A relatively young start up from Ghana is changing the African pharmaceutical narrative by eliminating the middleman. The World Health Organization (WHO) states that drug costs accounts for 20 to 60 percent of healthcare spending in low- and middle-income countries worldwide, particularly in sub-Saharan Africa.
Pharmacy owners in African countries such as Ghana and Nigeria negotiate prices individually with drug suppliers, as costs for the same medicine can vary in different pharmacies, according to mPharma founder, Gregory Rockson.
According to a Reuters Foundation report, mpharma sources for drugs from manufacturers or suppliers at bulk prices, selling to both pharmacies and patients, earning the firm a $1.5 million fund injection from the Skoll World Forum sponsored by Ebay founder, Jeff Skoll.
MPharma is one of five social businesses to receive awards from the Skoll Foundation at this week’s Skoll World Forum, Britain’s leading event for social enterprise.
The firm’s growth can be seen in less than ten years with branches in Ghana,Nigeria, Zimbabwe, Zambia and Kenya. It recently launched a micro-payment solution called Mutti for high end drugs.