Remedial Health, a healthtech startup developing solutions to make the pharmaceutical sector in Africa more efficient, has raised $1 million in pre-seed funding to digitize pharmacies, facilitating its platform for neighboring pharmacies in Nigeria to access authentic and affordable retail medicines.
The startup is also part of the Winter 2022 group of highly regarded Y Combinator accelerators in Silicon Valley.
The round was led by Global Ventures and Ventures Platform, with input from Ingressive Capital, Voltron Capital, angel investment from Flutterwave’s Olugbenga “GB” Agboola, Victor Asimuta, Opeyemi Awoyemi’s Angel Syndicate Fund (Jobberman co-founder) and other investors. The company’s participation in the Y Combinator accelerator will provide access to support and a network of partners and advisors to drive the startup’s growth.
Speaking on the raise, Sacha Haider, Principal at Global Ventures, said, “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.
We look forward to supporting Samuel and the team on their mission to build a tech-enabled, pharmacy-centred healthcare network across Africa”.
About Remedial Health
Remedial Health was founded in 2020 by Samuel Okwuada and Victor Benjamin, and started as a private label company. Its founding team brings together more than 27 years of experience in pharmaceutical and software development with a focus on products that are contract manufactured from markets such as India, which they will then sell to pharmacies in Nigeria.
The company provides technology solutions that enable greater efficiency and profitability in the pharmaceutical sector in Africa and supports the development of a technology-driven, pharmacy-centric healthcare network across the continent.
It has its operations in 6 states across Nigeria and is connected to more than 100 pharmaceutical manufacturers and suppliers, including GSK, Pfizer and Astrazeneca, as well as Orange Drugs, Emzor and Fidson Healthcare in Nigeria.
With access to more than 100 pharmaceutical manufacturers and suppliers, the Remedial Health system allows pharmacies to digitally manage daily operations and run their practices seamlessly.
The platform also stores patients’ medical records, patient communications, inventory management, order processing, and accounting to support patient care more effectively and efficiently.
Remedial Health also provides consolidated, real-time data on market behavior for manufacturers to increase profitability and make better decisions across the value chain.
According to Samuel Okwuada, CEO and co-founder of Remedial Health, “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.”
Remedial Health’s new funding will be used to expand the startup’s immediate and deferred takeover offer (BNPL) as well as support its expansion into more states in Nigeria to enable more pharmacies and PPMVs as a healthcare front line in more states across Nigeria.
For more information about the startup, please visit https://remedial.health.