Home Insurance YC-backed Remedial Well being raises $1 million pre-seed to digitize pharmacies in Nigeria – TechCrunch

YC-backed Remedial Well being raises $1 million pre-seed to digitize pharmacies in Nigeria – TechCrunch

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YC-backed Remedial Well being raises $1 million pre-seed to digitize pharmacies in Nigeria – TechCrunch

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Remedial Well being has secured $1 million in pre-seed funding to digitize pharmacies, and stem the availability of pretend and substandard pharmaceutical merchandise, beginning with Nigeria earlier than increasing to the remainder of Africa.

The spherical was led by World Ventures and Ventures Platform, with participation from Ingressive Capital, Voltron Capital, Opeyemi Awoyemi’s (Jobberman co-founder) Angel Syndicate Fund, and different angel buyers, together with Flutterwave’s Olugbenga “GB” Agboola and Victor Asemota.

A part of the brand new funding will probably be used to increase the startup’s buy-now-pay-later (BNPL) providing, for an excellent wider attain.

Based in 2020 by Samuel Okwuada, a skilled pharmacist and self-taught software program developer, collectively along with his co-founder Victor Benjamin, Remedial Well being began off as a personal label enterprise, targeted on contract manufactured merchandise from markets like India, which they’d then promote to pharmacies in Nigeria.

“That enterprise was fairly small. However at the very least we had been out there and we had been rising,” stated Okwuada, who pursued his MSc in Pharmacy on the College of East Anglia, within the UK.

Okwuada began his entrepreneurial journey whereas nonetheless on the college, the place he constructed SaaS merchandise, earlier than utilizing his expertise in tech, and coaching as a pharmacist to launch Remedial along with Benjamin, a pharmaceutical area gross sales agent.

Months after beginning the enterprise, and attributable to a shift in market demand, and provide chain disruptions exacerbated by the Covid pandemic, Remedial Well being began shifting in a unique route — as their clients started making orders for merchandise that had been exterior their non-public label providing.

To maintain up with the rising demand, and to streamline the ordering course of, they developed a affected person medicine data (PMR) system that made sourcing straightforward, and digitized pharmacies.

Remedial Well being’s system permits pharmacies to handle their operations, make and observe orders – which the startup says it fulfills inside 24 hours. The platform additionally shops sufferers’ medical data and helps reporting and accounting.

“For these utilizing the system, as a result of we will principally see their cabinets, we’re fixing their provide points by making certain that they’re getting the merchandise after they want them. And they also don’t must go to the market and waste time by going via 20 to 30 particular person distributors to purchase all of the medicines and provides that they want.”

Conscious that there’s a market section that may take some time to digitize, Remedial has an internet store that enables pharmacy house owners not utilizing its system to make orders via an app.

“We don’t drive everybody to make use of the system as a result of we don’t assume that each single pharmacy has a pc and fixed energy provide. And since we all know that the foremost drawback is provide, we make it attainable for them to entry the procurement system on their telephones.”

Remedial Well being’s system is stemming the availability of pretend and substandard pharmaceutical merchandise and serving to pharmacies streamline their operations. Picture Credit: Remedial Well being

The system helps Remedial to conduct stock monitoring, which cuts stockouts by redirecting merchandise that aren’t shifting in a single pharmacy to the place provide is brief, or demand is excessive.

The startup has a foremost distribution heart supported by hubs unfold throughout its areas of operation for a quicker turnaround time – making it attainable to “attain any pharmacy from any of our hubs inside an hour.”

Final mile supply is finished via its in-house logistics operation, or by its companions however the plan is to combine its system with a significant logistics participant in Nigeria for a seamless end-to-end answer.

Remedial Well being presently covers six states with plans to broaden throughout the west African nation, and to enter extra African markets earlier than the tip of the 12 months. They’re additionally planning to increase their attain within the areas that they’re presently in.

Remedial, additionally a part of the Winter 2022 cohort of Silicon Valley’s Y Combinator accelerator, sources its merchandise from over 100 pharmaceutical producers and suppliers, together with GSK, Pfizer and Astrazeneca, in addition to Nigeria’s Orange Medicine, Emzor and Fidson Healthcare.

Thus far, the startup has over 300 pharmacies making orders via its app, and numerous others utilizing WhatsApp. It additionally extends credit score to pharmacies with plans to broaden the protection of this financing service.

“The pharmacies don’t must pay for merchandise upfront; in some circumstances, they pay deposits, perhaps 20%, after which pay the steadiness over time, however relying on how properly we’ve identified them, it may well even be 100% financing.”

By extending financing and making certain the availability of normal merchandise to pharmacies, Remedial Well being has joined the rising record of tech-enabled companies which can be digitizing the pharmaceutical provide chains, which presently stay fragmented and in-efficient, resulting in the proliferation in markets of pretend and substandard merchandise. Different notable startups within the house are Kenya’s MyDawa, Ghana’s mPharma and Nigeria’s DrugStoc.

Remedial Well being, in accordance with its founders, is not only trying to right the availability chain challenges solely, however to do it whereas bringing main healthcare nearer to individuals.

“These pharmacies are lower than a 15-minute stroll from individuals’s homes, and I really feel that’s the option to remodel healthcare in Africa –By including diagnostic companies, and a health care provider to those neighborhood pharmacies — by actually bringing all the things to the individuals, we might actually remodel healthcare in Africa,” stated Okwuada.

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