From mPharma’s innovative pharmacy network to Figorr’s cold chain platform, these five tech healthcare companies are tackling some of the biggest challenges head on, one by one proposing solutions.
The growth driven by these companies is expected to outpace year-on-year gains from pharmaceutical manufacturing, hospitals, diagnostic services, and health insurance, owing to previously secured investment pools and partnerships with key governments for digitized inventory management solutions.
mPharma, Drugstoc, Wella Health, Figorr, and Remedial Health are some of the companies identified by analysts to drive growth.
mPharma
mPharma is a pan-African pharmaceutical distributor with operations in over 30 countries across Africa.
The company has a network of over 2,000 distribution points and supplies medicines to over 100,000 healthcare facilities.
mPharma offers a range of services to patients, pharmacies and healthcare providers.
The company’s mobile app allows patients to order monthly prescription refills and receive reminders.
It also provides doctors with tools to direct patients to pharmacies that stock prescriptions and ensure adherence.
The company uses data from its interfaces with doctors and patients to provide pharmacies with demand information and tools to manage services.
mPharma has raised a total of $81.7 million over nine funding rounds. The first funding round was in September 2015. The most recent funding round was a $5 million traditional debt round on January 5, 2022.
Four investors participated in the latest investment round: Citi, JAM Fund, Unbound and Lux Capital.
Its co-founders are Gregory Rockson, Daniel Shoukimas and James Finucane.
Drug Stock
DrugStoc is a technology-enabled sourcing partner for African pharmaceutical and consumer health companies, leveraging technology, supply chain innovation, financial solutions and product knowledge to provide access to medicines in emerging economies.
The company is one of the fastest growing technology-enabled procurement partners for pharmaceutical and consumer health companies, serving thousands of pharmacies, retail stores, hospitals, clinics and medical practitioners across Nigeria.
The company has raised a total of $4.4 million in two rounds of funding.
Asia Africa Investment and Consulting is the lead investor in DrugStoc’s latest funding round.
Wella Health
Wella Health is a Nigerian healthcare provider that operates hospitals, clinics and pharmacies. The company has a presence in over 10 states across Nigeria and offers a range of healthcare services, including primary care, specialty care and diagnostics.
Wella Health serves the B2C, B2B and social impact segments of the healthtech market segment.
Ikpeme Neto is the founder and CEO.
Figor
Figorr is a Nigerian digital health startup that offers temperature monitoring solutions. It provides real-time data that allows temperature-sensitive products to be monitored. The platform allows users to monitor and track the storage conditions and location of products during transport. It also provides real-time reports that provide insights into the performance of cold storage.
Figorr serves the B2B and SaaS sectors in the High Tech, Fintech, Insurance Technology and Transportation & Logistics market segments.
Figorr has raised a total of $1.75 million across three funding rounds, with its most recent funding round being a $1.5 million seed round.
Mr. Oghenetega Iortim is the founder and CEO.
correction
Remedial Health has raised a total of $13.5 million in funding over the past three years, primarily through institutional and angel investors.
The company’s largest investment round was an $8 million Series A equity funding last year led by US-based venture capital firm QED Investors and Nigerian investment firm Ventures Platform.
The company operates at the intersection of healthcare, supply chain management, technology and financial services, providing digital procurement infrastructure to enable effective healthcare delivery to 1.2 million pharmacies across Africa.
Starting from its base in Nigeria, Remedial Health has built an effective operating system for pharmaceutical buyers and suppliers, partnering with over 300 manufacturers to serve over 5,000 hospitals, pharmacies and PPMVs across 34 of Nigeria’s 36 states, delivering a seamless experience across the country through its regional hubs.
Store owners can access over 8,000 carefully selected products through the mobile app, while same-day delivery and inventory financing help minimize cashflow friction for routine orders and maximize sales opportunities.
The startup also offers facility financing, payment solutions, and inventory management solutions to help store owners run their businesses more efficiently and profitably.
