The African pharmaceutical industry worth $45 billion now is estimated to reach $70 billion by 2030. Notably, 80% of all drugs sold in the market come from PPMVs, businesses without trained pharmacists selling pharmaceutical products on a retail basis for profit. However, being a fragmented market with an opaque supply chain, manufacturers have limited visibility into their performance, which results in inefficient decision making on forecasting, production and distribution.
With 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 web store. Besides selling these products at open air medicine market prices, the platform delivers them within 24 hours.
In a recent development, the healthtech startup, Remedial Health just secured $1 million in funding. The pre-seed funding round was led by Global Ventures and Ventures Platform alongside 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 will use the investment to roll out its digital procurement and PMR (patient medication records) platforms. Also, it will make it easier for neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) to access affordable and authentic retail medicines.
The healthtech company intends to participate in the Winter 2022 cohort of Silicon Valley’s prestigious Y Combinator (which invested in Infina) accelerator, which will provide access to support and a network of partners and advisors to drive its growth.
The new funds will support the expansion of Remedial Health into more states in Nigeria to empower more pharmacies and PPMVs as the frontline of healthcare in more states across Nigeria.
According to Samuel Okwuada, CEO and co-founder of Remedial Health said “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.”
Sacha Haider, Principal at Global Ventures, said, “We are delighted to be partnering with Remedial Health to address some of the challenges impacting access to healthcare on the continent. There is huge scope for growth for Remedial Health not only in Nigeria’s pharmaceutical industry but also across the African continent. We look forward to support Samuel and the team on their mission to build a tech-enabled, pharmacy-centred healthcare network across Africa”.
Digitises African pharmaceutical industry
Founded by Samuel Okwuada in Nigeria, Remedial Health delivers technology solutions that enable greater efficiency and profitability in Africa’s pharmaceutical sector. It also supports the development of a tech-enabled, pharmacy-centred healthcare network across the continent.
Already, it operates in 6 states across Nigeria and is connected to over 100 pharmaceutical manufacturers and suppliers, including GSK, Pfizer and Astrazeneca and Nigeria’s Orange Drugs, Emzor and Fidson Healthcare.
Provides Buy Now, Pay Later options
The startup provides real-time data on market behaviour to manufacturers and stock financing options for healthcare providers, thereby enabling increased profitability and better decision-making across the value chain.
All products are vetted before distribution to verify their authenticity and Buy Now, Pay Later options are available to enable store owners stock up and maximise the sales opportunities available to them. Notably, they only pay after stock has been dispensed to customers.
Improved patient care
Also, Remedial Health, 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 practises. The PMR platform stores patient medication records, patient communications, stock management, order processing, reporting and accounting to support more effective and efficient patient care.