Acasia Ventures, an early-stage venture capital firm, has funded a six-figure bridge round in Pharmacy Marts, a digital marketplace located in Cairo.
Pharmacy Marts wants to enhance patient access to medication by digitizing the pharmaceutical industry’s supply chain. Nowadays, manual stock monitoring and price and availability verification take up an average of thirty percent of a pharmacist’s work.
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Due to the fragmentation of the industry, which is exacerbated by the fact that Egypt today has 60,000 pharmacies selling over 7,000 items from 3,000 suppliers, this causes pharmaceutical delivery to be delayed.
The main warning is that all of these stakeholders’ connections are still somewhat outdated and primarily rely on phone calls and manual procedures; this is where Pharmacy Marts comes into play.
It was established in January 2021 and gives pharmacists the ability to search online for products that are missing from their inventory, find out which suppliers carry them, get an estimate of which supplier could best meet their needs in terms of both cost and timeliness, order the missing items, select their preferred method of payment, and have their order delivered within a day.
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It also addresses the issue of pharmacists not being able to obtain acceptable conditions for financing from wholesalers by giving them access to working capital and long-term financing, which includes choices for “Buy Now, Pay Later.”
Currently, Pharmacy Marts has over 200 suppliers on its platform and covers over 12,000 pharmacies in Egypt, or 20% of the entire market.
“The distribution of medication in Egypt is not reliable or smooth, but rather plagued with the inconsistent availability of products across pharmacies and geographical areas, leading to a shortage in medication,” said CEO and co-founder of Pharmacy Marts Ahmed Kadous states. “This ultimately impacts the patients who need the medication and makes the life of a pharmacist rather difficult. We are excited about having Acasia Ventures on board, given its great presence in African markets that we are planning to enter, as well as their solid network of advisors and experts in the pharmaceutical industry.”
Pharmacy Marts has become the market leader in this area in a short amount of time, and we have no doubt that it will keep growing.
About Pharmacy Marts
Pharmacy Marts is an online marketplace that links drugstores and medical supply companies so they may quickly, effortlessly, and conveniently order and receive prescription drugs, medical supplies, and cosmetics. Pharmacy Marts allows pharmacies the chance to compare products and pricing to find the best bargain for their everyday needs by allowing medical suppliers to display their product offerings in one convenient spot.
