Bachelor of Science, A Ghanaian health tech startup that manages the drug inventory for pharmacies and their suppliers, today announced the expansion of Ethiopia.
company Was founded by Daniel Shoukimas, Gregory Rockson And James Fincheon in 2013. It specializes in vendor-managed inventory, retail pharmacy operations and market intelligence services hospitals, pharmacies and patients.
In Africa, the pharmaceutical market Value of $ 50 billion Challenges such as supply chains spread, low order volumes and high prices. Many africans can still be stopped or Simplicity Treated diseases because they cannot afford to buy their medicines.
With a presence in two unnamed countries, along with Ghana, Kenya, Nigeria, Rwanda and Zambia, mPharma seeks to increase access to these drugs at low prices while assuring and preserving quality.. The company claims to have served more than 100,000 patients and distributed more than one million medicines to Africans from 300 partner pharmacies across the continent..
CEO Rockson says that when Mpharma started eight years ago, it wanted to own the Pan-African brand with operations in Ethiopia, Kenya and Nigeria..
By 2018, Mpharma went live in the West African country. In 2019, Health Tech acquired Halton’s, the second largest pharmacy chain in Kenya. Later Entering the market and acquiring 85% ownership in the company. HoweverIt seemed like a stretch for the Ghana-based company to expand the East African country as it was met with multiple pushbacks. Rockson attributes this to the harsh nature of doing business with foreign companies.
“Ethiopia is one of the most closed economies on the continent. This has made it a bit difficult for other startups to launch there. In college Because the government rarely allows foreign investment in retail“
According to Rockson, most foreign brands operate through franchising in the country, a method mPharma has worked on to expand it into Africa’s second most populous country..
The company signed a franchise agreement with Baylab Pharmaceuticals through its subsidiary Hollons Limited. Belab Pharmaceuticals is a part of the Belab Group – a group that is an official franchisee of companies such as Pizza Hut and Kia Motors in Ethiopia.
Rockson says that we should expect a partnership to open two pharmacies in Addis Ababa this year. Each pharmacy will offer a consumer loyalty membership program of the company called Muti, where they will get discounts and financing options to access the drug.
This franchising pharmacy is a part of mharma’s development plans to enable companies wishing to enter the retail sector. The plan is to provide access to a “pharmacy-in-the-box” solution where mPharma handles every infrastructure involved, and the pharmacy is In college Worried about the consumer.
“What we have done is that we enable these pharmacies with our software, and we have backend physical infrastructure and warehousing.”. ‘They can rely on Mpharma to do all the background work from getting products to your pharmacy and be able to provide software services to be able to provide clinical care.“
mPharma is one of the well-funded HealthTech startups in Africa and has raised over $ 50 million. Last year when It won a c series round Of $ 17 million, Helena Foulkes, Former chairman of CVS, the largest pharmacy retail chain in the US, appointed to its board. He joins Daniel Wasella, ex-CEO and chairman of Novartis, who has decades of experience in the pharmaceutical industry.
Such support has proved to be crucial in both expertise and investment in how Mpharma operates. Rockson Don’t mince words when saying tHe wants to make an impact on African healthcare with Ethiopia, which has already entered the safe market.
“There are issues of fragmentation in retail sales, poor standards and high prices which are not Is fixed. The African opportunity is still huge, and we are still in the beginning stages of privatization of healthcare on the continent, ”he said.