Australian Pharmaceutical Industries (API), a wholly-owned subsidiary of Wesfarmers Limited since March 2022, is buying local telehealth business InstantScripts for A$135 million ($91 million).
InstantScripts will become part of the Wesfarmers Health division, which has increased its focus on digital health since it formed in March 2022.
Founded in 2018, InstantScripts is an online health clinic offering a range of digital services, including telehealth consultations, online prescriptions, medical certificates, blood test requests, health management plans and specialist referrals. The company also operates InstantCosmetics, which provides prescribing services and offers injectable products to cosmetic clinics. To date, it has around one million registered user accounts and more than 2,500 pharmacy partners.
API is one of Australia’s leading pharmaceutical distributors and fastest growing health and beauty retailers. API is the parent company of Priceline Pharmacy, Soul Pattinson Chemist and Pharmacist Advice. According to its 2021 annual report, API’s annual revenue was $4 billion in 2021.
According to data captured in the LevinPro HC database, this acquisition represents the 130th eHealth transaction of 2023, including 27 in the telehealth specialty. There were 187 eHealth and 28 telehealth deals announced between January 1, 2022, and June 14, 2022.
