The growth of pharmacy businesses at the last mile, where essential healthcare is rendered, has been somewhat stunted over the years. This problem, largely based on their inability to remain financially afloat and differentiate their service offering, has forced several pharmacies out of operations. Data has shown that over 50% of pharmacies close down businesses in the first five years, inevitably posing an objection to the overall growth of the country’s healthcare sector. The competitive landscape and ecosystem has also not helped to enable many independent pharmacies to thrive. Regardless of the root causes, the need for urgent and scalable solutions are visible to all.
Availability, accessibility and affordability of quality, safe and essential drugs are critical to the success of Nigeria’s healthcare delivery system – across all aspects of the value chain. This desire to improve healthcare outcomes has prompted Nigeria’s fastest growing pharmacy chain, MYPHARMACY to launch a value-based franchise chain, commencing with a 50 pharmacy premises in several cities and towns. Their aim is to empower, innovate, create access and accelerate growth in the franchise chain to revolutionize the country’s healthcare sector.
Abimbola Adebakin, the CEO and founder of Advantage Health Africa, the parent group of MYPHARMACY says ‘We are excited to launch this franchise chain which is a network of pharmacies merging to make a significant change in the healthcare sector. Our goal is to bring together pharmacies with like minded pharmacists to work hand in hand to meet the pharmaceutical needs of Nigerians while growing businesses of economic value. This move will drive up the value proposition of independent pharmacies by building professional back-end processes on a performance basis. You know that poor pharmaceutical care is known to lead to half of treatment failures, so, we are targeting a significant improvement in healthcare outcomes for Nigerians. Besides providing a collaborative platform between different pharmacies – to build a strong chain of independently owned pharmacies, other perks of belonging to the chain include; cost reduction through bulk purchasing of goods and services, business reliability improvement with standards and controls, increased revenue in leaps that independents cannot achieve singly. Our motto is “Better Together” .
The chain plans to grow to an unprecedented 1000 pharmacies by the end of 2024.
