Wellgistics Health, Inc. (NASDAQ:WGRX), a holding company for healthcare technology and pharmaceutical services with a market capitalization of $223.36 million, announced its acquisition of Peek Healthcare Technologies, Inc., the operator of the Peek Meds Marketplace. This digital platform provides consumers with real-time prescription pricing transparency to aid in informed medication purchasing decisions.
The acquisition, announced today, aims to enhance Wellgistics Health’s digital healthcare ecosystem and further its commitment to creating an affordable, patient-centered prescription experience. According to Brian Norton, CEO of Wellgistics Health, the integration of Peek’s platform with their technology stack will bring a comprehensive suite of solutions to the market, potentially reducing prescription costs for stakeholders.
Peek’s growth potential is underscored by forecasts indicating a 40% increase in U.S. retail prescription drug spending over the next decade. Regulatory developments like the Consolidated Appropriations Act of 2021, which mandates drug price transparency, are expected to drive consumer adoption of prescription shopping platforms. While Wellgistics Health has shown strong momentum with a 12.86% price return over the past six months, challenges include a modest 9.75% gross profit margin and negative EBITDA of $5.03 million in the last twelve months.
In addition to the marketplace, Peek offers a consulting division that aids drug manufacturers with market access, branding, and commercialization. The acquisition by Wellgistics Health will add trade, distribution, and pharmacy services to this suite, promising a more integrated commercialization service for pharmaceutical manufacturers.
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