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Pharmacies across the country encounter numerous challenges while stocking up their stores. Some of these problems are because no single individual sells all the stock they needed and this leads to utter confusion. Pharmacy owners can spend so much time in the market going from one place to another to buy goods. Another challenge is that these drugs are not properly vetted and pharmacies may be induced to stock fake drugs. What Remedial health does is to solve supply problems for pharmacies by making sure that they get all products that are properly vetted when they need them through its online shop that allows pharmacies to make orders via an app. Remedial Health currently covers six states with plans to expand across the West African country and to enter additional African markets before the end of the year. The startup sources its products from over 100 pharmaceutical manufacturers and suppliers, including GSK, Pfizer, and AstraZeneca, including Nigeria’s Orange Drugs, Emzor, and Fidson Healthcare. It operates a 24 hours service to allow pharmacies to manage their operations, make and track orders, and also stores patients’ medical records, supports reporting and accounting.
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This round was led by Global Ventures, Ventures Platform and also saw participation from Ingressive Capital, Voltron Capital, Opeyemi Awoyemi’s (Jobberman co-founder), Angel Syndicate Fund, and other angel investors, including Flutterwave’s Olugbenga Agboola and Victor Asemota. With the pre-seed, remedial health wants to bring primary healthcare closer to people by expanding to the rest of the states in Nigeria and into other African nations. Remedial health intends to launch its digital procurement and PMR (patient medication records) platforms, and make it easier for neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) to access inexpensive and original retail medicines. PPMVs are businesses owned by pharmacists that are not formally trained in higher institutions. They sell pharmaceutical products on a retail basis for profit. These pharmacies provide the main source of medicines for many common illnesses. They account for more than 80 percent of all the drugs sold in Africa’s $45 billion pharmaceutical industry (projected to reach $70 billion by 2030). However, a divided market and a vague supply chain mean that manufacturers have limited perception of the performance of these patent drug sellers, leading to inefficient decision-making on forecasting, production, and distribution of drugs and other products. When remedial health launches its digital procurement platform, pharmacies can source all the medicines, consumables, and small medical devices for their practice via a mobile app or mobile responsive web store at open-air medicine market prices and have them delivered within 24 hours. According to the YC-backed startup, all products are vetted before distribution to verify their authenticity. With the introduction of buy now pay later options, store owners can stock up and maximize the sales opportunities available to them. They only pay after the stock has been dispensed to customers. Featured Image Source: Cresthub
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