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mPharma, the Ghanaian startup that manages prescription drug inventory for pharmacies and their suppliers announced that it has entered Ethiopia through a franchise agreement. This move will see mPharma enter its eighth market in Sub-Saharan Africa and third in East Africa.
mPharma signed a franchise agreement with Belayab Pharmaceuticals PLC to increase patient access to affordable and quality medications in Ethiopia, through its subsidiary, Haltons Limited. With the franchise, mPharma and Belayab Pharmaceuticals aim to open two operational pharmacies in Addis Ababa this year.
Headquartered in Ghana, mPharma was founded by Daniel Shoukimas, Gregory Rockson, and James Finucane in 2013. The technology-driven healthcare company acquired Kenya’s second-largest pharmacy chain, Haltons, in 2019, taking control of 27 stores across Kenya.
Currently operational in Ghana, Nigeria, Zambia, Rwanda, and Kenya, mPharma 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.
Gregory Rockson, mPharma’s CEO, speaking about this move said, “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.”
Belayab Pharmaceuticals Managing Director Robel Minassie also said, “Ethiopia’s healthcare needs are growing in volume and complexity by the day. It is therefore critical to craft strong partnerships that move us closer to providing quality and broad healthcare coverage for the country.”
Without access to medicines, Africans are susceptible to the three big killer diseases on the continent: malaria, tuberculosis and HIV/AIDS. mPharma is solving this problem as it battles challenges such as sprawling supply chains, low order volumes, and exorbitant prices.
mPharma is one of the biggest players in the African pharmaceutical market. The eight-year-old company has raised over $50 million; raising $12 million in 2019 and $17 million in 2020.
This franchising is a part of mPharma’s growth plans of enabling companies looking to enter the pharmacy retail sector. The plan is for mPharma to handle every infrastructure involved in the African pharmaceutical retail space.
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