Charac, a healthcare SaaS provider, has received support from Yorkshire-based private equity firm Traditum. The investment will aid the company to enhance its online platform for independent pharmacies and expand its growth in the UK and worldwide. The Charac app is connected to the NHS and possesses a cloud-native platform that effectively streamlines pharmacy operations, increases productivity, and supports the development of independent pharmacies. Positive Solutions and the National Pharmacy Association are some of the strategic partners that Charac has collaborated with, resulting in 800 pharmacies and 36,000 patients in the UK joining the app. Charac anticipates that the number of patients using the app will rise to 100,000 by early 2024, and the company is expected to acquire roughly 30% of the UK’s 12,000 pharmacies by 2026.
Charac’s previous success has provided them with financial support from industry leaders like ASX-listed MedAdvisor, the National Pharmacy Association, and pharmacy owners, which has allowed the company to expand its capabilities across Australia/New Zealand and the US. The independent pharmacy sector is encountering significant challenges worldwide, with the UK’s pharmacy industry lagging far behind other areas of the economy with regards to digitisation. Due to this, pharmacists are unable to benefit from the efficiencies that digitisation provides and are not able to deliver a broader range of revenue-enhancing services that could improve their profits.
Founder and CEO of Charac, Santosh Sahu, expressed his satisfaction regarding the investment from Traditum, endorsing the company’s mission to digitise the independent pharmacy sector. With this investment, Charac can expand its international reach, capabilities, and enhance primary care, providing better healthcare for communities worldwide. Traditum’s CEO David Mitchell expressed similar sentiments regarding the investment being in line with the company’s strategy to invest in digital technology and enhance the delivery of primary and secondary care for the benefit of the community and NHS.