Funding

Axmed funding news – Healthtech Marketplace Axmed Secures $2 Million in Seed Funding

May 8, 2024 | By Startup Rise EU

Switzerland-based Healthtech marketplace Axmed secures $2 million in seed funding. Despite making up more than 80% of the world's population and more than 90% of its illness burden, low- and middle-income nations only contribute 6% of global pharmaceutical revenue.

SUMMARY

  • Switzerland-based Healthtech marketplace Axmed secures $2 million in seed funding.
  • This funding enable to enhance the purchasing of healthcare in developing nations.

Switzerland-based Healthtech marketplace Axmed secures $2 million in seed funding. Despite making up more than 80% of the world's population and more than 90% of its illness burden, low- and middle-income nations only contribute 6% of global pharmaceutical revenue.

In order to better serve public, private, and third-sector organisations, Axmed has created a two-sided B2B marketplace platform that streamlines the procurement process for healthcare providers in expanding and growing markets.

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By combining the demand for patented and off-patent medications, the platform gives buyers additional negotiating power over price and availability while also enabling producers to place bigger, more economical order quantities. By selecting and organising Requests for Proposals and effectively arranging supply logistics, it further simplifies the procedure.

Emmanuel Akpakwu, CEO of Axmed commented: "We are not merely developing a medicines platform; we are creating a bold new vision for the future of medicine accessibility. This vision not only empowers buyers but also unlocks the full potential of growth markets, allowing suppliers to compete effectively.”

Led by Founderful, the new investment adds to a prior $5 million grant financing from the Bill and Melinda Gates Foundation, for a total of $7 million raised.

Lukas Weder, Founding Partner at Founderful said,"The team's commitment and enthusiasm for addressing this important challenge is inspiring. We have every confidence in their ability to reshape the $140 billion LMIC pharma market, improving access to medicines for over 6 billion individuals."

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Roselyne Opel, Head of the Organisation of Eastern Caribbean States Pooled Procurement Initiative (OECS PPI) said, "Industry leaders and healthcare providers are aligned in their support for Axmed's model, recognising its potential to enhance medicine accessibility in Low and Middle-Income Countries significantly. Axmed's approach could fundamentally change how patients obtain treatments.We look forward to seeing their platform reshape access, empowering buyers and strengthening the supply of lifesaving therapies to a broader patient base."

James Nyamongo, CEO of the Nairobi Hospital, Kenya added: “Axmed’s approach not only empowers us to gain access to life-saving medicines affordably, it also fosters real competition that raises the quality bar, bringing the highest quality local and global manufacturers to our doorstep.”

With the support of this finance, Axmed will be able to expand its operations into carefully chosen markets in Africa and the Caribbean, improve the capabilities of its technical and commercial teams, and develop its technological infrastructure.

About Axmed

Axmed is a marketplace for medications that makes life-saving treatments more accessible by combining demand from various healthcare providers (governments, INGOs, and commercial providers).

Their business strategy gives them more negotiating leverage with producers, ensuring that patients always have access to affordable, high-quality medications at fair pricing. To speed up sustainable access to medications, they only collaborate with accredited carers and licenced, premium pharmaceutical businesses.

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