Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Portea Medical has acquired specialty pharmaceutical distributor, Medybiz Pharma for an undisclosed amount in an all cash and stock deal.
The acquisition will help Portea further strengthen its patient engagement and provide better care for chronic disease patients in India.
Medybiz Pharma, one of India’s leading Pharmacy Benefits Manager (PBM), was incepted in 2009. . In the last six years, it has served more than two lakh patients and has provided prescription refill and therapy compliance support for super-speciality medicines.
Announcing the acquisition, Meena Ganesh, MD & CEO, Portea Medical said: “A structured and integrated approach enveloping awareness, monitoring and ongoing disease management is vital to tackle the battle India faces with chronic disease. While hospital-based treatments are important, continuing care delivered to patients at home is a key prong of effective treatment. Portea is already present across several chronic disease areas and with the acquisition of Medybiz, we are adding a vital and powerful specialized pharma arm to deliver better pharmacy care to patients with chronic conditions who have ongoing needs for medication.”
Bangalore-based Medybiz offers services like Speciality Pharma Support (Patient Assistance Programs or PAP) for pharmaceutical companies and Pharmacy Benefits Management (PBM) services as part of employee benefits programs. The company’s services cover Diabetes, Cardiology, Oncology, Osteoarthritis, Osteoporosis, Rheumatoid Arthririts, Teuberculosis and Neurology amongst others.
The company currently has 200 employees on its payroll and is present across 26 cities in 19 states in India.
Started in 2009, Portea Medical primarily focuses on general primary health care, post-hospitalization care, chronic disease management and other services like diagnostics and medical equipment on hire. The company currently handles 60000 plus home visits per month across 24 cities in India.
The company works with hospitals, insurance companies and individuals to provide a continuity of health care in a home-setting through doctors, nurses, physiotherapists and nursing attendants. It has 50 plus hospitals as partners and a network of referring physicians across India.
In September, Portea raised $37.5 Mn in its Series B round which was led by Accel Partners.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.