Technologically enabled virtual pharmacy start-up, ZOOM Health has launched a public capital offer of up to NZ$3m through private equity marketplace Snowball Effect to help rapidly grow the business.
Founded in 2017 by Managing Director David Taylor (ex-Radiant Health MD), ZOOM Health is dubbed the ‘Uber Eats’ of prescriptions, delivering medicines direct to your door. In collaboration with its associated company ZOOM Pharmacy, (which provides a pharmacy service directly to patients), ZOOM Health is designed for all patients, especially those that take four or more medicines each day, and those who may find it difficult to get to a physical pharmacy regularly.
David Taylor says that whilst COVID-19 increased the need for direct to door prescription medicine deliveries, the demand was already high before the pandemic hit, particularly amongst low socio-economic communities.
“One of the biggest challenges facing the medical industry is how well patients take their prescribed medication, otherwise known as medicine adherence. Approximately a third of people do not pick up their medicine from a pharmacy, and those that do, a third of them do not take them properly.
“Whilst I’ve worked in this industry for a long time, there’s been little to no innovation in the prescribing and dispensing of medicines in New Zealand. We saw an opportunity to provide a medicine adherence service that was more convenient and efficient for all patients by literally bringing the pharmacy to them, this is how ZOOM was born.
“Patients are at the heart of everything we do. We’re committed to getting people to take their prescribed medicines correctly and regularly, to avoid increased health complications, fewer hospital admissions and costs to our healthcare system, by utilising the latest technology to improve patient outcomes,” concludes Taylor.
ZOOM Health is seeking to raise capital to fund its growth strategy and scale up its operation. This includes enabling the health IT company to increase scale in the New Zealand market and explore plans to expand to Australia, and further abroad.
ZOOM Health’s success to date includes contracts with 10 large District Health Boards (DHBs) and a 95 percent customer retention rate after six months of using the service.
Snowball Effect co-founder and CEO Simeon Burnett says there is significant market interest in the ZOOM investment opportunity.
“We have seen offshore that the online pharmacy sector has grown significantly, led by companies such as PillPack (which was acquired by Amazon), who have also developed an online patient centred (rather than pharmacy centred) healthcare service. ZOOM has been able to demonstrate the kind of growth which certainly makes it an interesting investment option for investors who wish to get exposure to this space,” adds Burnett.