McKesson UK has bought London, England-based Echo, a medication management company, according to a news release.
Financial terms of the deal were not disclosed.
Here’s how Echo’s approach works: Through its app, patients enter their medication information and the name of their National Health Service physician. After the prescription is approved by their doctor, Echo sends it for free via mail. The app also reminds patients when to take their medication, when to reorder and when to check in with their physician.
The ultimate goal is to remove barriers to medication adherence.
The company was founded in 2015 by Sai Lakshmi and Stephen Bourke. Lakshmi, who previously worked for Apple, stepped down as Echo CEO in 2018, according to TechCrunch. Bourke, who is Echo’s chief strategy officer, formerly served as a manager at LloydsPharmacy’s online doctor service. LloydsPharmacy is a British pharmacy company that’s part of McKesson UK.
Echo’s current CEO is Roger Hassan, who previously worked for meal kit company HelloFresh.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The London startup currently employs a total of about 85 individuals and has received funding from investors like White Star Capital, MMC Ventures, Global Founders Capital and Hambro Perks, among others.
In the news release, McKesson UK said that the acquisition is part of its digital health strategy, which focuses on providing convenient ways for customers to manage their health online.
“We know that our customers are always looking for ways to make their lives easier by managing more things online,” said McKesson UK chief digital officer Catherine McDermott in a statement. “That’s why growing our digital capabilities is one of our top priorities. Our goal is to develop innovative technologies that enable us to better serve our customers and patients by providing them with added choice and convenience.”
Photo: Martin Barraud, Getty Images
