On Monday, February 14, 2022, Remedial Health announced via its official publication that it had raised $1 million in pre-seed funding to drive the digitization of Africa’s pharmaceutical sector.
With participation from Ingressive Capital, Voltron Capital, Opeyemi Awoyemi’s (Jobberman co-founder) Angel Syndicate Fund, and other angel investors, including Flutterwave’s Olugbenga “GB” Agboola and Victor Asemota, the round was led by Global Ventures and Ventures Platform.
Samuel Okwuada and Victor Benjamin started Remedial Health in 2020, intending to develop a tech-enabled, pharmacy-centric healthcare network across Africa. The Startup plans to use these newly acquired funding these funds to accelerate the fruition of this goal.
Through its PMR (patient medical records) platform, Remedial Health is focused on developing a system that will make it easier for neighborhood pharmacies and PPMVs (patent and proprietary medicine vendors) to get affordable and authentic medicines from major manufacturers.
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Pharmacies and PPMVs can use the platform to manage their inventory and day-to-day operations to focus on patient care. A Buy-Now-Pay-Later option is included in the forum, allowing store owners to stock up and pay after distributing the merchandise to customers.
The PMR (patient medical records) platform is also intended to make local pharmacies more efficient and lucrative by providing them with aggregated consumer data to aid in the delivery of improved healthcare across the continent.
Thanks to the platform, it will be easier to make informed decisions about which items are most suited to a consumer based on their medical history. Remedial Health also uses the data provided by store owners on the platform to give the manufacturers unified, real-time market data for enhanced profitability and better decision-making across the value chain.
Remedial Health has also developed a digital procurement platform that allows store owners to source all of their practice’s medications, consumables, and minor medical devices via a mobile app or mobile responsive online store. All procurements are at open-air medicine market pricing and delivered within 24 hours. Before being distributed, all products are checked to ensure their legitimacy.
The Startup also announced that it would participate in the Winter 2022 cohort of Silicon Valley’s Y Combinator accelerator.