Telstra buys stake in Fred IT

Telco splashes millions to bolster its position in the local healthcare technology space.

Telstra (TLS) has further bolstered its positioning in the healthcare technology space buying a 50% stake in health technology provider Fred IT Group.

Fred IT provides eHealth solutions (IT services, medical dispensing software) to GPs and pharmacists and Telstra’s Head of Health, Shane Solomon said the investment was part of Telstra’s ongoing focus on building capability in the health sector.

“Fred has embraced eHealth solutions to offer safer, more efficient and more convenient service to the community and their GPs and pharmacists. We are looking forward to providing the support which will facilitate further growth in this area,” Mr Solomon said.

The Pharmacy Guild of Australia, which retains its investment in Fred, said the partnership with Telstra opens  further opportunities for exploring national ICT initiatives in the healthcare sector.

“The Fred IT Group’s partnership with Telstra reflects the health system’s adaptation to meet the needs of a modern connected society. It means that we can explore national opportunities where pharmacists have a role, with other key health professionals, in improving health throughout the community,” National Guild President, Kos Sclavos said in a statement.

While the value of Telstra’s investment was not disclosed, The Australian Financial Review reports that the telco has bought the 50% stake for close to $25 million.