Remedial Health’s improved platform in Nigeria wants to help pharmacies in the region become more profitable.
Remedial Health, a healthtech startup based in Nigeria, has unveiled an upgraded version of its application. The app is designed to assist healthcare businesses across Africa in making informed decisions, boosting growth, and enhancing profitability.
Remedial Health’s Improved Platform Wants to Help Pharmacies
The updated app from Remedial Health is tailored to serve as a comprehensive operating system specifically designed for neighborhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) across Africa. Key features of the new app include a digital Point of Sale (PoS) system and a barcode scanner.
These additions aim to streamline payment collection processes, offer virtual business accounts for accepting payments, track product sales, facilitate seamless management of multiple stores through a store-switch feature, and provide efficient inventory management solutions for restocking and identifying short-dated products.
Remedial Health Series A funding
In August 2023, Remedial Health secured $12 million in Series A funding, comprising $8 million in equity and $4 million in debt. This investment aims to support the expansion of its services and enable the delivery of targeted financial solutions to bolster business growth within Nigeria’s pharmaceutical sector.
The Pharmaceutical Market in Africa
The pharmaceutical market in Africa is experiencing rapid growth, driven by an increasing demand for affordable and accessible healthcare solutions. According to Asokoinsight, Africa’s demand for pharmaceutical products is projected to surpass $63 billion by 2030. With an estimated total market value ranging from $56 billion to $70 billion within the decade.
PPMVs Role in the African Pharmaceutical Industry
PPMVs play a significant role in the African pharmaceutical industry, accounting for approximately 85% of retail medicine sales. However, these vendors often face challenges in effectively managing their operations and achieving profitability due to a lack of suitable digital sales and inventory management tools.
The startup to address this, confirmed, “Starting in Nigeria, healthcare businesses can access vetted medicines and manage their sales and inventory on one easy-to-use platform, freeing up time and capacity to effectively serve their customers and communities.”
In addition, manufacturers often rely on outdated paper-based methods for inventory and sales management. Thus limiting their understanding of customer behavior and hindering informed production and distribution decisions.
What Manufacturers Aim To Gain with the Updated Remedial Health App
However, with the updated Remedial Health app, manufacturers will gain access to consolidated, real-time market data. Thus empowering them to enhance profitability and make informed decisions throughout the value chain.
Furthermore, the app offers robust data analytics capabilities to support decision-making and comprehensive financial reporting for effective profit and loss management.
The Crucial Role of Neighborhood Pharmacies and PPMVs in Africa
Samuel Okwuada, CEO and co-founder of Remedial Health, highlighted the crucial role of neighborhood pharmacies and PPMVs as frontline healthcare providers in Africa. He noted that these providers often struggle to operate effectively and profitably due to a lack of adequate support.
However, Remedial Health aims to equip them with the necessary tools to streamline daily operations and ensure smooth business management.
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