Startups Profile

mPharma: Story, Founders, Investors & Funding Rounds

mPharma: Story, Founders, Investors & Funding Rounds

mPharma is a health technology company that was started in 2013 with its main office located in Ghana. The company was started by Gregory Rockson, Daniel Shoukimas, and James Finucane.

mPharma works with drug companies, health care providers, banks, and governments to get drugs to people in places where they don’t have access to them.

It lowers the price of medicine and makes it easier for people to get it. It is trying something new by running its supply chain, which it hopes will make it more efficient and lower prices.

The mPharma business suite connects doctors, patients, and pharmacies to a list of low-cost, high-quality medicines for long-term conditions.

The company’s pharmacies are like mini-hospitals because they offer a wide range of health services, such as medical consultation, testing, and telemedicine.

By buying medications for pharmacies, mPharma lowers their initial costs, frees up space in their stockrooms, and adds a quality control checkpoint to the whole process. 

The prices of these treatments have gone down because of their buying power and their ability to track and combine the demand for medicines.

Its goal is to become Africa’s main provider of healthcare by building a network of community pharmacies all over the continent

The company does this while increasing the number of ways to get high-quality drugs to people and lowering their prices.

Additionally, mPharma helps small pharmacies in Africa keep track of their drug supplies.

The company has also built relationships with big pharmaceutical companies like Novartis, Bayer, and Pfizer, and it is currently in charge of coordinating a nationwide network of health care professionals in Ghana, Nigeria, Zambia, and Zimbabwe.

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How it Works

mPharma lets doctors write prescriptions and send them electronically to both the pharmacy and the patient’s phone.

Once a patient is in the system, the doctor can quickly look at their profile and see what prescriptions they have taken in the past.

Also, doctors can check to see if any of the pharmacies in the network have the drugs their patients need before sending them there.

mPharm makes it easier for pharmacists to do their jobs by letting them talk to patients and doctors in real-time, collect and deliver prescriptions, and automate refills all through a simple mobile app.

By entering a digital prescription number that the patient’s doctor gives them, pharmacies can find out what’s wrong with a patient and what medicine they should take.

Pharmacies can keep track of their patient’s progress, continuity, and consistency because of the streamlined messaging system, with just a text message, and stay in constant contact with the doctors who give them their prescriptions.

mPharma’s stock control technologies make it easier for pharmacies to keep track of their supplies.

Market Size

mPharma makes it easy for people in Africa to get high-quality drugs at low prices through its data and cost management platform.

So far, mPharma has listed 208 pharmacies in Africa, and each month, 20,000 people use these pharmacies.

mPharma is also able to consign drugs to any retail pharmacies, so they can provide them with the necessary medications.

Therefore, profits are based on how many drugs are sold to individuals instead of how many are routinely given to medical facilities.

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This is a new way for hospitals and pharmacies to do business since it’s different from the usual “pay for supplies” model that distributors use.

Founders

Gregory Rockson (CEO)

Gregory Rockson is the CEO and co-founder of mPharma.

He previously worked for the New York State Assembly, the Center for American Progress, and the Center for the Next Generation before co-founding mPharma. As a Global Shaper, Gregory is a part of the World Economic Forum.

He got a Bachelor of Arts in Political Science from Westminster College, and as a Rotary Scholar, he went to the Woodrow Wilson School at Princeton University and the University of Copenhagen.

Daniel Shoukimas (CPO)

mPharma was started by Daniel Shoukimas, who is also the company’s Chief Product Officer.

Dan Shoukimas is interested in hearing about how art, design, and technology could change. Now, Dan is trying to lower drug prices and make more people able to get them by applying this philosophy to the African health care system.

Dan is in charge of making sure that our product goes in the right direction so that it shows what our company stands for and what its goals are.

He also manages a team of product managers and designers who come up with new ways to give pharmacy owners, patients, and other stakeholders around-the-clock access to high-quality, low-cost healthcare.

James Finucane (CTO)

James Finucane got a degree in mathematics from Connecticut College and won many awards for his work in the field.

Before starting mPharma with Gregory Rockson and Daniel Shoukimas, James worked as a freelance developer of online and automation technologies.

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James has spent years planning and putting into action the design, development, and maintenance of technology infrastructure for countries that are still developing.

One of these technologies is the data dashboard, which gives users access to huge, multivariate datasets.

James Finucane is working with mPharma’s experienced, global technology team to design and build the company’s cutting-edge infrastructure for the next few years.

Investors & Funding Rounds

4DX Ventures, Novastar Ventures

The second largest pharmacy chain in Kenya, Haltons, has been bought by mPharma. This is a first for the African startup company.

As mPharma closes a $12 million Series B investment round led by Accra/San Francisco VC firm 4DX Ventures and Nairobi VC firm Novastar Ventures, regulatory approval for the deal is still pending.

Unbound Ventures, which is the venture capital arm of India’s Bharti Mittal Family office, early Facebook investor Jim Breyer, and former Novartis chief executive Daniel Vasella are among the other investors who have agreed to put $9.7 million into the round.

The company has also raised $6.6 million after a successful seed round of $5 million.

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