Nigerian healthtech company, Remedial Health, has successfully raised $4.4 million in seed funding to further its mission of transforming the pharmaceutical supply chain. This development comes as the startup scales its presence across Nigeria and explores expansion opportunities in East and West Africa.The funding round was supported by notable investors, including Global Ventures, Tencent, Cathexis Ventures, Lightspeed Venture Partners Scout Fund, and Ventures Platform, alongside angel investors like Guillaume Luccisano and Christopher Golda. This investment builds on the progress the company has made since its inception in 2021.
A Vision to Revolutionize Healthcare Distribution
Remedial Health, co-founded by Samuel Okwuada (CEO) and Victor Benjamin (COO), provides a digital platform that allows pharmacies and hospitals to source pharmaceutical products directly from certified manufacturers and distributors. By addressing inefficiencies and combatting the proliferation of counterfeit medications, the company is reshaping the healthcare landscape.Major manufacturers such as GSK, Pfizer, and AstraZeneca, along with leading Nigerian firms like Orange Drugs and Emzor, are among its partners. These collaborations ensure that neighborhood pharmacies and healthcare providers receive high-quality products, enabling more reliable care for their communities.
Meeting Growing Demand
The startup has experienced remarkable growth since the beginning of the year, expanding its reach from six to 16 states across Nigeria. Its user-friendly platform offers a suite of tools, including inventory financing and loans, which have attracted a growing number of pharmacies. According to Okwuada, over 60% of their customers utilize these financial tools, resulting in a significant increase in their procurement capacity.“We’ve seen incredible growth in the number of customers using our platform, as well as a notable rise in their average order sizes. Our services, including next-day delivery and flexible financing options, have been instrumental in helping our clients navigate the challenges of rising costs,” he stated.
Leveraging Technology for Impact
Remedial Health’s digital tools enable pharmacies to streamline their procurement processes, manage orders, and generate accurate financial reports. Its patient medication records (PMR) system enhances operational efficiency by providing actionable insights, paving the way for more personalized and effective healthcare services.Additionally, the platform offers real-time data that assists manufacturers in making informed decisions on production and distribution, ultimately optimizing the pharmaceutical supply chain.
A Growing Market Opportunity
Nigeria’s pharmaceutical sector, valued at over $70 billion annually, is dominated by community pharmacies, which account for 80% of sales. Remedial Health is capitalizing on this significant market opportunity by addressing critical issues such as supply chain fragmentation, price inconsistency, and poor-quality products.Sacha Haider, Principal at Global Ventures, remarked, “Remedial Health’s innovative approach has the potential to drive substantial cost reductions and improve access to quality medications. Their work is transforming the way community pharmacies operate, making healthcare more accessible and reliable.”
With this new funding, Remedial Health aims to expand to the remaining states in Nigeria and lay the groundwork for operations in other African markets. The company is also focused on enhancing its technology and distribution capabilities to better serve its growing customer base.By bridging the gap between manufacturers and healthcare providers, Remedial Health is setting a new standard for pharmaceutical supply chains in Africa.
