In an effort to address the disruptions in pharmaceutical and health care supply chain, Field intelligence in partnership with Blue Haven initiative has raised $3.6million equity to boost the availability of safe and essential Pharmaceuticals in Africa.
Peter Bunor, head of Growth, Field Intelligence, in a statement, explained that 80 percent of people in Africa rely on their community pharmacy as the frontline of the health system, but regrets that they routinely stock out of essential medicines, incure significant losses to expiry and struggle with substandard and falsified drugs.
Bunor said these inefficiencies cost the health system millions of dollars each year and limit access to quality care.
He also noted that the annual pharmaceuticals market in Africa is valued at over $60billion.
Field Intelligence has been a pioneer in pharmaceutical supply chain solutions in Africa. Its Shelf Life “Pay-As-You-Sell” subscription service for pharmaceutical products has grown rapidly since first debuting in Nigeria in mid 2017.
The new investment will fund Shelf Life’s expansion throughout Nigeria and Kenya, as well as the development of additional services for Shelf Life clients and their patients.
Shelf Life’s pharmacy clients can subscribe to over a thousand quality-assured and price-stabilised drugs from 50 medical, health and wellness categories. Using Field Intelligence’s technology platform, Shelf Life forecasts, procures, delivers, manages, and finances each product the pharmacy has subscribed to.
Michael Moreland, Co-Founder and CEO, Field Intelligence said the organization is delighted to welcome new investors into the business, as long as they share the vision for catalysing change in a huge and vitally-important sector.
“They should bring deep fintech and logistics experience, which will be vital in helping us build a new generation of healthcare supply chains in Africa and beyond,” he said.
Godsgift Onyedinefu, Abuja
