Co-op Ventures into Healthcare Market with Acquisition of Dimec

The Co-op announced on 14.09.2018 the acquisition of Dimec, a healthcare technology start-up, which has developed a unique digital solution enabling patients and their GPs to interact and better manage their prescription needs.

The technology Dimec has developed enables patients to pair with both GP surgeries and pharmacies, allowing the patient to connect with their GP records, thus greatly simplifying the process of ordering prescriptions. Combined with the strength of the Co-op brand and its extensive presence across the UK, Co-op members and customers are set to benefit greatly from a comprehensive and personalized digital pharmacy offer.

Dimec has been acquired for an undisclosed sum by Co-op Ventures, the new innovation unit established to develop challenger Co-op businesses and designed to disrupt markets in which the 
Co-op does not currently operate. It is the first acquisition by Ventures and a clear statement of intent to develop new and innovative customer solutions in the health sector.

The healthcare sector is a natural fit for The Co-op. It’s an area the Co-op has previous experience in, aligns well with The Co-op’s existing business areas in Food, Insurance and later life and is also an area which will appeal to its 4.6 million members, given the strength of the brand.

The acquisition will enable The Co-op to compete effectively within the £10.5 billion pharmacy market, where over 1.1 billion prescriptions are written annually in England alone. Already 29 million people in the UK receive a regular repeat prescription and this number is forecast to grow significantly in the years ahead, driven by an ageing population and access to effective medicines.

As part of the transaction, the co-founders of Dimec will continue working with the Co-op Ventures team. In addition, a number of new jobs will be created in digital, operational and clinical roles.

Dimec was founded by two pharmacists with a passion for using technology to make life easier for patients when it comes to managing and ordering repeat prescriptions. Over time, it has grown with other like-minded individuals who all share its core values; putting patients at the centre of everything it does.