BuyMed gets US$2.5 million in pre-Series A funding
Local start-up BuyMed, a pharmaceutical distribution network, raised US$2.5 million in its pre-Series A funding.
Local start-up BuyMed, a pharmaceutical distribution network, raised US$2.5 million in its pre-Series A funding.
According to the firm, investors include Sequoia Capital, India’s Surge early-stage accelerator programme, and Genesia Ventures. Former investor Cocoon Capital also participated in the funding, it added.
Founded in 2018, BuyMed operates Thuocsi.vn, a pharmaceutical distribution platform in the local market.
The firm announced that it has tripled annual revenue in the past 12 months and is planning to add new product lines, including cosmetics, medical devices, supplements and medical services, with the goal of becoming a “one-stop marketplace” for health supplies for healthcare providers in Southeast Asia.
BuyMed verifies suppliers on its platform, improving safety and reducing the risk of medications making their way into the unofficial market. Currently, the platform has 700 verified suppliers, distributors and manufacturers serving over 7,000 healthcare providers.
Genesia Ventures general partner Takahiro Suzuki, said: “There is still a tremendous opportunity for growth and improvement in Viet Nam’s pharmaceutical supply 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 major multi-brand distributors in Viet Nam, so most pharmaceutical manufacturers and brands need to set up their own networks. This means the process of getting medications and other pharmaceutical supplies to healthcare providers is highly fragmented.”
Peter Nguyen, CEO and co-founder of BuyMed, told local media that the firm is committed to “supporting both pharmacies and pharmaceutical partners in times of a healthcare crisis.”
As online marketplaces like thuocsi.vn are becoming the new normal, 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.
The platform now serves thousands of pharmacies, clinics and hospitals across the country — a 250 per cent growth in six months. BuyMed has also expanded its network of suppliers, distributors and manufacturers, working closely with hundreds of partners to ensure the products received by end users are delivered in a timely manner.
BuyMed aims to add other healthcare verticals including cosmetics, medical devices, supplements, and medical services to become a one-stop marketplace for healthcare practices in emerging markets, the CEO said.
Meanwhile the firm co-founder Hoang added: “Responding to the COVID-19 pandemic, BuyMed has expanded its platform so more of its partners can sell online, and added safety measures like frequent warehouse and office sanitisation and a no-contact drop-off and cash collection system." — VNS
