Arena Intelligence, a Nigeria-primarily based healthtech startup digitising the pharmaceutical present chain in Africa, is increasing into 11 cities across Nigeria and Kenya; Rivers, Edo, Kaduna, Kano, Enugu, Delta and Kwara States in Nigeria, and Eldoret, Mombasa, Kisumu and Naivasha in Kenya.
This expansion is coming after it raised 3.8 million closing year in March to scale its Shelf Existence product, a subscription-primarily based pay-as-you-promote platform. The platform modified into launched in 2017 to resolve the inventory dispute going by Africa’s $75B retail pharmacy market. Their pitch modified into straightforward: attend pharmacies, of any size, entry hundreds of merchandise and decreasing-edge inventory planning, then enable them to pay as they promote the merchandise.
This model takes away about a of the risks associated with storage activities akin to procurement and inventory management; it additionally eliminates frequent over and understocking, which is willing to consequence in the expiration of inventory.
“Shelf Existence’s fast uptake across such a spread of African markets is a testomony to its likely as a resolution for pharmacies across the continent.” stated Michael Moreland, Co-founder and CEO of Arena Intelligence.
Since their closing funding round, the platform has skilled fast utter in sales and membership subscription. In Nigeria, subscription has increased by 47% and 65% in Kenya, selling over 586,950 merchandise in 63 hundreds of product classes.
“Rural and urban, East and West, we be pleased chanced on Shelf Existence serving to pharmacies overcome a shared space of challenges and grab unusual alternatives for utter by enhancing entry for their sufferers,” Michael added.
To fulfill the very best save a matter to for prescription and over-the-counter treatment regardless of contemporary necessary global shortages, Arena intelligence uses files to optimise predictions and title irregularities in the market.
“The flexibility of our expertise to digitize, automate, and optimize planning, assortment, and fulfilment, led by an unparalleled crew, is hasty making Shelf Existence one in all the largest retail pharmacy present chains in Africa.” Michael stated.
Arena intelligence stated the expansion will value on their unique 700+ pharmacy membership, which has served over 1.4 million sufferers to bustle quality frontline healthcare across Africa.
Nonetheless what are the lengthy scurry projections for the six-year-outdated startup?
In step with Statistica, digital effectively being earnings in Nigeria is space to attain over US$1.3bn by 2025, with a 22.31% annual utter fee. Equally, the Kenya market is additionally projected to be pleased a 19.97% annual utter fee, ensuing in a market quantity of US$649.73m by 2025. This quantity reveals a expansive opportunity for Arena intelligence to faucet in.
Also, there are 4,500 registered pharmacies and over 15,000 drugstores in Nigeria whereas Kenya has 6,000 registered pharmacies and chemists. Arena Intelligence aims to dig into these numbers and onboard extra customers to surpass the two,000 pharmacies for the time being the employ of Shelf Existence.
By 2025, the startup needs to be pleased 12,000 pharmacies in its community, that’s 4x of Chinese language pharmacy chain GouDam – making it the largest globally.
With extra strategic expansion into extra African cities and international locations, Arena intelligence would maybe be lawful on its solution to turning into what it plans to become – the largest digital pharmaceutical resolution on this planet.