Grace Ashiru
Nigerian healthcare is grappling with the challenging issue of counterfeit and substandard medicine, as emphasized in a recent report by the National Agency for Food and Drug Administration and Control (NAFDAC). The report estimates that around 15% of medicines sold in Nigeria fall into this category, resulting in serious consequences for public health and safety.
Acknowledging the pressing healthcare crisis and the imperative to enhance efficiency in the pharmaceutical value chain while digitizing pharmacies, Nigerian health-tech startup Remedial Health has achieved a significant milestone by securing $12 million in Series A equity-debt funding. This funding will aid the company in expanding its operations within Nigeria. Previously, Remedial Health had also raised $4.4 million in a seed round in September 2022.
The funding round was co-led by prominent Fintech VC firm QED Investors and Ventures Platform. Existing investors such as Y Combinator, Tencent, and Gaingels also participated in this round.
Remedial Health’s platform is crucial in empowering pharmacies and hospitals by enabling them to source pharmaceutical products directly from reliable manufacturers and verified distributors. By eliminating intermediaries and ensuring proper product handling, the startup strives to address issues like erratic pricing, counterfeit drugs, and substandard products that have led to preventable deaths in Nigeria and other regions.
The platform provides a comprehensive suite of features encompassing inventory management, accounting, financial reporting, and real-time market intelligence. Leveraging its network of distribution hubs and last-mile delivery services, customers receive their orders within 24 hours.
The firm serves over 5,000 pharmacies and hospitals, with a threefold increase in client count since November of last year. It obtains around 8,000 goods from 300 respected producers, including well-known brands like GSK, Pfizer, and AstraZeneca.
With the recent funding raise, the company intends to utilize the newly acquired resources to strengthen its presence further across the 34 states in Nigeria. The primary focus will be expanding its reach to additional pharmacies and hospitals in rural areas, where demand is rising.
