DrugStoc, an innovative drug procurement platform designed to help nurses, pharmacists, medical doctors, pharmacies, hospitals, clinics, and others get genuine drugs and other pharmaceutical procurements, has raised undisclosed funding to streamline pharmaceutical procurements in Nigeria.
Founded in 2015, DrugStoc has signed up more than 3,000 doctors and pharmacists, providing them with genuine drugs, a menace that leads to over 100,000 deaths annually in Africa according to the World Health Organisation (WHO).
The report, also adds that substandard and fake medical product account for 42% of globally detected cases and revenues from counterfeiting of medicines are around $200bn, representing 10-15 percent of the pharmaceutical market worldwide. Africa’s pharmaceutical market is expected to be worth $40 to $65 billion by 2020, attracting both the good and bad players.
With this new funding from CcHUB, Drugstoc aims to provide hospitals and pharmacies greater access to genuine pharmaceutical and health care products via its platform. The firm recently won the 2019 award for Technology-Driven Distributor Company of the Year for its end-to-end traceable supply chain platform.
The platform enables health professionals to track drugs from the manufacturer to the patient, giving no room for counterfeiting drugs.
The firm was also recently awarded the ISO 9001-2015 certification, the first Nigerian healthcare startup to be ISO certified confirming that safety is their first priority and the quality of their drugs is guaranteed.
“Growth Capital by CcHUB is strongly committed to providing investments to startups leveraging technology and innovation to solve some of the biggest problems in the African Healthcare system, and we are very excited to work with DrugStoc in achieving their vision for the company,” CcHUB announced.