RICH TV LIVE: Karim Nassar, CEO of Mednow Inc. (TSXV:MNOW) – RICH TV LIVE – May 12, 2021 – Pharmacy license application filed for Halifax-region fulfillment center
Rich picks daily is an online community for traders to exchange smart straightforward and profitable investment ideas and join us today at richpixdaily.com subscribe to us on youtube to learn useful stock trading secrets and discover the next 10 bagger hi how’s everybody doing today i am your host rich here on behalf of rich tv live with our very special
Guest kareem nassar the ceo of med now how you doing today kareem i’m doing great rich thanks so much for having me thank you for joining us very excited to speak to you today and why don’t we get right started with some of the questions i have for you med now is a health care company that offers an all-in-one virtual on-demand pharmacy the first of its kind
In canada can you tell us more about the services the company offers absolutely so we are building an online healthcare company that’s anchored in pharmacy today we’ve got an established offering in pharmacy in ontario and british columbia through med now pharmacy what that means is anyone can in these provinces reach a pharmacist right through our app get
Same-day delivery if they are in greater toronto area or greater vancouver area for all of their pharmacy needs and we’re looking to expand that to a national offering very quickly where we are available in all major canadian cities doing that and then finally what we’ve really created is a way for you to manage all of your prescriptions and your medication
Through this app so if you need the refill it can be done through there you want to look at your medication profile can be done there so all about creating extremely convenient and accessible pharmacy care today and then we’re building out our offering to include other services like telemedicine as well as being national very very soon wow that’s really
Exciting the company is well positioned in a relatively untapped market can you tell us more about the opportunities within the virtual pharmacy sector what sets med now apart from the competition things that we’re very excited about is the size of the market that we’re after this is a 50 billion dollar market that’s totally untapped in the kind of model
Of the pharmacy that we’re doing which is online delivery based instead today that’s mostly split up amongst about 10 000 stores or pharmacies across the country coast to coast and each of these are brick and mortars they’re chasing local business so we’re coming in to disrupt that feeding off of a trend that already existed uh which is all around getting
Everything on demand tech powered you know ubereats has done amazing with restaurants and how it literally your dinner gets delivered whatever you want uh it’s same thing with hailing cabs right through your app so we’re doing the same thing for healthcare the last year with the pandemic coming in while we were building out on the outset to say like we want
To create this digital channel to pharmacy when we recognize the trends that was already there to going digital cove it literally just sped up the adoption of all people to go into a virtual healthcare mode so what would have normally taken years because healthcare kind of moves a bit slow now has been sped up and in the matter of month people are all going
Virtually for their healthcare needs so we were perfectly positioned timing wise now really well funded to go and capitalize on that trend and what we are really hoping to do today is to continue to build this national expansion at service offices like telemedicine and what’s unique about our business compared to the competitors to answer your second question
Is our obsession with customer service and recognition of digital channel being a really good way to do pharmacy and to do healthcare has really been uh reinforced with the experience that we’re coming in with co-founders that are built pharmacy businesses that are already earning more than 200 million dollars in revenue we’ve got technology expertise and
Logistics expertise and we’re building it together in a way where kind of where the market wants to go which is the online channel versus the brick and mortar which as you may know has become a little bit more challenging in the times that we live in with social distancing and physical so it’s just literally a bit of a perfect storm that arrived but we had
Everything ready and we’re continuing to capitalize on the trends that are existing in the market yeah you guys are in the right place at the right time can you describe what a typical experience that med now would look like for a first-time user well rich imagine one day uh you know you need a prescription and you’re at home you recognize that you’re busy
With something else you can’t make it out to the pharmacy so instead of having to figure out how to plan that you take your phone out you go to our app take a picture of that prescription or even the empty vial that’s sitting on your desk and that prescription now will go get uh fulfilled it met now pharmacy if you need to see a doctor first we can arrange
For that a few hours later same day the prescription arrives to your door for free and it totally transforms the day that you would have had otherwise which would have been trying to plan that pharmacy visit and going there and waiting until it gets picked up and so forth so it’s all about convenience what we know uh today in in what we’ve seen early customer
Experience is that convenience is so profoundly important for our customers that if you just go to google and see the reviews there on medanow.ca it will be very obvious to you why this is really a game changer when it comes to pharmacy who is your target audience and how will your products and services improve their day-to-day life everyone needs pharmacy it’s
One of those things where you know we have really developed as a medical technology amazing medication to solve almost every problem in healthcare but primarily the customers that we’re really after are ones that are in need of constant support they’re taking multiple medications you know some people will take up to ten medications uh at any one point in time
So they need a lot of help in organizing how do i take these medications on time and appropriately so we’ve got offerings like pill smart which is a compliance packaging a service offering that we do which allows you to be able to literally have all your medications sorted in little pouches and you know exactly what you’re taking and when that’s that’s a key
Target customer for us but we also know that there are a lot of household managers that are very busy taking care of matters like groceries the kids and so forth also they don’t have a lot of time to dedicate to going anywhere when it comes to their health care so the same way they’re using telemedicine they need that support from pharmacy virtually so we’ll
Be able to provision that and then lastly there’s a segment of millennials and and people that are taking care of their parents and those individuals again they’re so used to going online for everything that it just makes sense to have pharmacy as well and virtual healthcare so by having that facility for them and for their elderly parents that need that support
We really would be covering a lot of the key targets for us but as i said it’s a really important need for a lot of people to have good pharmacy support but these are the three key uh targets that we’re after fantastic now telemedicine i love telemedicine is another area med now is expanding within can you tell us more about your telehealth services and how
They fit in with the company’s objectives absolutely so one of the things that we know is extremely important in healthcare is what’s the patient experience or what’s the client experience so we’ve focused a tremendous amount of making sure that med now pharmacy has ultimately one of some of the best experiences you can have going to a virtual pharmacy we
Recognize the value of doing that as well with telemedicine so instead of today where there’s telemedicine provisioned by another party and then pharmacies being fulfilled by us we want to bring it all in-house and really have diagnosis all the way to delivery available and we’re managing the customer experience throughout the process and making sure that it’s
Kind of consistent and coherent in the med now way one of the key uh advantages that will come out of that as well is that you’ll have communication happening between pharmacy and doctors and that actually makes that customer better off in terms of the support they get for their healthcare that fits so much and right into our strategy of being a national
Player that can have a spectrum of healthcare services and really create uh an all-in-one stop shop you go to this place for all your needs short of having to call 911 god forbid uh so that’s that’s kind of the game play there now you describe med now as the one-stop shop what does this mean for the users all you have to think about is that now it’s the
Whole idea of i need to take care of uh you know this problem today my stomach doesn’t feel well well let me see if i can get some help through my now oh my medication just ran out and if you were a med now customer actually we will get ahead of that request and recognize when you’re about to run out and let you know hey do you want us to send you refill
So it’s all about creating um very much uh one kind of thought process when around healthcare if i need help i’m going to go to med now it’s available through my app or i’ll give them a call and then it’ll all get sorted it’s it’s a it’s a lofty goal and we know it’s important to have it because there shouldn’t really be that that breakup in the healthcare
Experience where you go to different places for different things where we’re talking about primary care the basics that you need while you’re at home we really want to be the answer to all of those questions i love that i love that i hate going to multiple places for different things one stop shop is a great idea all online i think you’re onto something big
Here now med now recently made a presence in manitoba can you tell us more about this process what does the company look for in new locations and are there any other cities on your radar oh yeah we’re going national so we’re looking at a lot of places manitoba happens to be the next step and what manitoba gives us is access to manitoba in fact saskatchewan
As well will be supported from from manitoba we are actively in conversations in quebec so montreal and then figuring out a pharmacy there as well as nova scotia and being able to support the maritimes out of there really the goal is to get to a place where we’re strategically allocating capital in places where we get to that national pharmacy offering as
Soon as possible it’s a bit like building a silk route for online pharmacy and for all things that have to do with health care and once we have that infrastructure established we really become a one-of-a-kind offering in the market and what it also allows us to do is a very cohesive experience so for example i moved to british columbia med now will support
You there the same pharmacy you were dealing with in ontario you can support you now in british columbia oh i’m now moving to quebec and and really that’s for the consumer but for businesses that are national that’s another big advantage so if an employer wants to have all of their employees take getting taken care of from one pharmacy they happen to be all
Over canada well med now could still be their only pharmacy so that really is uh our objective is to be able to go coast to coast support whether it’s a business consumer or a patient that come to us through our btc channel we want to be able to provide that ultimate uh online pharmacy experience that’s fantastic men now just began trading on the tsx venture
Exchange what does the future look like from med now in the next year out the gate we’re all about becoming national and becoming national very quickly we know the advantages that they’ll give us as a company from revenue growth from from user growth and the telemedicine offering that we’re building in parallel will really expand that spectrum of services so
That we have more reasons why people want to be uh using us for whatever need they may have once we have that in place you know the the market today uh certainly needs to know that we’ve been using a measured growth in in really building up the business because we wanted to make sure that all the pieces are working well really well together this is pharmacy
After all this is healthcare after all so we have to be really attentive to the details so our technology is being developed and it’s built right now for our med now pharmacy as we expand it to the telemedicine offering and as you experience the national offering we’re going to be approaching it again in that same tactful measured growth approach so once
We know that things are where they need to be we’re going to open up the floodgates for marketing and that’s when we’re really going to have that user growth and revenue projections that we’ve outlined for end of this year and next i love your share structure super super tight share structure here at rich tv live we love to identify tight float stocks so
Congratulations on having a really tight share structure that is extremely appealing to our investors how can an investor get in touch with the company kareem well i always encourage everyone to go to mednow.ca there you can see all of our services you can learn a lot about our company and when it’s time to talk investment i would highly recommend you go
To investors.mednow.ca there you’ll learn all about our company from that perspective ir at mednow.ca is our email address and if you want to call you can call 1-855-686-6300 and through there you will also be in touch with our ir department so please don’t hesitate to reach out we’re really excited to be on this journey and i want to be grateful for all the
Support that we’ve received so far from investors and from uh companies like gravitas that helped us come together in this offering and the syndicate that uh included stifle eight capital and can continuity that helped us raise almost 37 million dollars uh before ipoint so it’s a very exciting time and we’re well funded to go and execute on this vision very
Good well thank you for joining us today the ceo and co-founder of med now kareem nasar remember everyone before you go and buy anything that rich tv live is strictly for education and information purposes please do your due diligence do your research before you invest in anything that we talk about in saying that i do believe the future is bright for med now
Tight flow well capitalized growing company growing revenue obviously a ceo that cares about growing the business and is doing all the right things if you like the video please smash the like button comment down below share the video everywhere and subscribe and if you’re not winning you’re not watching we bring you the winners and we bring them to you first
Thank you guys for watching and kareem thank you for joining us today thank you for having me rich always a pleasure karim love to have you back again i’m sure we will in the future keep doing great work and thank you guys for watching have a great day everybody you
Transcribed from video
RICH TV LIVE: Karim Nassar, CEO of Mednow Inc. (TSXV:MNOW) By RICH TV LIVE