How Samuel Discovered His Business Idea And Led Remedial Health To Raise $17.4 Million Funding

Samuel Okwuada and his team created Remedial Health to make it easier for healthcare providers to easily access affordable and genuine retail medicines, consumables and medical devices from manufacturers and distributors. 

Remedial Health is an e-health startup that develops solutions to make Africa’s pharmaceutical value chain more efficient and reliable. 

Samuel got his business idea through the discovery that every  year, 100,000 deaths  in Africa are linked to counterfeit drug trade and that over 30 percent of medicines sold in Africa are counterfeit.

This led him to launch Remedial Health with his co-founder, Victor, to help address the challenge, starting with Nigeria. 

 

The company's technology helps pharmacies and hospitals  to order pharmaceutical products sourced from reliable and trusted manufacturers and verified distributors, so as to stem erratic prices, and the supply of fake and substandard products.

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  inventory management solutions as well as  helps pharmacies and proprietary patent medicine vendors (PPMVs) to manage the day to day records, store patient medication records, and  patient communications, to support more effective and efficient patient care.

Remedial Health took part in the Y Combinator accelerator programme in 2022, and  has successsfully expanded to 34 states in Nigeria.

It operates a B2B  model and makes money by helping healthcare providers  order for and quickly receive genuine medicines, etc. It also makes money by offering financial services to its users

The company is 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. 

The exciting results it has  achieved within 2 years,  has helped it to raised $17.4 million from Pre-seed, Seed and Series A funding rounds including debt financing. Its key Investors include,  QED Investors, Ventures Platform, Y Combinator, Tencent,  Gaingels, etc

The health-tech sector in Africa is estimated to reach US$11 billion by 2025, and Remedial Health is using its recent funding to push on delivering the digital procurement infrastructure to power effective healthcare distribution for Africa’s 1.2 million pharmacies.

__________

@Smatkaria is a lifestyle of creating  solutions and filling market gaps