Nigerian healthcare is facing a challenging issue with fake and substandard medicine, as highlighted by a recent report from the National Agency for Food and Drug Administration and Control (NAFDAC). It estimates that approximately 15% of medicines sold in Nigeria fall into this category, leading to grave consequences.
Recognizing the healthcare crisis and the need to bring efficiency to the pharmaceutical value chain and digitize pharmacies, Remedial Health, a Nigerian health-tech startup has successfully raised $12 million in Series A equity-debt funding to expand operations in Nigeria. It raised a $4.4 million seed round in September 2022.
The funding round was co-led by Fintech VC firm QED Investors and Ventures Platform, with participation from existing investors like Y Combinator, Tencent, and Gaingels.
Remedial Health's platform empowers pharmacies and hospitals to source pharmaceutical products directly from reliable manufacturers and verified distributors. By cutting out intermediaries and ensuring the proper handling of products, the startup aims to combat erratic pricing, counterfeit drugs, and substandard products that have contributed to preventable deaths in Nigeria and beyond.
The platform also offers a comprehensive suite of features, including inventory management, accounting, financial reporting, and real-time market intelligence. With its network of distribution hubs and last-mile delivery services, customers receive their orders within 24 hours.
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Currently, the startup serves over 5,000 pharmacies and hospitals with a threefold increase in client count since November last year. It sources over 8,000 products from 300 reputable manufacturers, including GSK, Pfizer, and AstraZeneca.
With the new raise, the company plans to utilize the new funding to deepen its presence in the 34 states where it operates in Nigeria, prioritising expanding its reach to more pharmacies and hospitals in rural areas where demand is increasing.