Medical software developer MedAdvisor has had a healthy start to trading on the Australian share market following its reverse takeover of Exalt Resources.
Exalt shares last traded at 3.4 cents. Now, trading as MedAdvisor, they've risen about 50 per cent to 5.7 cents on Tuesday.
MedAdvisor raised $5 million in an initial public offer at three cents a share.
The company has developed a software program that, using smartphones, tablets or personal computers, helps people monitor their medication use.
With 280 million prescriptions issued in Australia each year and just 50 to 60 per cent of drugs used correctly, poor medication adherence is a costly problem. It also contributes to poor health and unnecessary hospitalisations.
The MedAdvisor software connects to a pharmacy, retrieves medication records and issues reminders to help people take their medicine properly and on time.
It also provides pharmacies and drug makers an opportunity to help people take medications as prescribed.
MedAdvisor says the software is used by a quarter of all Australian pharmacies.
It says it was also the most downloaded medication-related app in Apple and Android stores in Australia in 2014 and 2015, with more than 100,000 people using it to manage their medication.
Chief executive Robert Read says the next step, linking patients with GPs, should start from early 2016.
"We see that as being a very important milestone in our development, and we think that will be a massive enhancement to healthcare delivery," Mr Read told AAP.
Patients would no longer need to wait in the GP's waiting room just for a repeat prescription, and doctors would have more time to spend with people who really needed to see them, he said.
"There are a lot of circumstances where doctors are very comfortable to re-issue a repeat script to a patient without a consultation," Mr Read said.
"We think that having that functionality available in the app really enhances the concept of a medical `home' where you have your favourite pharmacy and GP, and together they have a full view of your medication and health history."
Pharmacies pay a monthly fee to offer the MedAdvisor service.
Drug makers pay MedAdvisor a fee to deliver messages to patients teaching them how to use their medication properly.
They can also advertise on the MedAdvisor platform.
