Remedial Health, a Nigerian startup bringing efficiency to the local pharmaceutical value chain has raised $12 million in Series A equity-debt funding to scale up operations
Nigerian healthtech startup Remedial Health has secured $12 million in an equity and debt funding round led by US-based venture capital firm, QED Investors, and co-led by Ventures Platform.
The startup develops solutions to make Africa’s pharmaceutical value chain more efficient. For instance, local pharmacies and hospitals may use the Remedial Health platform to order pharmaceutical products sourced from reliable and trusted manufacturers and verified distributors.
The verification of medicine is a pain point for Nigeria and other African countries where the vast supply of fake and substandard products sold at open drug markets causes thousands of preventable deaths.
Another problem for local pharmacies is the expensive, largely paper-based and time-consuming weekly order cycle. Digitization and automation of the process can alleviate the burden on store owners and help them maximise profitability.
Pharmacies and hospitals can access more than 8,000 vetted products via the Remedial Health mobile app. The orders come with same-day delivery. Besides, the startup offers inventory and facility financing to minimise cash-flow friction for routine orders and maximise sales opportunities. The integration of payment solutions and inventory management solutions facilitates business management for store owners and pharmaceutical manufacturers. The latter also get data-driven insights into local markets that can be leveraged for more effective planning and decision-making.
Remedial Health plans to use the new funding to deepen its operations in Nigeria as well as “support the delivery of targeted financial services to drive business growth across the country’s pharmaceutical sector.” Currently, the company partners with over 300 manufacturers and serves more than 5,000 hospitals, pharmacies and Proprietary Patent Medicine Vendors (PPMVs) across 34 of Nigeria’s 36 states. It also has regional hubs to enable a seamless experience across the country.
The use of software for inventory management in the pharmaceutical industry is only one example of how technology can improve global healthcare. Here are some other ways the cutting-edge technology has influenced the medical industry.
