DrugStoc Secures $4.4M in Series A Funding to Expand Access to Quality Pharmaceuticals in Africa

Health
794 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp
Proshare

Monday, November 15, 2021 / 04:50PM / DrugStoc /Image Header Credit: DrugStoc 

 

Healthtech startup, DrugStoc has raised USD 4.4 million in Series A funding to expand access to quality medicines while providing sustainable supply chain financing for healthcare providers in Sub-Saharan Africa. The funding round is led by Africa HealthCare Master Fund (AAIC), and other investors include Chicago-based venture firm Vested World and the German Development Bank (DEG).

 

Nobuhiko Ichimiya, Director at AAIC stated that, "We are very excited to be part of the Drugstoc journey. The pharmaceutical market in Africa has enormous growth potential and we are glad to back a company well-positioned to be a key player in the sector's growth in sub-Saharan Africa."

 

Chibuzor Opara, DrugStoc's co-founder and CEO; asserted that "We are committed to making an impact in the healthcare industry. This funding will enable us to expand and launch our tech-enabled products in more African countries where pharmaceuticals are critically needed.

 

Launched in 2017, DrugStoc is a cloud-based platform that provides healthcare providers with the interface for easy access to pharmaceuticals and healthcare products. It ensures that patients get quality medicines at affordable prices. It boasts superior quality control systems with International Organization for Standardization (ISO) certification on Good Distribution Practice.

 

Having grown over the last three years with an almost 1500% increase in monthly sales since January 2018, 14 million people currently have access to genuine healthcare products through hospitals and pharmacies covered by DrugStoc. With this funding round, the company will grow coverage to about 100 million people. It plans to achieve this by expanding its supply chain infrastructure both digitally and physically. Digital expansion will see DrugStoc build out its tech solutions to boost access and accommodate more partners as it extends coverage beyond Lagos. DrugStoc will also build on its partnerships with financial institutions such as Sterling Bank, to increase access to sustainable supply chain financing.

 

Proshare Nigeria Pvt. Ltd.

 

The company, founded by two seasoned professionals in the health sector, Chibuzo Opara and Adham Yehia, has powered over nine million prescriptions and projects 12 million by the end of 2021. Chibuzo Opara said: "Fragile and resource-challenged healthcare systems require a radically transformative set of market-based strategies to expand access to healthcare. The DrugStoc way re-engineers the value chain digitally, improving and expanding access to healthcare at the same time."

 

It is predicted that Africa's pharmaceutical industry will be worth $56 billion to $70 billion by 2030, from just $5.5 billion in 2007. However, the broken supply chain and chaotic distribution channels on the continent still pose a significant challenge. It affects the delivery of quality medicines, affordability of pharmaceuticals and efficient healthcare delivery for health workers. Innovation to solve supply chain challenges is a key opportunity in this growing market.

 

Based on estimates from the United Nations Economic Commission for Africa (UNECA), Africa imports about 94% of its pharmaceutical and medicinal needs from outside the continent. Drugstoc is ensuring that more vital drugs, vaccines and health technologies are supplied safely, effectively and affordably to more people.

 

According to Liam O'Connor, who is also among a group of individual Silicon Valley investors, "DrugStoc has demonstrated impressive growth and the ability to improve healthcare providers' access to pharmaceuticals in Nigeria. I am excited to support DrugStoc's innovative work building a reliable, resilient, and high-quality pharmaceutical supply chain across Africa.  I am confident that DrugStoc will succeed in making a critical healthcare difference that will help save lives."

 

In 2016, DrugStoc was incubated under Stanford's Institute for Innovation in Developing Economies; and in 2019 made the shortlist as one of ten finalists for the Africa Netpreneur Prize Initiative, Jack Ma's flagship entrepreneur program in Africa. It also won the award for the Technology Enabled Distributor of the year, at the Nigeria Health Excellence Award in 2019 and 2021.

 

The healthtech startup will now double down on its vision to change the way healthcare providers interface with the pharmaceutical market and revolutionize sub-Saharan Africa's access to quality pharmaceuticals.  

 

CardinalStone Partners Limited acted as Financial Advisers to DrugStoc.


 Proshare Nigeria Pvt. Ltd.

 

 Proshare Nigeria Pvt. Ltd.


Related News

1.      UBA Foundation Sensitises Staff, Customers on Mental Health Awareness

2.     Healthlane Launches App, Announces Healthcare Technology to Enable Longer and Healthier Lives

3.     Ecobank Day: Stop the Discrimination Against Victims of Mental Health Disorder - Akinwuntan

4.     Ecobank Nigeria leads Sensitization on Mental Health in Nigeria

5.     AfDB Launches Consultations on New Strategy for Quality Health Infrastructure in Africa

6.     Ecobank Day 2021; Staff and Families Set To "Walk Against Mental Health"

7.     Africa CDC, IFRC and USAU Call for Equitable Vaccine Coverage in Africa

8.     Africa Needs Seven-Fold Rise in COVID-19 Vaccine Shipments

9.     Ethiopian COVID-19 Vaccine Airlift Exceeds 50 million Doses

10.  Positioning Health Enterprises for Investments and Access to New African Markets

11.   Coronavirus: Afro-Move Network Helps Track COVID-19 Vaccine Effectiveness

12.  Africa Data Centres Reveals Continent's Largest-Ever Data Centre Expansion Plan

13.  Sokoto State Set to Commence Construction of Sokoto State University College of Medical Sciences


 Proshare Nigeria Pvt. Ltd.



Proshare Nigeria Pvt. Ltd.





Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP