WELL Health Announces Strategic Minority Investment in Pillway
VANCOUVER, BC, Dec. 3, 2020 /CNW/ - WELL Health Technologies Corp. (TSX: WELL) ("WELL" or the "Company"), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce the following:
- WELL has acquired a minority interest in the equity of Simpill Health Group Inc. ("Pillway"), a full-service digital pharmacy that also provides e-prescription products and services
- Pillway is a modern-day digital pharmacy solution that is revolutionizing the traditional pharmacy model through the thoughtful use of technology; Pillway enhances the pharmacy experience through its e-prescription model that features free at-home medication delivery, adherence management tools and around-the-clock care.
- The $5 Million funding from WELL will allow Pillway to further enhance its platform and artificial intelligence (AI) offering for current users in Ontario, British Columbia and Alberta, and to expand its presence across the nation in 2021.
- WELL plans to add a new Pillway 'App' to its apps.health marketplace for integrated EMR Apps which will allow more than 10,000 doctors and other healthcare providers in over 2,000 clinics across Canada in WELL's OSCAR EMR network with access to Pillway's services.
WELL's $5 Million CAD minority investment in Pillway will be situated within WELL's Digital Health Apps ("Digital Apps") business unit which is focused on developing, investing in and unlocking opportunities associated with digital health applications or "Apps". WELL has entered into a strategic alliance agreement with Pillway to market and promote Pillway's e-prescription products and services throughout WELL's EMR network. A key and central component of the deal will be to fully integrate Pillway into WELL's OSCAR Pro EMR and to feature the App on WELL's apps.health marketplace in the coming months.
"We are excited to become a shareholder of Pillway who is reimagining the pharmacy experience into a digital one," said Hamed Shahbazi, Chairman and CEO of WELL. "We think the Pillway 'App' will be a big hit on apps.health with our network of OSCAR EMR clinics. This investment in Pillway is a continuation of WELL's efforts to democratize access to valuable healthcare services as the overarching goal of our Digital Apps business unit is to offer a broad array of patient facing Apps and capabilities that empower patients to better manage their health and seek the best care available."
Pillway is a full-service digital pharmacy with an innovative digital platform. Pillway's use of AI personalizes the interaction between consumers and pharmacists to enhance today's pharmacy experience. Pillway's mobile consumer App, which is available on both Apple and Android, allows patients to easily keep track of their medication consumption, upcoming medication schedule, communicate virtually with a Pillway pharmacist and receive automated alerts, reminders, and more. Furthermore, this alliance will facilitate virtual telehealth appointments with health practitioners which will allow users to renew and receive new prescriptions through the Pillway App and website.
"We are thrilled to receive an investment from WELL that provides Pillway access to a network of 2,000 clinics and 10,000 healthcare providers across Canada," said Lak Gill, CEO, Pillway. "By leveraging the WELL Health ecosystem and Pillway's digital capabilities, the alliance will enable our ability to expand on our current pharmacy full circle of care and provide individuals with an unmatched healthcare experience."
"30% of Canadians do not adhere to their medications as advised, resulting in increased hospital visits and healthcare costs," said Harv Mahil, Chief Pharmacist, Pillway. "Pillway's powerful adherence management solution can be a vital tool in combating non-adherence, specifically as it relates to chronic disease management."
WELL's CEO Hamed Shahbazi will join Simpill's board of directors. This collaboration enhances both Pillway and WELL Health's overarching mission and vision of providing a digitized full circle of care experience.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is an omni-channel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health. As such, WELL owns and operates 20 primary healthcare clinics, is Canada's third largest digital Electronic Medical Records (EMR) supplier serving over 2,000 medical clinics, operates a leading national telehealth service and is a provider of digital health, billing and cybersecurity related technology solutions. WELL is an acquisitive company that follows a disciplined and accretive capital allocation strategy. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and was recognized as a TSX Venture 50 Company three years in a row in 2018, 2019 and 2020. To access the Company's telehealth service, visit: tiahealth.com or virtualclinics.ca and for corporate information, visit: www.well.company.
About Pillway
Pillway, a full-service digital pharmacy company of Simpill Health Group Inc., offers best in class service for individuals that require prescription medication, with a specialized focus for those who manage multiple medications per day. Reimagining the pharmacy experience, Pillway is revolutionizing today's traditional model through the thoughtful use of technology. It is the first of its kind in Canada that offers personalized, around the clock care through the power of Artificial Intelligence. Pillway currently serves patients in Ontario, British Columbia and Alberta, with plans to expand its presence across the nation in 2021, offering the same full pharmacy services with free at-home delivery. Pillway is accredited by the Ontario College of Pharmacists and College of Pharmacists of British Columbia, and is accessible online at: pillway.com and via the Apple or Android app.
Notice Regarding Forward Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward looking statements in this news release include statements regarding: the plan to add a new Pillway "App" to WELL's apps.health marketplace; WELL's goal of the Digital Apps business unit is to offer a broad array of 'Apps' and capabilities to manage health and provide the best care available; and the expectation that the funding will allow Pillway to enhance its platform and expand into other jurisdictions. There are numerous risks and uncertainties that could cause actual results and WELL's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the primary healthcare and pharmacy sectors in general; (iii) changes in regulatory and legislative requirements; and (iv) risks that COVID-19 may adversely impact the ability of Pillway to continue operations at current business levels and/or achieve growth and (v) other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE WELL Health Technologies Corp.
For further information, Pardeep S. Sangha, VP Corporate Strategy and Investor Relations, [email protected], 604-572-6392
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