NIGERIA – Healthtech startup Remedial Health has raised US$1 million in pre-seed funding to digitize neighborhood pharmacies across Africa starting with Nigeria.
The funding round was led by Global Ventures and Ventures Platform with participation from Ingressive Capital, Voltron Capital among other investors.
Remedial Health improves business to business access to medicines by providing authentic retail medicines from registered distributors directly to large and small healthcare retail using technology to deliver just-in-time stock.
It has operations in 6 states across Nigeria and is connected to more than 100 pharmaceutical manufacturers and suppliers including GSK, AstraZeneca and Emzor to name a few.
“The new funds will support the startup’s expansion into more states in Nigeria to empower more pharmacies and Proprietary Patent Medicine Vendors (PPMV) as the frontline of healthcare in Nigeria,” noted Samuel Okwuada, Founder of Remedial Health.
PPMVs 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 US$45 billion pharmaceutical industry (projected to reach US$70 billion by 2030).
Remedial will also use part of the funding to stem the supply of fake and substandard pharmaceutical products in the country.
“The new funding will also be used to extend the startup’s buy now, pay later (BNPL) offering to reach a bigger audience,” added Samuel Okwuada
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 maximize the sales opportunities available to them.
“It will roll out its digital procurement and PMR (Patient Medication Records) platforms as well as make it easier for pharmacies and PPMVs to access affordable and authentic retail medicines,” the Founder assured.
Due to a fragmented market and an opaque supply chain, manufacturers have limited visibility into their performance, leading to inefficient decision-making on forecasting, production, and distribution.
Through the start-up’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.
The startup also provides an affordable and easy-to-use patient medication records 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 enables Remedial Health to provide consolidated, real-time data on market behavior to manufacturers for increased profitability and better decision-making across the value chain.
Consequently ,the e-health startup improves affordability and access to medicines by providing direct to retail medical and non-medical consumables from manufacturers to pharmacies through the platform.
It delivers technology solutions that enable greater efficiency and profitability in Africa’s pharmaceutical sector and supports the development of a tech-enabled, pharmacy-centered healthcare network across the continent.
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