Singapore-headquartered on-line pharmacy platform SwipeRx has raised $27 million in a Collection B funding spherical led by MDI Ventures.
It additionally obtained backing from international buyers, together with the Invoice & Melinda Gates Basis, Johnson & Johnson Influence Ventures, and Susquehanna Worldwide Group.
WHAT IT DOES
Previously mClinica Pharmacy Options, SwipeRx operates a web-based platform the place pharmacists throughout Southeast Asia can join with each other. Since its inception, it has aimed to carry collectively the fragmented pharmacies within the area that had operated in silos and had but to digitise.
Its cellular platform additionally gives entry to B2B commerce for buying medicines, in addition to entry to accredited CPD training modules and the newest business information and knowledge.
SwipeRx has grown its community to over 235,000 pharmacy professionals and 45,000 pharmacies throughout Indonesia, the Philippines, Vietnam, Malaysia, Thailand and Cambodia.
WHAT IT’S FOR
In a press assertion, the corporate stated its contemporary funds shall be used to speed up its progress in Southeast Asia. Particularly, it intends to extend its community of pharmacies, increase its logistics to fulfil extra drugs provide orders, hasten technological innovation, and recruit extra expertise within the area.
MARKET SNAPSHOT
Early this 12 months, Hyphens Pharma formally launched the primary Well being Sciences Authority-approved digital pharmacy in Singapore. WellAway, which the corporate manages via its digital enterprise DocMed, gives e-prescriptions and presents direct medicines supply. The web pharmacy goals to onboard round 1,000 clinics by the tip of the 12 months.
In response to Statista, Asia’s on-line pharmacy section is predicted to hit $18.9 billion in income by 2026, rising at 13.9% CAGR from 2022.
ON THE RECORD
“This funding spherical reaffirms our dedication to disrupt this deeply fragmented business whereas enhancing public well being by supporting the pharmacy channel. We’re excited to carry the pole place in [Southeast Asia] as a platform that has reworked and digitised the pharmacy business, changing into their one-stop platform to carry out all each day duties from training to buying to stock financing,” stated SwipeRx CEO and founder Farouk Meralli.
