Pakistan-based HealthTech platform MEDZnMORE raised $11.5 million in a pre-series A funding round to boost better authenticate medications across the country, Magnitt reported.
“We’re spending most of our energies on building scalable technology that can handle the complexities that come with … supply chain and getting together a world-class team that is passionate about reshaping healthcare in this country,” MEDZnMORE Co-Founder Saad Khawar said, per the report.
Headquartered in Karachi, the largest city in Pakistan, and founded in 2020 by Khawar, Asad Khan and Babar Lakhani, the business-to-exchange (B2X) pharma delivery platform is striving to solve persistent problems for both consumers and retail pharmacies in buying medicines and wellness products, the report stated.
“We built MEDZnMORE with the core focus of making quality healthcare affordable and accessible for the fifth-largest population in the world,” said Lakhani in the report. “… On the product side, we are laser-focused on the user experience for both shopkeepers and consumers, for whom we will be adding new value add services and offerings in the coming months.”
The funding was led by Integra Partners, Nunc Gestion, Sturgeon Capital and Alta Semper, according to the report. AlTouq Group, ACE & Company, Key Family Partners, Reflect Ventures, Atlas Asset Management and several angel investors also participated.
Counterfeit medications are a problem in Pakistan, with an estimated 25% to 40% of all medicine dispensed being fake or having lost efficacy, the report stated. MEDZnMORE is aiming to overcome this by working directly with pharmaceutical companies and authorized distributors to sell products at competitive prices.
“In a market of over 220 million people, where public healthcare spending is only 1.2% of the GDP, and where 55% of all healthcare spending is out-of-pocket, people generally rely on medicines to alleviate their suffering, rather than spend on prohibitively expensive medical procedures,” Khan said in the report. “Ensuring the accessibility of affordable and authentic medicines is essential.”