FFA invests in Nigerian healthtech startup to reduce fake medicine

A healthtech startup, RxAll has been chosen to be part of the Founders Factory Africa (FFA) Venture Scale Programme.

The FFA along with its investors Netcare Group and Standard Bank Group chose RxAll to be part of its six-month programme. 

The CEO of Netcare Group, Richard Friedland, explained that the RxAll has helped patients have better access to high-quality medication and pharmacies to access authenticated medication. 

RxAll Inc

The healthtech startup was founded in 2016 by CEO and founder Adebayo Alonge, and co-founders Amy Kao and Wei Lui. The startup has worked to reduce the distribution of fake medicines by working with drug regulatory agencies and stakeholders. 

Alonge studied pharmacy at the University of Ibadan and served as a Medical Representative of Sanofi. He had also previously worked as a contract pharmacist at the Global HIV/AIDS Initiative. 

In an interview with Chemistry World, Alonge explained that when he was 15 he had almost lost his life due to fake medicine being sold at a pharmacy. 

Since the Nigerian healthtech was founded has helped patients, pharmacies, and hospitals in Africa purchase non-counterfeit medicine online by authenticating and delivering drugs to the correct marketplace. The startup makes use of its RxScanner which is a proprietary molecular sensor tool that can detect the quality of the prescription medication in seconds. These results are easily displayed on an IoS and Android app. 

The CEO of the FFA, Roo Rogers, explained that the issue of fake medication has caused a global crisis and affects more than one million dying people annually. 

“RxAll offers a unique, simple, and precise solution with its RxScanner device. FFA is excited to support RxAll’s growth and impact by delivering investment, network, and growth with Adebayo Alonge and his team,” Rogers said. 

Venture Scale Programme

The programme has provided $300 000 worth in tailored support services and cash to support the growth of startups in Africa. The selected startups such as RxAll will receive direct support and have exclusive access to partnerships with FFA investors which include Netcare and Standard Bank. 

The FFA portfolio includes a growing number of African healthtech, like RxAll, and fintech businesses such as EDAI, Wellahealth, Redbird, Akili Labs, and LocumBase.

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