Remedial Health has secured $1 million in pre-seed funding to digitize pharmacies, and stem the provision of pretend and substandard pharmaceutical merchandise, beginning with Nigeria earlier than increasing to the remainder of Africa.
The spherical was led by International Ventures and Ventures Platform, with participation from Ingressive Capital, Voltron Capital, Opeyemi Awoyemi’s (Jobberman co-founder) Angel Syndicate Fund, and different angel buyers, together with Flutterwave’s Olugbenga “GB” Agboola and Victor Asemota.
A part of the brand new funding shall be used to increase the startup’s buy-now-pay-later (BNPL) providing, for a good 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 non-public label enterprise, centered on contract manufactured merchandise from markets like India, which they’d then promote to pharmacies in Nigeria.
“That enterprise was fairly small. However not less than we have been out there and we have been rising,” mentioned 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 discipline gross sales agent.
Months after beginning the enterprise, and because of a shift in market demand, and provide chain disruptions exacerbated by the Covid pandemic, Remedial Well being began shifting in a unique course — as their prospects started making orders for merchandise that have been outdoors their personal label providing.
To maintain up with the rising demand, and to streamline the ordering course of, they developed a affected person treatment information (PMR) system that made sourcing simple, 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 via 20 to 30 particular person distributors to purchase all of the medicines and provides that they want.”
Conscious that there’s a market section that can take some time to digitize, Remedial has a web-based store that enables pharmacy homeowners not utilizing its system to make orders via an app.
“We don’t power 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 drawback is provide, we make it potential 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 shifting in a single pharmacy to the place provide is brief, or demand is excessive.
The startup has a essential distribution middle supported by hubs unfold throughout its areas of operation for a sooner turnaround time – making it potential to “attain any pharmacy from any of our hubs inside an hour.”
Final mile supply is finished via its in-house logistics operation, or by its companions however the plan is to combine its system with a significant logistics participant in Nigeria for a seamless end-to-end resolution.
Remedial Well being at present covers six states with plans to develop throughout the west African nation, and to enter extra African markets earlier than the tip of the yr. They’re additionally planning to increase their attain within the areas that they’re at present 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 Medication, Emzor and Fidson Healthcare.
So far, the startup has over 300 pharmacies making orders via its app, and various others utilizing WhatsApp. It additionally extends credit score to pharmacies with plans to develop the protection of this financing service.
“The pharmacies don’t must pay for merchandise upfront; in some instances, they pay deposits, possibly 20%, after which pay the steadiness over time, however relying on how nicely we’ve identified them, it could actually even be 100% financing.”
By extending financing and guaranteeing the provision of ordinary merchandise to pharmacies, Remedial Well being has joined the rising checklist of tech-enabled companies which can be digitizing the pharmaceutical provide chains, which at present stay fragmented and in-efficient, resulting in the proliferation in markets of pretend and substandard products. 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 provision chain challenges solely, however to do it whereas bringing main healthcare nearer to individuals.
“These pharmacies are lower than a 15-minute stroll from individuals’s homes, and I really feel that’s the approach to remodel healthcare in Africa –By including diagnostic providers, and a health care provider to those neighborhood pharmacies — by actually bringing every thing to the individuals, we might actually remodel healthcare in Africa,” mentioned Okwuada.