Singapore-based online pharmacy platform SwipeRx has raised $27 million in a Series B funding round led by MDI Ventures.
It also received support from global investors including the Bill & Melinda Gates Foundation, Johnson & Johnson Impact Ventures and Susquehanna International Group.
WHAT IT DOES
SwipeRx, formerly mClinica Pharmacy Solutions, operates an online platform for pharmacists to connect with each other across Southeast Asia. Since its inception, it has aimed to bring together the fragmented pharmacies in the region that have been operating in silos and have yet to go digital.
The mobile platform also provides access to B2B commerce for drug purchases, as well as access to accredited CPD educational modules and the latest industry news and information.
SwipeRx has grown its network to over 235,000 pharmacy professionals and 45,000 pharmacies across Indonesia, Philippines, Vietnam, Malaysia, Thailand and Cambodia.
WHAT IT IS FOR
In a press statement, the company said its fresh funds will be used to accelerate its growth in Southeast Asia. In particular, the company intends to expand its pharmacy network, expand its logistics to fulfill more drug delivery orders, accelerate technological innovation and recruit more talent in the region.
MARKET SNAPSHOT
Earlier this year, Hyphens Pharma officially launched the first Health Sciences Authority-approved digital pharmacy in Singapore. WellAway, which the company manages through its digital venture DocMed, offers e-prescribing and direct drug delivery. The online pharmacy wants to take around 1,000 clinics on board by the end of the year.
According to Statista, Asia’s segment of online pharmacies is expected $18.9 billion in revenue by 2026, growing at 13.9% CAGR from 2022.
ON THE RECORD
“This funding round reaffirms our commitment to disrupting this highly fragmented industry while improving public health by supporting the pharmacy channel. We’re happy to hold pole position [Southeast Asia] as a platform that has transformed and digitized the pharmacy industry and become their one-stop platform to handle all day-to-day tasks from education to purchasing to inventory financing,” said Farouk Meralli, CEO and Founder of SwipeRx.
