CribMD, a Nigerian e-health startup, has acquired Charisland Pharmaceuticals (CP), a retail pharmaceutical company, to expand its market share and ensure drug delivery to patients’ homes across the country.
Launched in June 2020, CribMD connects customers with doctors for house calls and telemedicine services through its on demand platform, allowing people to arrange appointments from the comfort and convenience of their own home, on their own schedule.
The startup has over 3,000 active subscribers and has used some of the US$2.6 million in seed funding it raised earlier this year to purchase CP in order to accelerate its growth. Charisland Pharmaceuticals led by the Adedoyins (Adedoyin Oluranti Mrs, Adedoyin Babatunde Michael and Adedoyin Adebayo Henry) has since inception maintained a high level of service delivery in all their stores in the major cities of Nigeria.
The purchase was mutually beneficial because CP, which was founded in 2009, is exiting the Nigerian market and relocating to Canada.
“The acquisition could not have come at a better time as C.P. seeks to exit the Nigerian market – moving to Canada,” says Ifeanyi Ossai – CEO and Co-Founder, CribMD. “Our values overlap, and our overall vision for the healthcare space is similar,” Ossai adds.
Ifeanyi shares more insight “Many acquisitions come with varying terms and conditions, ours with C.P. is 100%. The unemployment rate in Nigeria is steadily climbing, and CribMD isn’t about to contribute to that. Therefore, we will be retaining the current staff of C.P. and hiring more as we grow. We have received high commendations about the current staff, so we are absolving all and will hire more in the coming weeks.”
“CribMD’s product offerings are shaping out well. We already have telemedicine and doctor house visits running smoothly. Our recent acquisition will further solidify the online pharmacy offering. We hope to add more in the coming months.”
“At CribMD, we are steadily growing our subscriber base. The customer-centric nature with which we run and operate makes us build and implement features that would bring value to our users,” Ossai says. “Little wonder we are recording a high percentage of customer retention. Whatever will make the healthcare delivery process better for our users, we will implement.” He adds.