitating interactions with customers, Medzy saves professionals precious time that enables them to take care of what is most important: the health of patients.”
Medzy has many projects in mind. These include the creation of an information “gateway” that enables stakeholders in patient health, such as doctors and pharmacists, to ensure, together, better therapeutic follow-up.
QUOTES FROM THE PARTNERS
“The automated Medzy platform enables pharmacists to free up their time so they can interact more with patients. This is exactly the kind of initiative that the government’s Impulsion PME program was designed to incentivize. We must help our companies to become more innovative and more efficient. This is what will propel Quebec into the new economy.”
– Lucie Lecours, Minister for the Economy
“The life sciences field is booming. We are proud to support Medzy’s plan to foster digital transformation in the pharmaceutical industry. The Impulsion PME program, enables Investissement Québec on behalf of the government to support young innovative companies with exceptional development potential in all regions of Quebec.”
– Guy LeBlanc, President and CEO of Investissement Québec
“We have concentrated our latest investments in health technologies, a promising sector in which we see very high growth potential. Medzy is proof that you can both create a technology that makes a difference and test it successfully in the market. ”
– Michel Noël, CA, CPA, member of Société en Commandite TGIC2
ABOUT IMPULSION PME
The Impulsion PME program, leverages its $50 million budget managed by Investissement Québec for the Government of Quebec, to help young innovative companies with high growth potential to gain access to investment capital at the seed stage.
Medzy is Quebec’s main telepharmacy platform and one of the largest in Canada. Founded in 2019, its highly secure technology enables affiliated pharmacists to provide personalized, efficient and accessible health care at all times. Medzy’s solution – of which it is the 100% owner – modernizes and redefines the traditional pharmacy experience.
Medzy is a female led company, with a predominantly female board of directors. These include well-known figures such Sophie Boulanger (BonLook) and Marie-Eve Prevost (MissFresh, Dovetail).
For more information and to download the app, visit www.medzy.ca.