Kenyan-based digital drug store, MyDawa has partnered with digital lender, Umba to offer users medicine on credit.
The partnership will see users able to access upto KES 1600 ($15) worth of credit to purchase medicine on the platform.
This loans will be disbursed based on the patient’s credit score.
MyDawa raised USD 3 million in its Series D round, and has since channeled the funds towards rapid expansion in Kenya.
The company provides medicine and medical equipment, as well as wellness and beauty products at affordable rates.
This partnership would be handy to ease the burden of purchasing medication in a country where healthcare costs have consistently risen over time.
Managing Director of the health-tech firm, Tony Wood said in a statement, “We are very aware of incidents where a patient may have been prescribed an antibiotic to fight an infection but cannot afford the full dose as prescribed. What can happen under these circumstances is that the patient will buy perhaps 2 days’ worth. They may come back for a further 2 days but as they then feel better, they do not complete the course of medication.”
He added that when a patient fails to complete their dose, their symptoms often return and require even stronger medication for longer, which translates to more funds spent.
He said, “Actions that were taken because of a lack of money, in the end increases the cost to the patient in addition to the health impact.”
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The two companies have partnered to ensure medication is available to patients when they need it before further complications arise due to lack of medicine.
Wood added, “Umba provides a platform that improves financial access. Our partnership is expected to provide a robust healthcare financing mechanism that aims at reducing the health expenses burden on Kenyans.”
Umba founder, Barry O’ Mahony said, “Our mission is to build intelligent financing for the connected world through machine learning that helps us understand our customers’ needs.”
“We are therefore excited to work with MYDAWA in providing a solution for healthcare financing problems in the sector. We are making this the most affordable financing solution for MYDAWA customers,” he concluded.
