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 traders, together with Flutterwave’s Olugbenga “GB” Agboola and Victor Asemota.
A part of the brand new funding will likely be used to increase the startup’s buy-now-pay-later (BNPL) providing, for a fair 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, centered on contract manufactured merchandise from markets like India, which they might then promote to pharmacies in Nigeria.
“That enterprise was fairly small. However a minimum of we had been available in the market 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 as a consequence of a shift in market demand, and provide chain disruptions exacerbated by the Covid pandemic, Remedial Well being began transferring in a special path — as their clients started making orders for merchandise that had been exterior their personal label providing.
To maintain up with the rising demand, and to streamline the ordering course of, they developed a affected person medicine information (PMR) system that made sourcing straightforward, and digitized pharmacies.
Remedial Well being’s system permits pharmacies to handle their operations, make and monitor orders – which the startup says it fulfills inside 24 hours. The platform additionally shops sufferers’ medical information and helps reporting and accounting.
“For these utilizing the system, as a result of we are able to principally see their cabinets, we’re fixing their provide points by guaranteeing 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 by way of 20 to 30 particular person distributors to purchase all of the medicines and provides that they want.”
Conscious that there’s a market phase that may take some time to digitize, Remedial has an internet store that enables pharmacy house owners not utilizing its system to make orders by way of 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 main downside is provide, we make it doable for them to entry the procurement system on their telephones.”
The system helps Remedial to conduct stock monitoring, which cuts stockouts by redirecting merchandise that aren’t transferring in a single pharmacy to the place provide is brief, or demand is excessive.
The startup has a major distribution heart supported by hubs unfold throughout its areas of operation for a sooner turnaround time – making it doable to “attain any pharmacy from any of our hubs inside an hour.”
Final mile supply is completed by way of its in-house logistics operation, or by its companions however the plan is to combine its system with a serious logistics participant in Nigeria for a seamless end-to-end resolution.
Remedial Well being presently covers six states with plans to broaden throughout the west African nation, and to enter further African markets earlier than the top 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.
So far, the startup has over 300 pharmacies making orders by way of 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 instances, they pay deposits, perhaps 20%, after which pay the steadiness over time, however relying on how effectively we’ve recognized them, it will possibly even be 100% financing.”
By extending financing and guaranteeing the availability of normal merchandise to pharmacies, Remedial Well being has joined the rising listing of tech-enabled companies which might 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 appropriate the availability chain challenges solely, however to do it whereas bringing main healthcare nearer to folks.
“These pharmacies are lower than a 15-minute stroll from folks’s homes, and I really feel that’s the option to rework healthcare in Africa –By including diagnostic providers, and a physician to those neighborhood pharmacies — by actually bringing every little thing to the folks, we’d actually rework healthcare in Africa,” stated Okwuada.