5 tech companies to drive health’s biggest growth

From mPharma’s revolutionary pharmacy network to Figorr’s cold-chain platform, these five tech healthcare companies are tackling the biggest challenges head-on, one solution at a time.

Growth led by these companies are seen outpacing year-on-year margins raked in from drug production, hospitals, diagnostic services and health insurance due investment pool previously secured and key government partnerships targeted at digitised inventory management solutions.

mPharma, Drugstoc, Wella Health, Figorr and Remedial Health are some of the companies analysts have identified to drive that growth.

mPharma

mPharma is a pan-African pharmaceutical distributor with operations in over 30 countries across Africa.

The company has a network of over 2,000 distribution points and supplies medicines to over 100,000 healthcare facilities.

mPharma provides a variety of services to patients, pharmacies, and healthcare providers.

The company’s mobile app allows patients to order monthly prescription refills and receive reminders.

It also provides doctors with tools to direct their patients to pharmacies with the prescribed drugs in stock and check adherence.

The company uses data from doctors and patient interfaces to provide pharmacies with information regarding demand and other tools to manage their services.

mPharma has raised a total funding of $81.7 million over 9 rounds. Its first funding round was in September 2015. Its latest funding round was a conventional debt round on Jan 05, 2022 for $5 million.

Four investors including Citi, JAM Fund, Unbound, Lux Capital participated in its latest round.

Gregory Rockson, Daniel Shoukimas, and James Finucane are co-founders.

Drugstoc

DrugStoc is a tech-enabled procurement partner for pharmaceutical and consumer health companies in Africa. It uses technology, supply chain innovation, financial solutions, and product knowledge to provide access to medications in emerging economies.

It is one of the fastest growing tech enabled procurement partner for pharmaceutical and consumer health companies reaching thousands of pharmacies, retailers, hospitals, clinics and medical practitioners across Nigeria.

The company has raised a total funding of $4.4 million over two rounds.

Figorr

Figorr is a Nigerian digital health startup offering temperature monitoring solutions. It provides real time data that enables users to monitor temperature sensitive products. The platform allows users to monitor and track the storage conditions and location of products in transit. It offers real time reports that provide insights on cold storage performance.

Figorr serves in the B2B, SaaS space in the high tech, fintech, insurance-tech, transportation and logistics market segments.

Figorr has raised a total funding of $1.75 million over three rounds. Its latest funding round was a seed round of 1.5 million.

Oghenetega Iortim is the founder and CEO.

Remedial

Remedial Health has raised a total funding of $13.5 million over the past three years mainly through institutional and angel investors.

Its largest investment round was an $8 million series A equity funding led last year by QED Investors, a US-based venture capital firm, and Ventures Platform, a Nigerian investment firm.

The company operates at the intersection of healthcare, supply chain management, technology and financial services, delivering the digital procurement infrastructure to power effective healthcare distribution for Africa’s 1.2 million pharmacies.

Starting in Nigeria, Remedial Health has built an effective operating system for pharmaceutical buyers and suppliers, working with more than 300 manufacturers and serving more than 5,000 hospitals, pharmacies and PPMVs across 34 of Nigeria’s 36 states, with regional hubs to enable a seamless experience across the country.

Store owners can access more than 8,000 vetted products via the mobile app, with same-day delivery and inventory financing to minimise cash-flow friction for routine orders and maximise sales opportunities.

The startup also provides facility financing, payment solutions and inventory management solutions that makes it easier for store owners to run their business more efficiently and profitably.