It is estimated that 40% of the medical equipment in sub-Saharan Africa is currently obsolete or out of service.
On a continent where public healthcare is chronically underfunded, receiving less than 5% of GDP, MDaaS presents the opportunity to bolster poorly-equipped hospitals and clinics in what is evaluated to be a $1.6 billion market in Nigeria alone.
MDaaS was founded by Oluwasoga Oni, Opeyemi Ologun, Genevieve Barnard Oni, and Joseph McCord in 2016 with the basic aim of building Africa’s largest network of tech-enabled diagnostic and primary care facilities to provide convenient, high-quality, and affordable healthcare for low-income communities in sub-Saharan Africa and the continent’s next billion.
It was created to address the lack of high-quality, affordable diagnostic services available for low and middle-income sub-Saharan Africans, starting with Nigeria’s 130 million low and middle-income patients.
Where available and up-to-date, health services are unaffordable for most of Nigeria’s population, and expensive out-of-pocket costs discourage patients.
It offers a wide array of high-impact diagnostic procedures from simple malaria tests to echocardiograms and pap smears. And MDaaS’ affordability is helping change the healthcare narrative, with basic procedures, like obstetric ultrasounds, starting at just US$4.
MDaaS leverages its vertically-integrated supply chain, technology platform, and patient-centered design to provide modern, convenient services at a price point patients can afford.
MDaaS was incubated at MIT’s Legatum Center for Development and Entrepreneurship and was part of the inaugural Techstars Impact class of 2018.
The company launched its flagship diagnostic center in Ibadan, Nigeria’s 3rd most populous city, in November 2017 under its patient- and physician-facing brand BeaconHealth.
This year, the healthtech company closed on seed funding totaling US$1 million. Led by Consonance Investment Managers, with participation from Techstars, FINCA Ventures, an investment initiative of FINCA International, the Fund for Africa’s Future, a fund led by Iyinoluwa Aboyeji and Nadayar Enegesi, Greentree Investment Company, and others.
The round was aimed at seeing MDaaS scale and replicate its innovative diagnostic center business model, as the company seeks to open 100 additional centers in Nigeria and West Africa over the next five years.
Speaking on the funding, MDaaS Global’s CEO and Co-Founder Oluwasoga Oni said, “This funding round fuels our next phase of growth, allowing us to continue providing modern, connected healthcare for Africa’s next billion. With diagnostics as the bedrock of modern medicine and key to the treatment of diseases like cancer, heart disease, and diabetes, which are on the rise within the continent, unbridled access to quality healthcare is crucial. We are immensely proud of our brick-and-mortar presence; merging physical patient care with state-of-the-art technology enables us to reach more patients with the care that they deserve”
To date, the company has served over 9,000 low- and middle-income patients, speedily identifying health issues and connecting them with a variety of medical specialists and affordable treatment options.
Having partnered with over 60 referring health facilities, MDaaS serves as the centralized diagnostic department for surrounding hospitals and clinics within Ibadan.
MDaaS also partners globally with corporates, Health Maintenance Organizations (HMOs), and developmental organizations seeking top-tier diagnostics for their employees and beneficiaries.