MPharma, whose mission is to make prescription drugs accessible and affordable, has launched a new offering. Dubbed QualityRx, the initiative is saving pharmacies that are about to collapse.
According to the company, QualityRx is “a pharmacy retailers cooperative that unites community pharmacies under one brand.” Through the initiative, “struggling pharmacy owners no longer need to face the difficult choice of closing down their pharmacies or selling to a pharmacy chain.”
This is because by joining QualityRx one can gain access to “high-quality medicines, low prices, and an amazing customer experience.”
“It was set up based on data from the work we do managing pharmacy inventory for hospitals and pharmacies,” Gregory Rockson, co-founder and CEO of mPharma.
Gregory says that QualityRx is “focused on re-innovating established mom and pop pharmacies that are at the verge of collapsing.”
Once accepted under the initiative a couple of benefits await a pharmacy. One of them is the one access to up to US $10,000 in loans. Pharmacies can use the loan for either refurbishment or as working capital. The pharmacies also gain access to mPharma’s inventory and finance management solutions.
According to the company, pharmacies that have signed up under the QualityRx are “more than doubling the revenues they had before joining the network.”
As part of the campaign to attract pharmacies to sign up, the company is running testimonials of beneficiaries. Among them is Mr. Amankwah [Video], who founded Fresh Spring Chemists in Tema, Ghana in 1996. He says that mPharma “restocked his pharmacy at no cost.”
Yet, when asked about the details and terms of such arrangements, Gregory declined to reveal them. Saying that “it is confidential”.
Founded in 2013, by Gregory Rockson, Daniel Shoukimas, and James Finucane, mPharma has operations in Ghana, Nigeria, Zambia, and Zimbabwe. The company also has over 208 pharmacies under their portfolio.
To-date they have raised over $11.6 million in total funding. The company received an initial $5m from Social Capital in 2015. Ashley Carroll and Chamath Palihapitiya of Social Capital both joined the board in 2015. Last year, they received a further $6m from the son of Indian industrialist Sunil Mittal, Shravin, who met Gregory at a World Economic Forum event in 2012.