BuyMed’s mission to improve the efficiency of the entire healthcare industry puts the company at the forefront of Viet Nam’s pharma efforts to modernise the healthcare system.— Photo thuocsi.vn Hanoi (VNS/VNA) - Local start-up BuyMed, a pharmaceutical distributionnetwork, raised 2.5 million USD in its pre-Series A funding.
According to the firm, investors include Sequoia Capital, India’s Surgeearly-stage accelerator program, and Genesia Ventures. Former investor CocoonCapital also participated in the funding, it added.
Founded in 2018, BuyMed operates Thuocsi.vn, a pharmaceutical distributionplatform in the local market.
The firm announced that it has tripled annual revenue in the past 12 months andis planning to add new product lines, including cosmetics, medical devices,supplements and medical services, with the goal of becoming a “one-stopmarketplace” for health supplies for healthcare providers in Southeast Asia.
BuyMed verifies suppliers on its platform, improving safety and reducing therisk of medications making their way into the unofficial market. Currently, theplatform has 700 verified suppliers, distributors and manufacturers servingover 7,000 healthcare providers.
Genesia Ventures general partner Takahiro Suzuki, said: “There is still atremendous opportunity for growth and improvement in Vietnam’s pharmaceuticalsupply chain and we believe that BuyMed’s founders have the experience,execution and operational management necessary to tackle this problem.”
BuyMed Co-founder Hoang Nguyen told Viet Nam News: “There are no majormulti-brand distributors in Vietnam, so most pharmaceutical manufacturers andbrands need to set up their own networks. This means the process of gettingmedications and other pharmaceutical supplies to healthcare providers is highlyfragmented.”
Peter Nguyen, CEO and co-founder of BuyMed, told local media that the firm iscommitted to “supporting both pharmacies and pharmaceutical partners in timesof a healthcare crisis.”
As online marketplaces like thuocsi.vn are becoming the new normal, BuyMed’smission to improve the efficiency of the entire healthcare industry puts thecompany at the forefront of Vietnam’s pharma efforts to modernise thehealthcare system.
The platform now serves thousands of pharmacies, clinics and hospitals acrossthe country — a 250 percent growth in six months. BuyMed has also expanded itsnetwork of suppliers, distributors and manufacturers, working closely withhundreds of partners to ensure the products received by end users are deliveredin a timely manner.
BuyMed aims to add other healthcare verticals including cosmetics, medicaldevices, supplements, and medical services to become a one-stop marketplace forhealthcare practices in emerging markets, the CEO said.
Meanwhile the firm co-founder Hoang added: “Responding to the COVID-19pandemic, BuyMed has expanded its platform so more of its partners can sellonline, and added safety measures like frequent warehouse and office sanitisationand a no-contact drop-off and cash collection system."/.
VNA
