Dalrada Corporation (OTCQB:DFCO) said it has acquired pharmacy Watson Rx Solutions Inc in a move that highlights its aggressive growth plans within the healthcare sector and paves the way for a total end-to-end healthcare solution.
The group, whose divisions include Dalrada Health and Dalrada Technologies, said adding the 10-year-old pharmacy to Dalrada Health's comprehensive model expands the subsidiary's synergies with potential opportunities across its products and services portfolio and offers another solution to meet patient requirements.
"Watson Rx has a long history of providing excellent pharmacy services,” Dalrada CEO and founder Brian Bonar said in a statement. “This acquisition allows Dalrada to expand its healthcare footprint and continue to build a total health management solution on an already successful turnkey operation. As a result, the company will be able to successfully address the health needs of even more patients."
READ: Dalrada reports 252% increase in revenue in its fiscal third quarter
Dalrada said it envisions a comprehensive healthcare solution for all Dalrada Health clients with unique offerings that will now include a pharmacy to facilitate prescription processing, physicians and clinicians at treatment clinics, expanding into telemedicine, engagement of Dalrada-owned testing facilities and laboratories, and utilization of company-specific technologies to facilitate immediate growth of the business.
Through comprehensive prescription management, education, nursing, and total health management, Dalrada noted that Watson Rx Solutions' leadership team holds more than six decades of combined experience in various complex pharmacy disease states and retail services, always putting patients first.
The company said it plans to enter the pharmaceutical space with an accelerated strategic plan to leverage its existing capabilities.
Citing research released by market and consumer data specialist Statista, Dalrada revealed that US online and mail-order sales of drugs, health, and beauty aids were valued at US$75.5 billion in 2020. Additionally, e-commerce pharmaceutical sales and beauty aids increased from US$51.7 billion the year prior.
Pharmacy and drug store sales reached US$300 billion in 2020, with over-the-counter (OTC) medication accounting for over US$36 billion in sales during the same year, the highest-selling year to date for the OTC segment.
Established in 1982, Dalrada Corp says it drives innovation that "positively impacts people, businesses, and the planet".
With subsidiaries that are positioned in the world's top three-growing industries of healthcare, clean energy, and technology, Dalrada creates solutions that are sustainable, affordable, and accessible.
Contact the author at stephen.gunnion@proactiveinvestors.com