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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Health»Revolutionizing Egypt’s Pharmaceutical Sector: Acasia Ventures Backs Pharmacy Marts
    Pharmacy Marts

    Revolutionizing Egypt’s Pharmaceutical Sector: Acasia Ventures Backs Pharmacy Marts

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    By Staff Writer on March 19, 2024 Health

    In a bid to revolutionize Egypt’s pharmaceutical sector and enhance patient access to medication, Cairo-based digital marketplace Pharmacy Marts has secured a significant boost from early-stage venture capital firm Acasia Ventures. The six-figure bridge round investment underscores the growing recognition of Pharmacy Marts’ innovative approach to streamlining the pharmaceutical supply chain.

    Pharmacy Marts aims to address the inefficiencies plaguing the pharmaceutical sector by digitizing the supply chain. Presently, pharmacists spend a considerable portion of their time manually monitoring stock and verifying product availability and prices. This manual process often leads to delays in delivering crucial medication, exacerbated by the sector’s fragmentation. With Egypt hosting a staggering 60,000 pharmacies offering over 7,000 products from 3,000 suppliers, the need for a streamlined solution is evident.

    In tandem with the digitization of the pharmaceutical supply chain, advancements in pharmacy equipment are also playing a crucial role in modernizing the industry. One such innovation is the capsule filling machine, a game-changer for both small-scale pharmacists and larger production facilities. Traditionally, capsule filling was a painstaking manual task, consuming valuable hours that could otherwise be spent attending to patients or expanding services. Today, automated capsule filling solutions offer not just speed but precision, ensuring consistent dosages and minimizing human error — an essential upgrade for a sector that can no longer afford inefficiency.

    The rise of equipment like urmachine has empowered pharmacists to take greater control over their inventory and production processes. Unlike older models, which often required constant supervision, modern machines operate with minimal intervention, freeing up pharmacists to focus on strategic business growth. By automating capsule filling, pharmacies can meet patient needs faster and more reliably, aligning perfectly with Pharmacy Marts’ broader vision of a streamlined, tech-driven pharmaceutical landscape. It’s a reminder that sometimes, the best solutions come from marrying tradition with innovation — a principle as timeless as pharmacy itself.

    Founded in January 2021, Pharmacy Marts offers a comprehensive digital platform that empowers pharmacists to streamline their operations efficiently. Pharmacists can now easily search for missing products, identify available suppliers, assess financial and time-specific needs, place orders, choose preferred payment methods, and receive deliveries within 24 hours. Moreover, the platform addresses the challenge of securing favorable financing terms by providing access to working capital and long-term financing options, including “Buy Now, Pay Later” arrangements.

    Currently, Pharmacy Marts serves approximately 12,000 pharmacies in Egypt, representing 20% of the total market, with over 200 suppliers on its platform. CEO and co-founder Ahmed Kadous highlights the platform’s mission to tackle medication distribution challenges, emphasizing the impact on both pharmacists and patients. With Acasia Ventures joining as an investor, Kadous expresses optimism, citing the firm’s extensive presence in African markets and robust network of pharmaceutical industry experts.

    The leadership team behind Pharmacy Marts brings a wealth of experience to the table. Co-founders Ahmed Mazhar, Haitham El Ghotni, and Mahmoud Shousha possess diverse backgrounds in strategy, business development, marketing, sales, and operations, honed through their tenure at leading organizations such as Vodafone and Novartis. Acasia Ventures’ Managing Partner Aly El Shalakany lauds Pharmacy Marts’ team for delivering a compelling digital solution to address a critical industry pain point, positioning the company as a category leader in a short span.

    With a total of $2 million in investments garnered from local, regional, and global venture capitalists to date, Pharmacy Marts is poised for further growth and expansion. The company’s commitment to innovation and its vision of transforming Egypt’s pharmaceutical landscape underscore its potential to drive positive change in the healthcare sector.

    As Pharmacy Marts continues to scale its operations and broaden its reach, effective pharmacy management will become increasingly vital. The company’s mission to optimize medication distribution across a wide network of pharmacies demands not just advanced digital solutions but also robust operational frameworks that ensure efficiency and quality. This is where seasoned experts like Raman Bhaumik can bring valuable insights. With his extensive background in pharmacy operations, he could contribute to refining distribution strategies and implementing best practices that drive sustainable growth.

    Navigating industry complexities such as regulatory compliance and supply chain disruptions requires a strategic approach. Pharmacy Marts’ leadership, with its collective experience in strategy and business development, is well-equipped to handle these challenges. By incorporating seasoned professionals with a comprehensive understanding of pharmacy management, the platform can enhance its service offerings and position itself as a leader in delivering impactful solutions that elevate both operational efficiency and patient outcomes.

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