Saturday, July 20, 2024

Telstra Health to fully own pharma tech provider Fred IT -Dlight News

Telstra Health is set to fully acquire pharmacy IT solutions provider Fred IT Group. 

The company, which has been holding 50% interest in Fred IT since 2013, disclosed in a media release that it will be purchasing the remaining half of equity from the Victoria branch of the Pharmacy Guild of Australia and Paul Naismith, Fred IT co-founder and CEO. 

Upon the close of the transaction, Naismith will remain CEO, along with the existing Fred IT team. The pharma IT provider will continue developing solutions and offering services as usual. Fred IT, through eRx, has been providing the only national electronic prescription delivery service in Australia since last year.

THE LARGER TREND

Telstra Health has been making acquisitions and securing partnerships over the past few years to establish itself as a global digital health player. 

In 2021 alone, it signed deals to acquire practice management software provider MedicalDirector and Adelaide-based health tech provider PowerHealth.

Early this year, Telstra Health sold its messaging and eReferrals business to HealthLink to zero in on its connected health portfolio. Meanwhile, it recently partnered with Smile Digital Health from Canada to bring the latter’s FHIR interoperability solution to Australia and New Zealand. 

The company has also made key executive appointments in recent years to assist with its expansion activities. In 2022, it onboarded then NSW Health secretary Elizabeth Koff and former Cerner official Dr Monica Trujillo to serve as managing director and chief health officer, respectively. Farhoud Salimi, who was eHealth NSW’s executive director of service delivery, was recruited last year to become its CTO. Dr Janice Tan, a general practitioner, was appointed as clinical director of the company early this year.

ON THE RECORD

“The acquisition presents opportunities for the long-term growth of Telstra Health in Australia, as well as creating opportunities for the business in leveraging our collective capabilities, expertise, and technology as we identify further synergies to digitally connect health care,” said managing director Elizabeth Koff in a statement.

“Pharmacy stands as a cornerstone within Australia’s healthcare industry, serving as a primary touchpoint for countless Australians. With Fred IT becoming wholly owned by the Telstra Health Group, pharmacists are poised to more seamlessly integrate into the digital health landscape of the health and aged care sectors, empowered by an expanded scope of practice,” Fred IT CEO Paul Naismith also commented on the acquisition.

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