Traditum Private Equity in Leeds backs NHS-integrated pharmacy app Charac

The investment - Charac’s fourth successful funding round – follows the launch last month of the Government’s Pharmacy First scheme in England, which mandates that patients suffering from a range of ailments will be sent to local pharmacies in the first instance, with pharmacists allowed to prescribe medications that have typically been the preserve of GPs.

Charac’s app, which is integrated with the NHS, streamlines pharmacy operations onto a cloud-native platform specifically designed to relieve time pressure, increase efficiency and help drive the growth of independent pharmacies, as well as boost the take up of their services.

Pharmacists can manage repeat prescriptions, access patient records, create bookings and conduct consultations all via the Charac app.

Charac has already signed up 800 pharmacies with 36,000 patients in the UK. The number of patients using the app is forecast to rise to 100,000 by early 2024 and Charac is projected to capture around 30 per cent of the UK’s 12,000 pharmacies by 2026.

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Charac has previously secured significant financial support from key industry players, including ASX-listed MedAdvisor last November, the National Pharmacy Association and pharmacy owners in September 2023 and the Royal Mail in 2022.

Globally, Charac’s deal with MedAvisor enabled it to expand its capabilities across Australia/New Zealand and the US, making its app available to a far broader group of pharmacies internationally.

The independent pharmacy sector is facing significant challenges. According to The Company Chemists’ Association, since 2015 there has been a net loss of 1,055 pharmacies, with this financial year alone seeing a loss of over 300 pharmacies.

In the UK, apart from a falloff in Government funding, a significant factor behind this backdrop is that the independent pharmacy sector is lagging behind other areas of the economy with regard to digitialisation.

Santosh Sahu, founder and chief executive of Charac, said: “The investment from Traditum is an endorsement of our mission to transform independent pharmacies through digitising the sector.

"Our goal is ultimately about providing better primary care for communities and enabling healthcare professionals to do so more effectively. With this backing we are positioned to expand our international reach as well as our capabilities to enhance the quality of care our customers can provide to patients.”

David Mitchell, chief executive of Leeds-based Traditum, added: “Independent pharmacies are facing a real challenge. Charac’s technology will help to safeguard their future while at the same time helping them play a more active role in delivering services and relieving pressure on the NHS.”