Remedial Health, a healthtech startup that develops pharmaceutical solutions, has raised $1m in pre-seed funding to roll out a digital procurement and patient medication records platforms.
According to the firm, this will make it easier for neighbourhood pharmacies and Proprietary Patent Medicine Vendors to access affordable and authentic retail medicines. It added that it was also part of the Winter 2022 cohort of Y Combinator accelerator.
In a statement, the Chief Executive Officer and Co-founder, Remedial Health, Samuel Okwuada, said, “Pharmacies and PPMVs have been the frontline of healthcare in Nigeria for many years and we are excited to have raised these funds to connect them more effectively to manufacturers and ensure that their data is reflected more accurately in decision making across the pharmaceutical value chain.
“The ongoing global pandemic has brought the importance of healthcare to the fore and we strongly believe that these businesses can play a key role in safeguarding lives and livelihoods across the continent for years to come.”.
According to the company, it is delivering technology solutions that enable greater efficiency and profitability in Africa’s pharmaceutical sector and supporting the development of a tech-enabled, pharmacy-centred healthcare network across the continent. It added that it has operations in six states across Nigeria and is connected to more than 100 pharmaceutical manufacturers and suppliers.
It said the new funds would support the expansion into more states in Nigeria to empower more pharmacies and PPMVs as the frontline of healthcare in more states across Nigeria.
Principal at Global Ventures, one of the company’s investors, Sacha Haider, was quoted as saying, “We are delighted to be partnering with Remedial Health to address some of the challenges impacting access to healthcare on the continent.
“There is huge scope for growth for Remedial Health not only in Nigeria’s pharmaceutical industry but also across the African continent.”