This archive report was first published on 5 July 2019.
July 5, 2019 - In a bid to combat the menace of counterfeit drugs in Nigeria, DrugStoc, a innovative drug procurement platform, has secured undisclosed funding from CcHUB's Growth Capital.
Founded in 2015, DrugStoc has signed up over 3,000 doctors and pharmacists, providing them with genuine drugs. According to the World Health Organisation (WHO), substandard and fake medical products account for 42% of globally detected cases, while revenues from counterfeiting of medicines are around $200bn, representing 10-15 percent of the pharmaceutical market worldwide.
The African pharmaceutical market is expected to be worth $40 to $65 billion by 2020, attracting both legitimate and counterfeit players. With this new funding, DrugStoc aims to provide hospitals and pharmacies greater access to genuine pharmaceutical and healthcare products via its platform.
The platform enables health professionals to track drugs from the manufacturer to the patient, eliminating the possibility of counterfeiting. DrugStoc recently won the 2019 award for Technology-Driven Distributor Company of the Year for its end-to-end traceable supply chain platform.
The firm has also been awarded the ISO 9001-2015 certification, the first Nigerian healthcare startup to be ISO certified, confirming its commitment to safety and quality.
“Growth Capital by CcHUB is 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 excited to work with DrugStoc in achieving their vision for the company,” CcHUB announced.
