Nigerian social innovation fund Growth Capital has invested an undisclosed amount in Lagos-based Nigerian drug procurement platform DrugStoc. Growth Capital is a Nigerian based Co-creation Hub’s (CcHub) innovation fund.
DrugStoc provides hospitals and pharmacies access to genuine pharmaceutical and health care products through a seamless end-to-end procurement platform that enables them to source all medications and medical consumables they need.
The healthtech startup was founded in 2015 by Adham Yehia and Chibuzo Opara. In a blog post yesterday (27 June), Growth Capital said the startup currently serves more than 3000 doctors and pharmacists.
DrugStoc claims it guarantees the genuineness of its drugs by operating an internationally accredited end-to-end traceable supply chain.
This, it says, allows health professionals to track drugs from the manufacturer’s warehouse to the patient, ensuring there’s no room for counterfeit or contaminated drugs.
Growth Capital stated that DrugStoc is the only ISO certified healthtech startup in Nigeria, this after it was recently awarded the ISO 9001-2015 certificate.
The startup also won the Technology-Driven Distributor Company of the Year award in the 2019 Nigerian Healthcare Excellence Awards held earlier this month.