MPharma, a Ghanaian healthtech startup, has raised $17 million investment led by CDC Group.
The funding round which Quartz reports was joined by returning investors such as Dr. Daniel Vasella, ex-chief executive of Novartis, Silicon Valley investor Jim Breyer and Dompe Holdings.
MPharma also disclosed that it has appointed Helena Foulkes, the ex-president of CVS to its board. The healthtech firm was founded in 2013 by Gregory Rockson (CEO), Daniel Shoukimas (CPO), and James Finucane (CTO).
So far, mPharma has secured more $40 million investment since 2015 and in one of its stand-out achievements in 2019, it acquired Haltons, which was the second-biggest pharmacy chain in Kenya.
Since the acquisition, Gregory Rockson told Quartz that it has expanded the number of outlets to 30 from 17 and seen revenue has increased.
“We had mapped out a plan for expansion when we bought Haltons and soon paid off its debt and owed salaries to build trust with the staff, but the lockdown has cut our hours and slowed growth.”
On the appointment of Helena Foulkes to the board of mPharma, Rockson said: “I was intrigued by the role she played in banning the sale of tobacco at CVS. This is a decision that cost the company over $2 billion in sales but was important if CVS was to put the health of consumers first.”
For Foulkes, she said she accepted the appointment because of mPharma’s mission to make pharmaceuticals available and affordable across Africa. She added that she is looking forward to the “different ways this young company can grow, they have their own chain, loyalty programs, there’s plenty of potentials.”
MPharma offers solutions to health insurance and pharmaceutical companies to make it easier for patients to afford their medications and aims to increase patient access to high-quality medications.
To make this a reality, the healthtech firm has partnered with drug manufacturers, insurance companies, financial institutions, and governments to deliver prescription drugs directly to consumers in emerging markets. They provide doctors, patients, and pharmacists access to a network of high-quality chronic disease medicine at sustainable prices. It is present in Ghana, Nigeria, Kenya, Zambia, and Zimbabwe.
