Firm secures $4.4m funding to expand credit for neighbourhood pharmacies

It said the funding would provide access to credit for inventory purchases for its growing customer base of neighbourhood pharmacies, Proprietary Patent Medicine Vendors (PPMVs) and hospitals in the country.

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Remedial Health, a health-tech startup that develops a pharmaceutical value chain, says it has raised 4.4 million dollars in seed funding to accelerate its expansion across Nigeria.

The company disclosed this in a statement on Tuesday in Lagos.

It said the funding would provide access to credit for inventory purchases for its growing customer base of neighbourhood pharmacies, Proprietary Patent Medicine Vendors (PPMVs) and hospitals in the country.

It said that the seed funding round was led by Global Ventures – a venture capital firm, Tencent, Y Combinator and Cathexis Ventures among others.

“By leveraging Remedial Health’s tech-enabled platform, neighbourhood pharmacies, PPMVs and hospitals can benefit from group/bulk buying discounts, time-saving and improved efficiency, access to credit to improve their earnings,” it said.

It said other benefits were additional revenue from providing financial services and other primary healthcare services.

“Manufacturers also benefit from an efficient supply chain and a real-time intelligence on product utilisation to improve decision making on forecasting, production and distribution,” it said.

The Chief Executive Officer of Remedial Health, Mr Samuel Okwuada said that neighbourhood pharmacies and PPMVs had the potential to be the face of a thriving healthcare system in Africa.

”We believe that technology can play a significant role in making this vision a reality,” he said.

He said that the funds raised by the company and the strategic support from investors would enable them to deliver the solutions to address various challenges that had hampered these businesses’ growth for many years.

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Sacha Haider, a Partner at Global Ventures, said, “The market opportunity to serve community pharmacies across Africa is significant.

“In Nigeria alone, 500,000 community pharmacies drive over 80 per cent of a 70 billion dollar market in annual pharmaceutical sales.

“The team at Remedial Health is proactively addressing challenges including price capacity, poor drug quality control and a very fragmented supply chain.

“They have created a tech-enabled, pharmacy-centred healthcare network that has allowed over 25 per cent in cost reductions at the point of care.”

Haider said that Global Ventures was delighted to partner with Remedial Health on their mission to improve access to quality and affordable healthcare in Africa through optimised pharmaceutical supply chains.