Skelmersdale-based online pharmacy Chemist4U has secured a £12 million investment from Pitalia Capital, an equity investment company led by Anil Pitalia.
Chemist4U is part of JCCO Healthcare, which also houses the weight management platform myBMI. Anil Pitalia is a health enthusiast, who heads SpaMedica, a company providing cataract surgery to the NHS.
This investment will propel the group's expansion, with John Davies, Managing Partner of Pitalia Capital, joining the board, the company said. Moreover, it will facilitate the extension of services by myBMI in the realm of weight management.
“Our goal is for Chemist4U to emerge as one of the largest NHS dispensing facilities in the country, while also providing vital support to our partners through our rapidly expanding outsourced dispensing services division,” said said James O’Loan, Chief Executive Officer of both Chemist4U and myBMI, who joined Chemist4U as a superintendent pharmacist in 2012 before becoming CEO in 2018.
Meanwhile, Anil Pitalia, Head of Pitalia Capital based in Bolton, cited the compelling growth potential as the driving force behind his investment in Chemist4U's next-day medicine delivery service.
Recently, Chemist4U acquired a 40,000 square-foot property in Skelmersdale to centralize its operations. Over the next 18 months, the company aims to expand its workforce from 120 to 150 employees to adeptly manage the growing influx of monthly orders. Currently, they process approximately 190,000 orders each month.
Chemist4U foresees a turnover increase from £21 million in 2021-22 to an estimated £29 million by the end of September. Founded in 2021, the health technology platform myBMI offers patients access to effective weight loss treatments, and targets a turnover of £10 million in the 2023-24 fiscal year.
On Sept. 4, Novo Nordisk launched Wegovy, its weight-loss medication, in the UK market. The Danish pharmaceutical company recognized the current shortage of this semaglutide drug and anticipates continued limitations in the near future. Wegovy can be obtained through the NHS and is also accessible for private purchase at UK pharmacies. The pricing for a one-month supply varies, ranging from £73.25 to £175.80, depending on the dosage.
