The demand for this change is large and unmet. Pharmacy is a $47B market that is almost entirely served by bricks and mortar stores. The digital technologies that have transformed so many different industries will transform pharmacy too.
Currently, half of Canadians with chronic illness do not take medications as prescribed, and two-thirds of Canadians over 65 juggle more than three medications/day. Mednow’s virtual on-demand pharmacy solution addresses both challenges with an aim to vastly improve adherence.
Mednow customers have access to telemedicine virtual care that is private and secure. Without leaving the comfort of home, customers are connected to healthcare professionals for a diagnosis and prescription. Through strategically placed fulfillment centres throughout Canada, Mednow’s proprietary PillSmart system receives and processes prescriptions which are organized and placed in pouches that are clearly labelled to include the name of the medication with instructions on when (day/time) to take them. Mednow then delivers the prescriptions to the customer’s location (home/office) on the same day of order (or next day), free of charge.
The PillSmart system also determines when a customer’s prescription requires a refill, which is processed automatically before existing supply runs out. The medication is then delivered without the customer having to re-order individual prescriptions.
Mednow is a first mover creating a digital ecosystem that combines telemedicine, pharmacy and a broad spectrum of services. The company’s founders, management and Board have pharmacy and medical domain expertise, are experienced technologists and have a track record of success managing and growing publicly traded companies.
Overview
Funding Rounds 2
| Date | Series | Amount | Investors |
| Sign up to see | Sign up to see | Sign up to see | Sign up to see |
| Jul 17, 2020 | Funding round | $6.5M |
Mentions in press and media 6
| Date | Title | Description |
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| May 4, 2021 | Technology Companies Find Opportunity as Healthcare Goes Digital | NEW YORK, May 4, 2021 /PRNewswire/ -- From telecommuting with medical professionals to filling and paying for prescriptions online through digital pharmacies, digital health services are exploding for their convenience and accessibility, pa... |
| May 4, 2021 | Technology Companies Find Opportunity as Healthcare Goes Digital | FN Media Group Presents Microsmallcap.com Market Commentary NEW YORK, May 4, 2021 /PRNewswire/ -- From telecommuting with medical professionals to filling and paying for prescriptions online through digital pharmacies, digital health servic... |
| Mar 5, 2021 | Mednow closes $37 million IPO as it’s set to list on TSXV | Toronto-based healthtech startup Mednow has closed its initial public offering, raising approximately $37 million CAD at a price of $6.75 per share. The company is expected to begin trading on the TSX Venture Exchange (TSXV) on March 9. Med... |
| Jul 23, 2020 | Mednow.ca raises CAD 6.5M to connect Canadians with pharmacies virtually | |
| Jul 17, 2020 | Mednow.ca raises $6.5 million to connect Canadians with pharmacies virtually | Toronto-based Mednow.ca, a virtual care and pharmacy tech startup that launched earlier this year, has raised a $6.5 million CAD seed round. This represents Mednow.ca’s first round of external fundraising. “The soft launch has proved market... |
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FAQ about Mednow.ca
When was Mednow.ca founded?
Mednow.ca was founded in 2019.
How much funding has Mednow.ca raised?
Mednow.ca has raised $43.5M in total across 2 funding rounds.
What funding rounds has Mednow.ca raised?
Parsers VC lists 2 funding rounds of Mednow.ca, among them a funding round of $6.5M on Jul 17, 2020.
What has the press written about Mednow.ca?
Parsers VC has collected 6 articles mentioning Mednow.ca, among them “Technology Companies Find Opportunity as Healthcare Goes Digital” (May 4, 2021) and “Technology Companies Find Opportunity as Healthcare Goes Digital” (May 4, 2021).
Is Mednow.ca still active?
Yes, Mednow.ca is active; its latest activity on Parsers VC dates from Jul 26, 2021.