Telstra Health to fully acquire pharmacy tech company Fred IT
Telstra Health has announced that it will acquire the remaining 50% stake in Australian pharmacy technology solutions provider Fred IT.
The investment is the evolution of a 10-year joint venture partnership between both the organisations. Telstra Health purchased a 50% stake in Fred IT in 2013 and is purchasing the remaining stake from the Pharmacy Guild of Australia (Victoria Branch) and Fred IT co-founder and CEO Paul Naismith.
Fred IT’s services and solutions will continue as usual with Paul Naismith remaining as CEO along with the existing Fred IT team.
The investment is said to be the latest in a series of strategic partnerships for Telstra Health, which was established in 2013 and has grown to become Australia’s largest e-health business with a footprint across the health, aged care and social services sector, and the trusted partner of major health and aged care providers across the United Kingdom, Canada and the Middle East.
Telstra Health Managing Director Elizabeth Koff AM said, “Fred IT has been a market leader in the digital pharmacy space and is well positioned to benefit from the increasing shift towards digitisation of medication services that is underway across Australia.
“The acquisition presents opportunities for the long-term growth of Telstra Health in Australia, as well as creating opportunities for the business in leveraging our collective capabilities, expertise and technology as we identify further synergies to digitally connect health care.”
The Pharmacy Guild of Australia Victoria Branch President Anthony Tassone said, “The Pharmacy Guild is proud of our over 30-year involvement in Fred IT in partnership with Paul Naismith, and in the past decade with Telstra Health.
“Under Paul’s leadership Fred IT has built a strong legacy of advancing patient safety and innovation in primary care, particularly with electronic prescriptions. The company has an exciting future in further advancing digital health and providing greater connectivity across the health system to better deliver patient outcomes.”
Fred IT CEO Paul Naismith said, “The acquisition is the natural progression of a decade-long collaboration between Fred IT and Telstra Health, and will further enhance the products and services available to our customers and their patients.
“Pharmacy stands as a cornerstone within Australia’s healthcare industry, serving as a primary touchpoint for countless Australians. With Fred IT becoming wholly owned by the Telstra Health group, pharmacists are poised to more seamlessly integrate into the digital health landscape of the health and aged care sectors, empowered by an expanded scope of practice.”
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