This archive report was first published on 6 December 2019.
Goodlife Pharmacy, a regional pharmacy chain, has marked a significant milestone in its expansion journey by unveiling its 60th store in Kenya on 3rd December. The pharmacy chain, which was acquired by private equity firm Leapfrog Investments over three years ago, has strategically expanded its services and presence in major towns across the country.
As part of its expansion, Goodlife Pharmacy has positioned itself as a health and wellness hub, offering a range of services including blood pressure, blood glucose, malaria, and vitamin testing, as well as basic diagnostic procedures. The pharmacy chain has also entered into partnerships with health services providers such as Lancet, Essilor, and Dial a Daktari, among others, to enable customers to access a suite of services that would normally only be found in hospitals.
According to Goodlife Pharmacy CEO Amaan Khalfan, the pharmacy chain has evolved beyond traditional over-the-counter and prescription drugs, helping customers address most of their healthcare needs affordably. The company has also partnered with payment providers such as Diaspocare and M-Tiba to make its services more accessible to customers.
Leapfrog Investments, which injected $30 million (Ksh3 billion) into Goodlife Pharmacy, has enabled the chain to accelerate its store rollouts, broaden services, and ramp up its outreach activities. The company anticipates achieving at least 100 stores in Kenya and Uganda through a hybrid approach of acquisitions and greenfield units.
Goodlife Pharmacy hopes to use its additional stores to take services closer to people, particularly those in self-employment who lack access to basic healthcare. The company's internal data shows that nearly 70% of its customers are in formal employment, but only 20% of Kenyans have some form of health insurance.
Dr Felix Olale, Partner at Leapfrog Investments and Global Head of Healthcare Investments, said that the government's plan to achieve Universal Health Coverage (UHC) by 2022 presents huge investment opportunities. Development agencies project Kenya's public health expenditure to hit $4.75 billion by 2021, up from $3.72 billion in 2016.
