Mpharma Announces Plans To Invest $43 Million In Nigeria To Expand Access To Primary Care
Dec. 15, 2022, 11:51 a.m.
Ghanaian health tech company mPharma has announced plans to invest $43 million in Nigeria to build its QualityRx program and expand primary care access over the next three years.
The move forms part of the company's mission to ensure universal access to affordable medicine and improve access to care by transforming community pharmacies into primary healthcare providers.
The announcement was made in the Deal Room at the U.S-Africa Business Forum by the company's Chief Executive Officer Gregory Rockson.
"Each pharmacy or good health shop we invest in as part of this commitment will represent how Africa can build a more robust health system that serves patients across the socio-economic spectrum," he said.
The new investment will also upgrade previous Nigerian facilities – including local community pharmacies – and establish new centers across the country, growing its network from 364 to 1,424 health facilities. This expanded matrix of top-quality health centers extends mPharma's reach from 12 to 25 of Nigeria's states, bringing increased access to primary care to even more patients.
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PARTNERSHIPS
In September 2022, mPharma acquired a majority stake in HealthPlus, the leading pharmacy chain in Nigeria. This new acquisition and subsequent investment are increasing its footprint across the continent through its fast-growing conversion franchising model, QualityRx. CitiBank and the U.S. Development Finance Corporation have supported this expansion with long-term debt financing.
IMPACT
The investment will increase the capacity of the Nigerian healthcare system to provide formal healthcare services to an additional 750,000 patients each month. It will also create jobs for 11,782 healthcare workers. Pharmacy partners will generate cumulative revenues of $153 million during the duration of the investment. It will significantly impact rural areas that have experienced a sustained decline in the doctor-to-patient ratio, currently at 1:10,000.
tag: Nigeria, Gregory Rockson, mPharma,
Enoch Siaw Ntiamoah Author
Enoch is a content writer for Digital Times Africa, who is passionate about writing interesting topics in Entertainment, Sports and General News