Charac, a digital pharmacy app, has collected £1.2m in debt and equity from the National Pharmacy Association and pharmacy owners.
It brings the London-based startup’s total to £2.5m, however, talks are still “ongoing” with venture capital firms. A company spokesperson told UKTN that “the majority is debt-financed”.
Charac’s platform provides automated repeat prescriptions, consultation booking, delivery (by the Royal Mail) and marketing help.
The app is looking to alleviate pharmacy closures around the UK, which are occurring at the rate of nearly two every week, according to stats cited by Charac.
Pharmacies left standing will also need to pick up more tasks, with the government’s upcoming Pharmacy First stipulating that patients with certain common illnesses can receive advice and treatments directly from their local pharmacy instead of a GP.
Santosh Sahu, CEO and founder of Charac, said: “Longer-term this is good news, but right now many pharmacies are focusing more on survival and will struggle to fulfil the new expanded role planned for them by the government.”
Sahu added: “So many of Britain’s pharmacies are just not in the position they need to be to pick up the extra scope.”
The Royal Mail has previously delivered a £1m investment into the digital pharmacy app used by more than 400 pharmacies.
“Already seven of the UK’s 47 unicorn companies are in the health tech sector. If the Government helped foster the growth of health tech as it did with fintech there could be many, many more,” said Sahu.