Southeast Asian online pharmacy platform SwipeRx bagged B 27M in Series B funding

Singapore-headquartered online pharmacy platform SwipeRx raised $ 27 million in a Series B funding round led by MDI Ventures.

It has received support from investors around the world, including the Bill & Melinda Gates Foundation, Johnson & Johnson Impact Ventures and Suskehana International Group.

What does this mean?

Formerly mClinica Pharmacy Solutions, SwipeRx operates an online platform where pharmacists across Southeast Asia can connect with each other. Since its inception, it has aimed to integrate fragmented pharmacies in the region that operated in Silo and have not yet been digitized.

Its mobile platform provides access to B2B Commerce for drug purchases, as well as access to recognized CPD education modules and the latest industry news and information.

SwipeRx has expanded its network to 235,000 pharmacy professionals and 45,000 pharmacies across Indonesia, the Philippines, Vietnam, Malaysia, Thailand and Cambodia.

What is it for?

In a press statement, the company said its new funds would be used to accelerate its growth in Southeast Asia. In particular, it seeks to expand its logistics to expand its network of pharmacies, meet more drug supply orders, accelerate technological innovation, and recruit more talent into the region.

Snapshots of the market

Earlier this year, Hyphens Pharma officially launched the first health science authority-approved digital pharmacy in Singapore. WellAway, the company that manages its digital venture through DocMed, provides e-prescriptions and delivers drugs directly. The online pharmacy aims to onboard about 1,000 clinics by the end of the year.

According to Statista, the online pharmacy segment in Asia is expected to be hit Revenue of $ 18.9 billion by 2026, growing at a CAGR of 13.9% from 2022.

On the record

“This funding reaffirms our commitment to supporting the Round Pharmacy Channel to improve public health as well as disrupt this deeply fragmented industry. [Southeast Asia] As a platform that has transformed and digitized the pharmacy industry, it has become their one-stop platform for all day-to-day operations, from education to shopping to inventory financing, “said Farooq Meralli, CEO and founder of SwipeRx.

Leave a Reply

Your email address will not be published.