Redcare Pharmacy

A licensed Dutch mail-order pharmacy shipping into Germany under §73(1) sentence 1 no. 1a AMG, because the Netherlands sits on the Länderliste. Sells prescription medicines at the German Apothekenverkaufspreis exactly. Does not prescribe: it routes patients to Zava, a third party, for the prescription and takes the dispensing.

Listed, free float. Not related to DocMorris AG, which is a separate listed rival.

Mounjaro 2.5 mg at €206.80, the AVP to the cent, with no fee and free shipping. Its Rx bonus is contractually Kassenrezept-only, so a private weight-loss prescription earns nothing.

Listed. Grew from the 2001 online arm of a Cologne pharmacy, IPO 2016 as Shop Apotheke Europe, renamed Redcare Pharmacy in 2023.

The larger of the two listed European mail-order groups. 157 indexed GLP-1 URLs on the German property.

Defendant in the litigation that produced OLG Köln of 10 June 2022, GRUR 2022, 1353, which held Shop Apotheke may not refer patients to Zava. It appealed only the §9 HWG and foreign-seat points, so the §11 ApoG finding became final at first instance and was never reviewed. BGH I ZR 114/22 of 9 February 2023 is a Beschluss dismissing the Nichtzulassungsbeschwerde, not a judgment. Separately enjoined on 23 April 2026, LG Köln 88 O 61/26, over its "echte Apotheke" advertising, final after an Abschlusserklärung.

The Zava referral is live in production and wired into every prescription product page including Wegovy and Mounjaro. A pending LG Köln action brought by IhreApotheken GmbH attacks both that arrangement and whether Shop Apotheke satisfies the Präsenzapotheke condition its right to ship into Germany depends on. A supervisory board member appointed in May 2025 is disclosed as a former Zava advisory board member.

Redcare is listed, so multi-year revenue by segment and market, the prescription versus over-the-counter split, electronic prescription revenue, active customers, average basket, adjusted EBITDA and net cash are all published. That makes it the only company in this atlas whose financial position can be read rather than inferred, and it is worth using as the denominator when sizing the DTC brands against the incumbent channel.

Zero occurrences of GLP-1 or weight loss across the 2024 annual report, the 2025 annual report, the H1 2026 report and the Q2 2026 presentation, verified against control-term checks. The largest mail-order pharmacy in Europe does not discuss the biggest pharmaceutical category of the decade in any investor document. Either it is immaterial to a business that size, or it is deliberately not discussed. Both readings are interesting.

The live product record for PZN 18241230 reads a formatted price of 206,80 EUR with a net of 173,78 EUR. That is the German Apothekenverkaufspreis exactly, sold by Shop Apotheke itself, with no service fee of any kind. The prescription bonus it does give is contractually restricted to statutory prescriptions, so a private weight-loss prescription earns nothing at all.

157 indexed GLP-1 URLs, no login, no age gate, no prescription-upload interstitial. Section 10(1) HWG restricts advertising prescription medicines to the public but permits it to pharmacists and licensed traders, and a pharmacy selling a listed medicine at the regulated price is in a materially different position from a marketing intermediary charging a fee to arrange one. Nonetheless the string "Heilmittelwerbegesetz" appears zero times across every Shop Apotheke page fetched, and "HWG" zero times.

Alongside the official ifap summary-of-product text, each prescription product page carries AI-generated dosing and safety copy, including instructions to administer a subcutaneous injection once weekly using the KwikPen device, plus pancreatitis and thyroid C-cell tumour warnings. There is also an AI-generated list of competing brands, "Ozempic Trulicity Victoza Byetta Lyxumia", on a prescription product page. Machine-generated dosing instructions sitting outside the ifap-sourced official text is an unusual thing for a licensed pharmacy to publish and is not obviously covered by the Pflichtangaben regime.

Redcare does not prescribe. It hands the patient to Zava and takes the dispensing back. That is the whole architecture, and it is exactly what section 11 ApoG exists to police, which is why it lost.

Redcare publishes a seller-fulfilled marketplace at 16 per cent commission including VAT, a 499 EUR setup fee and 39 EUR per month per country, with a separate retail media surface. It is seller-fulfilled and non-prescription. There is no published route by which a DTC brand could have Redcare dispense a prescription medicine on its behalf. The only prescription telemedicine relationship in the group is Zava, it is unpublished, and it is in litigation.

Michael Köhler, appointed 15 May 2025 and chairing the Nomination Committee, is disclosed in Redcare’s own reporting as a former advisory board member of Zava. That is a disclosed connection rather than a hidden one, but it is worth knowing when assessing how the Zava arrangement came back.

157 indexed GLP-1 URLs. The robots.txt contains no directive for any AI crawler, which is now a universal omission across every operator in this atlas without exception.

Trustpilot could not be reached from this environment, so Trusted Shops was substituted, giving exact distributions with a bottom-band rate of 1.57 per cent for Shop Apotheke against 3.33 per cent for DocMorris. But a mail-order pharmacy’s reviews are about delivery, packaging and customer service across a whole catalogue, not about a weight-loss programme. Comparing this to Zava’s 4.8 or Yazen’s 4.5 measures nothing. The same trap was found on DoktorABC, whose 4.7 on 49,833 reviews turned out to be a medical cannabis reputation with zero GLP-1 mentions.