MedPal shares rise on NHS pharmacy approval and trading performance
MedPal AI PLC on Monday said it received formal approval for an NHS contract and reported ‘strong’ trading performance for its artificial intelligence-driven wellness app and retail pharmacy website.
Shares in Medpal AI jumped 15% to 8.31 pence on Monday afternoon in London.
The London-based digital health and AI company focused on wellness management said the Norfolk and Waveney Integrated Care Board approved the change of ownership application on Tuesday last week.
The approval marks the official transfer of Universal’s NHS Distance Selling Pharmacy contract to MedPal Ltd, MedPal AI’s wholly owned subsidiary.
MedPal said that this approval represented the company’s first NHS contract, enabling it ‘to provide regulated NHS pharmaceutical services nationwide.’
Chief Executive Jason Drummond said: ‘We are delighted to announce the formal approval of our NHS contract from Norfolk and Waveney ICB. This milestone marks MedPal Ltd’s official entry into NHS pharmaceutical services and represents a significant validation of our operational capabilities.’
MedPal also provided an operational update for the period since its admission to trading on AIM on August 26.
The company noted that it had ‘already received orders’ for weight loss drugs through MedPal.clinic, an AI-driven pharmacy distribution website first targeting GLP-1 agonist treatments for weight loss.
MedPal said that, since its announcement of the acquisition on October 1, Medpal Ltd dispensed 14,757 prescriptions, each written at least at the current NHS prescription charge of £9.90 per item.
The company said: ‘This early uptake is beyond the board’s expectations and reflects growing consumer demand for accessible telehealth services combined with rapid medication fulfilment.’
Drummond added: ‘The strong trading performance since opening our distribution centre has exceeded our initial expectations, with nearly 15,000 prescription items dispensed in the 10 days of operation. This early momentum, combined with encouraging uptake of our private weight loss service, demonstrates the market appetite for our AI-enhanced, automated pharmacy model.
‘We remain focused on scaling our operations efficiently whilst maintaining the highest standards of patient safety and service quality. The combination of our NHS contract, state-of-the-art automated dispensing capabilities, and growing private telehealth services positions us well for sustainable growth in the rapidly evolving digital healthcare market.’
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