Nigeria-based CribMD Acquires Charisland Pharmaceuticals for Rapid Patient Drug Delivery

CribMD, a healthtech startup in Nigeria, has announced the acquisition of Charisland Pharmaceuticals Group. The purpose is to provide fast and efficient hourly drug delivery to patients in Nigeria.

The acquisition follows in the move of CribMD’s $2.6 million initial cycle in May 2021 announced by the startup. According to CribMD, Chief Executive Officer, Ifeanyi Ossai, consumers don’t have to wait two days for a drug to be delivered. Now it can deliver it to their homes, offices or hotels in less than an hour.

Charisland Pharmaceutical Group was founded 9 years ago and operates in major cities in Nigeria. As the group decided to leave the Nigerian market and expand into Canada, the acquisition by CribMD will, rather than creating its own solution, strengthen the company’s extensive pharmaceutical network, enabling it to deliver drugs to customers faster.

As part of the sale, the startup will take over the staff of Charisland Pharmaceuticals and hire more staff to grow its business.

Prior to the acquisition, CribMD sold the drug in its own pharmacies. However, with the acquisition of Charisland, the Startup will leverage on the group’s wide network of pharmacies to serve subscribers.

Discussing the choice of Charisland Pharmaceutical Group, Ossai noted that the group’s commitment to excellence is key. “They are a well-respected brand in the country and have served the communities where they operate with excellence, and we are glad to pick up the next part of the race,” he said. 

Founded in June 2020 by Ossai, Ngiri Michael, and Lorna Mae Johnson, CribMD allows patients with subscription plans ranging from $7 to $50 a month to see their doctor for a home visit through telemedicine. 

CribMD, which exists in every state in Nigeria, also provides insurance services for individuals and businesses.

Ossai noted that fast expansion and acquisitions are part of what his company is using its funding to do. It wants to drive value for subscribers and stakeholders. 

The World Health Organisation (WHO) recommended doctor-patient ratio is 1: 600, and in Nigeria it is 1: 2.753. As the government tries to fill this gap, healthcare startups are popping up to tackle this problem, and CribMD is one of them.