Monday, March 4, 2024
Startups in Africa

Ghana-based mPharma is Improving Access to Medicines for Africans Through Innovative Financing

At the moment, there is a rising number of young Africans who are building fast-growing economies in various sectors such as housing, health care, logistics and a host of others. Gregory Rockson (CEO) and his co-founders, Daniel Shoukimas and James Finucane founded mPharma in 2013, to cater for the pharmaceutical needs of patients at an affordable rate.

mPharma is a Ghanaian-based health logistics startup that makes medicines available by providing innovative financing and inventory management solutions to hospitals pharmacies and patients.

They achieve lower prices by aggregating and predicting demand across a network of providers. The aim of the startup is to overturn the injustice of millions of Africans who currently lack access to affordable medicines.

Since 2013, the health firm has grown to have operations in Ghana, Nigeria, Zambia and Zimbabwe. They partner with major pharmaceutical manufacturers, insurance companies, financial institutions and governments in these countries.

mPharma allows partners to order the best products from the world’s top manufacturers and make savings. They predict the needs of the partner and then they work together to refine the plan and buy medicines in bulk through their network and help partners achieve bigger drug discounts.

With mPharma, revenues are based on actual drug sales to patients. Instead of buying stock, they take the risks and manage the expiry dates to avoid stock-outs. Also, through Mutti, an innovation of mPharma, customers can pay in instalments and get extra 7% discount cashless transactions on their Mutti card.

According to Gregory Rockson, mPharma’s CEO “By helping to improve the physical infrastructure, and then financing and improving their inventory, we can improve the quality of care for patients who go and seek care in these pharmacies…A world where a mother has to choose between medication for her health or education for her child is an unjust world”.

Pharmacists have also given testimonies concerning the indelible impact of mPharma. Emmanuel, owner of a community pharmacy said “Together with mPharma we will be able to increase patronage, get new customers, bring back some old ones and also increase stock levels.”

They currently have about 50 hospital partners, 200 pharmacies in their network, including 400 thousand patients continually on the increase. They are building a partnership for the good health of patients, the good health of pharmacists and the good health of the entire industry.

The mPharma team continues to rely on the words of the co-founder and CEO, Gregory Rockson “We’re building an Africa that’s in good health”

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