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Nothing awkward about health fund snapping up $4m stake in tech firm

Business

A Brisbane tech company’s strategy to take the awkward out of buying pharmaceuticals has won a $4 million investment from nib, less than a year after the launch of its platform.

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Midnight Health steps into the market when a consumer wants something like the contraceptive pill or the morning-after pill, chief executive and founder Nic Blair said. 

“There are certainly some examples where the on-line solution is creating an opportunity to acquire these treatments without having to go through the awkward or embarrassing experiences,’’ Blair said.

The morning-after pill delivery service was an example of instances “where women have had terrible experiences of going into the pharmacy to obtain the morning after pill’’.

Consumers still need to go through the normal pharmacy checks.

A separate platform for men, Stagger, was launched in August making available treatments for hair loss, erectile dysfunction and other sensitive issues.

Blair said the investment from nib would allow the company to build up resources but it would also give it access to the health insurer’s 1.4 million customers. That gave nib a 50 per cent stake in the business.

The two platforms have about 7000 consumers and 30 to 40 per cent are repeat customers, according to Blair.

“What that means is not only capturing those 7000 customers in the first place but a large portion are coming back because they are getting repeat scripts for things like the contraceptive pill,’’ he said. 

“There’s definitely an element of that (avoiding awkward experiences) in the products we provide now, but longer term – and part of the reason of getting a capital injection – was that we want to build a single platform to manage health care.

“We are looking to continually expand the treatments we are offering and integrating other things like pathology referrals and radiology and appointments for specialists.’’

And while the business was skewed to younger people there were plans to broaden that with products for older consumers.

Next month, it would also include products for which a customer already has an e-script.

Blair previously founded a digital marketing company Search Factory, which was sold off in 2019.

 

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