Dr. Koi, a health technology startup in Bangladesh, received $ 500,000 in a seed fund in an investment round led by Verge Healthtech Fund, an early-stage health technology venture capital fund. The round was also attended by some industry and local investors.
What does this mean?
The company’s flagship product Digital Rx, a prescription writing software, is being used by more than 900 active doctors who are creating more than 350,000 digital prescriptions monthly.
Its platform also offers other services, such as online consulting, appointment management and content management and marketing.
What is it for?
Dr. Coe’s Seed Fund will be used to reach out to more customers in Bangladesh and to develop new value-added services. It plans to bring its digital prescription tool to 10,000 more doctors and more than one million patients in the country “in the coming years”.
The fund will help bring more doctors into its network for online counseling services. Currently, it has more than 2,000 medical clinics in its network that have issued 10 million digital prescriptions.
Why it matters
Dr. Koi, which translates to “where is the doctor,” was originally intended to be a doctor booking platform. Its founders, Sadman Shoaib Adib and another Zillur, decided to focus on developing a digital prescription tool because one of the primary causes of medical failure in Bangladesh is the large number of medical errors from handwritten prescriptions. They cited a local survey that found that most prescriptions in certain urban health facilities were unreadable.
Dr. Koike is envisioned as “the foundation for a low-cost, technology-capable delivery of primary care-centered health care.” Bangladesh’s healthcare system has been described as analog, fragmented and understaffed, perpetuating widespread inefficiency. “Even [something] According to Joseph Mokanu, a partner at the Verge HealthTech Fund, basic “digitally equipped” clinics, like doctors’ clinics.
With a more capable environment for digital health innovation today, According to Statista, the value of digital health market in Bangladesh is estimated to be $ 371.5 million. By 2026, it is expected to increase to 14.19% CAGR and reach $ 631.6 million.
Recently, the Swedish Fintech and Health Agency Milvik Bima is among the foreign players to launch a mobile health app in the country.
On the record
“We believe Dr. Koi has the potential to create the kind of products and services tailored to the needs of the local market while offering the most advanced and measurable technologies. We are a very product-oriented company that allows our customers to understand very deeply. Customers are the biggest drivers [of] Our innovation and continuous improvement, “said CEO and co-founder Sadman Shoaib Adib.
“With such a growing economy and large market opportunities to enter an untapped market, we believe that the company can achieve much scale and improve the healthcare ecosystem. [the] Bangladesh’s 160 million population makes the return of stakeholders the most, even outside the world, ”he added.