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New York, NY – March 16, 2022 – In the first year of the pandemic, telemedicine visits at key Medicaid providers increased by 2000%, according to a new survey by Health Net. Indeed, telehealth visits went from just 2% pre-pandemic up to 45% at the end of the first year of the crisis, marking a 20X increase. The growth in telemedicine is largely propelled by COVID-19, as patients seek out virtual care for preventive care, health screenings, health education, and mental health. And it appears that this trend may be here to stay as usage has remained stable and continued to grow. Companies like Mednow Inc. (TSXV:MNOW) (OTCQB:MDNWF), WELL Health Technologies Corp. (TSX:WELL) (OTCPK:WLYYF), 1Life Healthcare Inc. (NASDAQ:ONEM), Doximity Inc. (NASDAQ:DOCS), and Talkspace Inc. (NASDAQ:TALK) are some of the companies that have grown along with this industry. These companies have continued to expand as a result, and opened new locations, expanded services to new service areas, and found that people are more receptive than ever to receiving care virtually.
Canada’s on-demand virtual pharmacy Mednow Inc. (TSXV:MNOW) (OTCQB:MDNWF), which is focused on making healthcare more convenient and accessible for everyone, has continued to hit new milestones during the pandemic. In Q1 2022, Mednow reported revenue of C$570,000, approximately a 375% increase quarter-over-quarter and a gross margin of approximately 46%. The company also saw its total number of patients increase by 50% to 20,000 QoQ.
On March 16, Mednow announced the launch of Total Health by Mednow. Total Health will deliver science and evidence-based personalized supplement plans to consumers to help them achieve improved health, for preventative purposes, or as support with pharmacological treatments. People are taking more supplements than ever, and the global dietary supplements market, which was valued at US$151.9B in 2021, is expected to grow at a CAGR of 8.9% from 2022 to 2030.
Total Health provides a tailored total vitamin and supplement plan, built by Mednow’s in-house nutritionist and supplement expert. This may help Mednow capture patients through nutraceutical services, who may not be taking prescription medication, or would prefer to supplement prescription medication with nutraceuticals and supplements.
Mednow, which operates in British Columbia, Ontario and Nova Scotia also received its final approval from the Ontario College of Pharmacists for its new flagship fulfillment center in Toronto. Subject to receiving all necessary approvals and fulfilling the necessary requirements, Mednow plans to launch its Manitoba and Quebec fulfillment centres in April 2022 and its Alberta fulfillment center summer 2022.
Mednow is pursuing its expansion strategy throughout Canada, and announced that it has entered into an agreement to acquire Mednow East Inc. (“Mednow East”) in Ontario. Mednow East provides online pharmacies for prescription delivery throughout Ontario. Mednow East has its corporate headquarters in Toronto and employs the Mednow marketing and technology platform for lead generation, prescription fulfillment, and customer service according to a pharmacy agreement dated September 15, 2020, as amended October 30, 2020 between Mednow and Mednow East. The completion of the acquisition is subject to the fulfillment or waiver of all closing conditions and receipt of all corporate and regulatory approvals, including TSX Venture Exchange approval.
Upon completion, this acquisition is anticipated to help Mednow in its mission to build out a national pharmacy footprint. The acquisition will allow Mednow to own 100% of a pharmacy in Ontario, giving Mednow the capacity to provide free same-day pharmaceutical delivery services in the Greater Toronto Area (GTA) and completely free next-day delivery for the rest of the province of Ontario.
For more information on Mednow, Inc. (TSXV:MNOW) (OTCQB:MDNWF), please visit this link.
Telehealth’s Rise and Growth
The telehealth industry is growing rapidly thanks to rising adoption and increasing startups funding and is expected to grow at a CAGR of 32.1% to reach US$638.38 billion by 2028. WELL Health Technologies Corp. (TSX:WELL) (OTC:WLYYF), shared an update on its Patient Engagement Platform and eReferral Program, Ocean. CognisantMD’s Ocean Platform currently exceeds 2,000 active clinics, representing an increase of 700 clinics year-over-year, and continues to expand with 10+ current integrations.
1Life Healthcare Inc. (NASDAQ:ONEM), a membership-based and technology-powered primary care platform, also announced results from its Fourth Quarter and full-year 2021 on February 23, 2022. The end of 2021 saw a 1Life membership count of 736,000, up 34% YoY., with consumer and enterprise membership count at 703,000 and at-risk membership at 33,000. Net revenue was reported to $623.3 million, 64% higher YoY.
Doximity Inc. (NASDAQ:DOCS) recently published a new report revealing the continued growth of telemedicine, with a majority of patients planning to use virtual care post-pandemic. According to the company’s second edition of its State of Telemedicine Report, over 73% of patients said they would use telemedicine after the epidemic and nearly 60% of patients prefer mobile devices for telemedicine; and physicians are using telemedicine widely across age, gender, and location. Doximity is the leading digital platform for US medical professionals.
Talkspace Inc. (NASDAQ:TALK) is a virtual behavioral healthcare company enabled by a purpose-built technology platform. The company recently participated in Cowen’s 42nd Annual Health Care Conference, which included a fireside chat. The discussion touched on telehealth, online therapy, and other topics related to the growing telehealth industry and treatment.
The telehealth industry is growing and evolving, and research shows that patients and care providers are increasingly expecting, and preferring for their pharmaceutical services to be virtual. Mednow Inc. (TSXV:MNOW) (OTCQB:MDNWF) and its peers are working to continue expanding across North America, enabling them to deliver more telehealth services to more people.
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