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 others.
The new funds will support the expansion into more states in Nigeria to empower more pharmacies and Proprietary Patent Medicine Vendors (PPMV) as the frontline of healthcare in Nigeria.
Remedial Health will roll out its digital procurement and PMR (patient medication records) platforms and make it easier for pharmacies and PPMVs to access affordable and authentic retail medicines.
It is delivering technology solutions that enable greater efficiency and profitability in Africa’s pharmaceutical sector and supporting the development of a tech-enabled, pharmacy-centered healthcare network across the continent.
The startup has operations in 6 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.
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).
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.
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.
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 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.
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