mPharma set to acquire second biggest pharmacy chain in Kenya
The Ghana-based startup, mPharma, is set to purchase the second biggest pharmacy chain in Kenya, Haltons, according to QZ.
The deal will see mPharma enter the East Africa regional market for the first time and see the firm take control of the 20 Haltons stores split between Nairobi and Mombasa. The agreement is subject to regulatory approval and follows mPharma finalising a $12mn Series B funding round headed up by 4DX Ventures.
Founded by Greg Rockson with the aim of improving the efficiency of pharmaceutical supply chains in African countries, its proprietary Vendor Management Inventory (VMI) is being used in more than 250 pharmacies in countries such as Nigeria, Zambia, Zimbabwe and Ghana.
“We’ve not always been able to control the customer experience and fully address the issue of drug affordability with our pharmacy clients particularly because they manage their profit margins,” says Rockson. “Through our QualityRx service, we’re starting to invest in improving the customer experience and pricing that patients get from pharmacies. Haltons will serve as testing ground for us to develop patient-centered services we can provide to our franchise pharmacies. This way we can encourage lower margins and pass the savings on to the customers.”