General News
DrugStoc Secures $4.4M in Series A Funding to Expand Access to Quality Pharmaceuticals in Africa
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Healthtech startup, DrugStoc has raised USD 4.4 million in Series A funding to expand access to quality medicines while providing sustainable supply chain financing for healthcare providers in Sub-Saharan Africa.
The funding round is led by Africa HealthCare Master Fund (AAIC), and other investors include Chicago-based venture firm Vested World and the German Development Bank (DEG).
Nobuhiko Ichimiya, Director at AAIC stated that, “We are very excited to be part of the Drugstoc journey. The pharmaceutical market in Africa has enormous growth potential and we are glad to back a company well-positioned to be a key player in the sector’s growth in sub-Saharan Africa.”
Chibuzor Opara, DrugStoc’s co-founder and CEO; asserted that “We are committed to making an impact in the healthcare industry. This funding will enable us to expand and launch our tech-enabled products in more African countries where pharmaceuticals are critically needed.
Launched in 2017, DrugStoc is a cloud-based platform that provides healthcare providers with the interface for easy access to pharmaceuticals and healthcare products. It ensures that patients get quality medicines at affordable prices.
It boasts superior quality control systems with International Organization for Standardization (ISO) certification on Good Distribution Practice.
Having grown over the last three years with an almost 1500% increase in monthly sales since January 2018, 14 million people currently have access to genuine healthcare products through hospitals and pharmacies covered by DrugStoc. With this funding round, the company will grow coverage to about 100 million people.
It plans to achieve this by expanding its supply chain infrastructure both digitally and physically. Digital expansion will see DrugStoc build out its tech solutions to boost access and accommodate more partners as it extends coverage beyond Lagos.
DrugStoc will also build on its partnerships with financial institutions such as Sterling Bank, to increase access to sustainable supply chain financing.
The company, founded by two seasoned professionals in the health sector, Chibuzo Opara and Adham Yehia, has powered over nine million prescriptions and projects 12 million by the end of 2021. Chibuzo Opara said: “Fragile and resource-challenged healthcare systems require a radically transformative set of market-based strategies to expand access to healthcare. The DrugStoc way re-engineers the value chain digitally, improving and expanding access to healthcare at the same time.”
It is predicted that Africa’s pharmaceutical industry will be worth $56 billion to $70 billion by 2030, from just $5.5 billion in 2007.
However, the broken supply chain and chaotic distribution channels on the continent still pose a significant challenge.
It affects the delivery of quality medicines, affordability of pharmaceuticals and efficient healthcare delivery for health workers. Innovation to solve supply chain challenges is a key opportunity in this growing market.
Based on estimates from the United Nations Economic Commission for Africa (UNECA), Africa imports about 94% of its pharmaceutical and medicinal needs from outside the continent. Drugstoc is ensuring that more vital drugs, vaccines and health technologies are supplied safely, effectively and affordably to more people.
According to Liam O’Connor, who is also among a group of individual Silicon Valley investors, “DrugStoc has demonstrated impressive growth and the ability to improve healthcare providers’ access to pharmaceuticals in Nigeria.
“I am excited to support DrugStoc’s innovative work building a reliable, resilient, and high-quality pharmaceutical supply chain across Africa.
“I am confident that DrugStoc will succeed in making a critical healthcare difference that will help save lives.”
In 2016, DrugStoc was incubated under Stanford’s Institute for Innovation in Developing Economies; and in 2019 made the shortlist as one of ten finalists for the Africa Netpreneur Prize Initiative, Jack Ma’s flagship entrepreneur program in Africa. It also won the award for the Technology Enabled Distributor of the year, at the Nigeria Health Excellence Award in 2019 and 2021.
The healthtech startup will now double down on its vision to change the way healthcare providers interface with the pharmaceutical market and revolutionize sub-Saharan Africa’s access to quality pharmaceuticals.
CardinalStone Partners Limited acted as Financial Advisers to DrugStoc.
General News
FG Drops Merger of NCAA, NAMA
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The Minister of Aviation and Aerospace Development, Festus Keyamo has disclosed that President Bola Tinubu has stepped down the merger of the Nigeria Civil Aviation Authority (NCAA) and the Nigerian Airspace Management Agency (NAMA) as recommended by the Steve Oronsaye report.
He also revealed that the aviation industry was exempted from the foreign travel ban placed on federal government officials last year. The President announced the ban which took effect from April last year.
Keyamo disclosed that the aviation sector was exempted from the ban because President Tinubu is desirous of change and growth in the sector.
The ban was placed following the rising cost of travel expenses by Ministries, Department and Agencies of Government.
The memo released last year stated: “Considering the current economic challenges and the need for responsible fiscal management, I am writing to communicate Mr Presideni’s directive to place a temporary ban on all publicly funded international trips for all federal government officials at all levels, for an initial period of three months from 1st April 2024.
“All government officials who intend to go on any publicly funded international trips must seek and obtain Presidential approval at least two weeks before embarking on any such trip, which must be deemed necessary”.
The Minister disclosed the reasons for the exemption in Abuja at the 25th anniversary celebration of the Nigeria Civil Aviation Authority (NCAA).
On the merger of NCAA and NAMA, he said: “From modest beginnings, we have witnessed remarkable transformations in our sector, ranging from enhanced supervisory measures and policies formulation, safety and security oversight, robust legislative and regulatory frameworks, advancements in air traffic management, development, expansion and certification of airports, accurate meteorological services, timely accident investigations, manpower development, and indeed, the growth of indigenous airlines.
“These achievements have not come without challenges. However, with the efforts of past administrations and the total support of the present administration under the dynamic leadership of His Excellency President Bola Tinubu through the Renewed Hope Agenda and the five focus areas of the ministry, we have overcome challenges and reached new heights.
“NCAA is a child of God, and despite turbulent waters and attempts sometimes to kill the NCAA, the NCA has survived 25 years. And I’m sure you know that any child that is born at the age of 25, of course, is undoubtedly an age of maturity.
“The Oronsanye reports also recommended the merger of NCAA and NAMA. And so that was also another attempt to kill the NCAA. That report was passed from Jonathan’s government to Buhari’s government, and then to the present government.
“It was one of the first items we considered in this government. So the Oronsanye reports came up that day, and the president went on and on, considered every item in the Oronsanye report, and asked the council to vote. And for each item, they would listen to the ministers and so the president came to the merger of NCAA and NAMA as one body.
“I raised my hand, I spoke for about five minutes and because we have a wonderful president who listens to good counsel and good arguments, after I finished speaking, he said, an item dropped, the merger of NCAA and NAMA would not remain”.
On the reasons for the exemption, he said: “It is a fact that the aviation sector remains a pillar of national development, facilitating trade, tourism, investment, and cultural exchange. Whilst it is yet to realize its true potential in terms of contribution to our nation’s Gross Domestic Product (GDP), we must renew our commitment to ensuring a more progressive, sustainable, inclusive, innovative, and prosperous aviation industry.
“This necessitates the continuous adoption and integration of emerging technologies, enhancing infrastructure, and investing in human capital development to keep our skies safer and secure and attain cohesive and efficient air transportation services.
“The President directed that foreign travels should stop, except in exceptional circumstances. Last year, there was a memo around March that said it was for three months, and the President, because of his desire to ensure that we are frugal in our spending; there was another memo again in December reiterating that memo last year we should cut down on foreign travels, except by direct presidential approval.
“But let us also give particular thanks to Mr. President, because despite that memo, since last year, he has made an exception for the aviation industry. I wrote a memo to him after that directive on behalf of the entire agency that says; Sir, we respect your directive; yes, we need to be frugal because the Nigerian people have also tightened their belts in the face of the economic reforms that are taking place.
“However, because of the safety of this sector, Sir, we need to make some exceptions for this sector. And the President graciously granted this for the aviation sector”.
General News
Researchers Develop Innovative Treatment for Malaria
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An international team of researchers have introduced a groundbreaking drug, known as the covalent kinase inhibitor, which shows promise in combating treatment-resistant malaria.
Developed by chemists and bioscientists from the University of Glasgow, this innovative drug could surpass current medications by effectively targeting and disabling the proteins used by the Plasmodium falciparum parasite to replicate within the human body.
This is according to a report titled “Targeting Pf CLK3 with Covalent Inhibitors: A Novel Strategy for Malaria Treatment.”
The development, led by chemists and bioscientists from the University of Glasgow, was outlined in a November publication in the “Journal of Medicinal Chemistry.”
According to the researchers, covalent inhibitors form bonds with proteins, usually irreversibly modifying them, and this new drug could be more effective than current medications at all stages of malaria infection.
The new drug works by permanently disabling a protein that Plasmodium falciparum, one of the mosquito-borne parasites that spread malaria, uses to replicate itself inside the human body.
The drug also has the potential to work as a single-dose treatment, a significant improvement over existing therapies.
This breakthrough marks the first adaptation of an approach from cancer treatments to tackle malaria.
The team expressed optimism that the parasite is unlikely to develop resistance to the new drug, which targets the protein Pf CLK3 and disrupts the parasite’s ability to splice RNA.
The researchers, including Prof. Martins Emeje from the Nigerian Natural Medicines Development Agency and Prof. Oyewale Tomori from the West African Academy of Sciences, emphasise the importance of regular calibration and accreditation for medical laboratories to ensure accurate results and reliable treatment.
General News
Nigeria to Host ICEGOV 2025, A Milestone in Digital Governance and Global Leadership
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The Federal Ministry of Communications, Innovation & Digital Economy, Nigeria has been officially confirmed as the host country for the 2025 International Conference on Theory and Practice of Electronic Governance (ICEGOV) edition.
This confirmation by the United Nations University Operating Unit on Policy-Driven Electronic Governance (UNU-EGOV) marks a historic milestone in our nation’s digital transformation journey, showcasing Nigeria’s leadership in digital governance, innovation, and technological advancements on the global stage.
ICEGOV is a prestigious global conference that convenes governments, academia, international organisations, industry leaders, and civil society to exchange insights, research, and best practices in electronic governance.
Hosting this event presents a unique opportunity to strengthen Nigeria’s digital ecosystem, foster multidisciplinary collaborations, and drive policy innovations that will shape the future of governance in Africa and beyond.
Speaking on this momentous achievement, the Honourable Minister of Communications, Innovation & Digital Economy, Dr. ‘Bosun Tijani, stated: “Nigeria’s selection to host ICEGOV 2025 is a recognition of our efforts to drive digital transformation and innovation in governance.
“I am a firm believer in the importance of the academia and research in supporting global discussions on e-Governance and we have seen this in some of the input in government initiatives like the National AI Strategy and the National Digital Economy and e-Governance Bill which are laying the foundation for the growth of Nigeria’s Digital Economy.
“As we prepare to welcome you all to Nigeria, we look forward to very useful outcomes that will be beneficial for the growth of digital governance and policy development globally.”
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