Ghana’s mPharma, a technology-driven healthcare company has launched in Ethiopia as it pursues its pan-African expansion dream, nearly two years after it acquired Kenya’s Haltons Ltd, the second-largest pharmacy chain with over 27 stores across the country.
mPharma has signed a franchise agreement with Belayab Pharmaceuticals PLC to increase patient access to affordable and quality medications in Ethiopia, through its subsidiary, Haltons Limited. Through the franchise, mPharma and Belayab Pharmaceuticals aims to open two operational pharmacies in Addis Ababa this year.
In a statement, Gregory Rockson, CEO mPharma, said: “mPharma is connecting and empowering an inclusive universal medical coverage that benefits everyone in Africa by making access to healthcare affordable and safe. We are excited to be entering the Ethiopian market in partnership with Belayab Pharmaceuticals as we continue to build our long-standing commitment to partnerships for the good health of patients. This is an opportunity to develop a commercially-sustainable and scalable health impact in Ethiopia by improving access to quality essential medicines that will help the society-at-large so that everyone can benefit from affordable and safe treatment.”
Headquartered in Ghana, mPharma, is currently operational in Ghana, Nigeria, Zambia, Rwanda, and Kenya and serves about a million patients every year through over 300 partner pharmacies and provides patients with affordable and high-quality medicines in its quest to build an Africa that is in good health.
In June last year, mPharma raised $17m from UK’s CDC Group to drive supply chain efficiencies for pharmaceuticals in Africa. The investment was co-led by the CDC Group under Venture Scale-Up Programme. The firm had earlier received $1.5m from the Skoll Foundation for the 2019 Skoll Award for Social Entrepreneurship as well a $6.6 million Series A round led by India’s Shravin Bharti Mittal, Social Capital, Golden Palm Investments and 4DX Ventures among others. In 2015, the firm raised $5 million led by Social Capital.