Rinchi
TechInAfrica – A Nigerian-based Co-creation (CcHub) innovation fund, Growth Capital, has invested in a healthtech startup, DrugStoc. The amount of investment is still undisclosed to the public and the media.
DrugStoc is a Nigerian drug procurement platform based in Lagos. It was founded in 2015 by Adham Yehia and Chibuzo Opara. It provides genuine pharmaceutical and healthcare products for both hospitals and pharmacies through its seamless platform. According to Growth Capital, DrugStoc has currently served over 3,000 doctors and pharmacies.
According to the startup, its products are genuine as it operates an internationally accredited end-to-end supply chain. This internationally accredited supply chain enables health professionals to track where the drugs are manufactured to ensure genuineness.
Growth Capital explained that the startup is the only ISO certified healthtech startup in the country. In additions to this, the startup recently was awarded the ISO 9001-2015 and won the Technology-Driven Distributor Company of the Year award in the 2019 Nigerian Healthcare Excellence Awards earlier last month.
“DrugStoc has continuously improved on its proprietary technology infrastructure aimed at strengthening its zero tolerance for fake drugs,” said Growth Capital as quoted from disrupt-africa.
“We admire the work of the DrugStoc team and their effort towards eliminating the distribution of fake drugs and reducing the multi-layer of middlemen, resulting in the reduction of drug prices. We strongly believe that they are taking the appropriate steps required to curb this menace in Africa.”
Source: ventureburn.com, disrupt-africa.com
