Health-tech Firm Raises $1 Million to Digitalise Neighbourhood Pharmacies
Starting with Nigeria, Remedial Health, a health-tech startup, has raised one million US dollars in pre-seed funding to digitalise neighbourhood pharmacies across Africa.
It will roll out its digital procurement and Patient Medication Records (PMR) platforms, and make it easier for pharmacies and Proprietary Patent Medicine Vendors (PPMVs) to access affordable and authentic retail medicines.
The funding round was led by Global Ventures and Ventures Platform, with participation from Ingressive Capital, Voltron Capital, and angel investment from Flutterwave’s Olugbenga “GB” Agboola, Victor Asemota, Opeyemi Awoyemi’s (Jobberman co-founder) Angel Syndicate Fund and other investors.
Remedial Health is delivering technology solutions that enable greater efficiency and profitability in Africa’s pharmaceutical sector and supporting the development of a tech-enabled, pharmacy-centred healthcare network across the continent.
Already, it has operations in six states across Nigeria and is connected to more than 100 pharmaceutical manufacturers and suppliers, including GSK, Pfizer and AstraZeneca, as well as Nigeria’s Orange Drugs, Emzor and Fidson Healthcare.
The new funds will support the expansion into more states in Nigeria to empower more pharmacies and PPMVs as the frontline of healthcare in more states across Nigeria.
PPMVs are businesses without a trained pharmacist that sell pharmaceutical products on a retail basis for profit. They provide the main source of medicines for many common illnesses and account for more than 80 percent of all the drugs sold in Africa’s $45 billion pharmaceutical industry (projected to reach $70 billion by 2030).
However, a fragmented market and an opaque supply chain mean manufacturers have limited visibility into their performance, leading to inefficient decision making on forecasting, production and distribution.
Using Remedial Health’s digital procurement platform, pharmacies and PPMVs can source all the medicines, consumables and small medical devices for their practice via a mobile app or mobile responsive web store at open-air medicine market prices and have them delivered within 24 hours.
All products are vetted before distribution to verify their authenticity and Buy-Now-Pay-Later options are also available to enable store owners to stock up and maximise the sales opportunities available to them. They only pay after stock has been dispensed to customers.
The startup also provides an affordable and easy-to-use patient medication records (PMR) platform that enables pharmacies and PPMVs to digitally manage day-to-day operations and seamlessly run their practices.
The PMR platform stores patient medication records, patient communications, stock management, order processing, reporting and accounting to support more effective and efficient patient care. The platform also enables Remedial Health to provide consolidated, real-time data on market behaviour to manufacturers for increased profitability and better decision-making across the value chain.
CEO and Co-founder of Remedial Health, Samuel Okwuada, says “pharmacies and PPMVs have been the frontline of healthcare in Nigeria for many years and we are excited to have raised these funds to connect them more effectively to manufacturers and ensure that their data is reflected more accurately in decision making across the pharmaceutical value chain.
‘’The ongoing global pandemic has brought the importance of healthcare to the fore and we strongly believe that these businesses can play a key role in safeguarding lives and livelihoods across the continent for years to come.”
The startup is also part of the Winter 2022 cohort of Silicon Valley’s prestigious Y Combinator accelerator. Participation in the Y Combinator accelerator will provide access to support and a network of partners and advisors to drive growth for the startup.