mPharma, a healthcare startup led by Ghanaian entrepreneur Gregory Rockson, has announced plans to expand its footprint in Nigeria with a $43-million investment.
In a LinkedIn post, Rockson revealed that mPharma will increase its footprint in Nigeria from 364 multi-pharmacies and GoodHealth shops in 12 states to 1,424 health facilities in 25 states, with a $43 million investment set to fund the expansion.
The move will upgrade previous Nigerian facilities and establish new centers across the country, increasing mPharma’s reach from 12 to 25 of Nigeria’s states and bringing increased access to primary care to even more patients.
The investment will increase the capacity of the Nigerian healthcare system to provide formal healthcare services to an additional 750,000 patients each month and create jobs for 11,782 healthcare workers. Pharmacy partners are expected to generate cumulative revenues of $153 million during the investment period.
The expansion follows mPharma’s acquisition of a majority stake in HealthPlus, the leading pharmacy chain in Nigeria, in September 2022. The acquisition, coupled with the subsequent investment, has allowed its footprint across the continent to grow through its fast-growing conversion franchising model.
Founded in 2013 by Rockson, Daniel Shoukimas, and James Finucane, mPharma manages pharmaceutical inventories for African mom-and-pop pharmacies and offers unique financial and inventory management solutions to hospitals and patients directly.
Since its inception, the startup has disrupted the African healthcare market, serving approximately one million patients per year through 300 partner pharmacies in Ghana and Nigeria, in accordance with its mission of ensuring universal access to affordable medicine and improving access to care by transforming community pharmacies into primary healthcare providers.
The new investment in Nigeria marks a significant step forward for mPharma in its mission to build a healthy Africa by providing life-changing healthcare services and drugs to patients. The expansion into Nigeria will increase access to primary care to even more patients and help to rebuild trust in the country’s healthcare system.
