The growth capital will be used to expand Express Pharmacy’s footprint across Lagos with the roll out of new pharmacies along busy commuter routes and in under-served communities across Lagos. By doing so, Express Pharmacy will positively improve Lagosian’s access to affordable high-quality pharmaceuticals – currently plagued by high prices and counterfeit supply.The investment is made through Medical Credit Fund in partnership with TLG’s Credit Opportunities Fund.
With a plethora of fake medical products in Nigeria, Express Pharmacy targets the under-served middle to low income earners who do not have access to quality medication. According to a Dalberg study, middle-low income consumers represent over 40% of the population in Lagos. Today, many of them rely on unlicensed drug sellers that source medicines through a highly fragmented and uncontrolled supply chain. They unknowingly run the risk of taking counterfeit or substandard drugs with potentially life-threatening consequences. Express Pharmacy is already helping to solve this problem by building a standardized chain of stores with a reliable and well-managed supply chain that ensures product authenticity.
Ms. Abimbola Faseun of Express Pharmacy said: “We are extremely delighted to announce the investment we have secured from TLG Capital and Medical Credit Fund. This is a major step forward for our vision of building a nationwide chain of community pharmacies that will offer under-served communities with high quality medicines at affordable prices.”
Saad Sheikh, Principal of Private Investments at TLG Capital said: “We are excited by our recent investment in Express Pharmacy which further demonstrates our continued commitment to healthcare across Sub Saharan Africa by enhancing innovative business models such as Express. This investment further validates our commitment to UN’s Sustainable Development Goals of ‘No Poverty’ ‘Good Health and Well Being’ and ‘Gender Equality’.”
Dorien Mulder, Investment Manager at Medical Credit Fund: “As part of PharmAccess Group we are dedicated to improving access to quality healthcare in Africa through innovations and partnerships. We value the partnership with TLG to support the entrepreneurs of Express to grow this promising model. Express can make a positive and much needed impact on the quality of care available to lower income Nigerians.”
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About Express Pharmacy:
Founded in 2018, Express Pharmacy is a chain of pharmacy stores that offers low prices, quality products and world class service. Each store offers its customers the lowest prices within a 2km radius, a guarantee of authentic quality drugs and world class service in a bright and air-conditioned environment. By the end of 2020, Express Pharmacy will have a state-wide network of stores in Lagos.
About Medical Credit Fund:
Established in 2009 as part of the PharmAccess Group to increase access to better healthcare services in sub-Saharan Africa for low-income patients. It remains the only dedicated fund to finance and support small and medium-sized healthcare enterprises in Africa. So far, the fund has extended over 3,500 loans totalling US$ 62 million.
About TLG Capital:
TLG Capital is an award-winning investment holding company which focuses on private investment opportunities across the capital structure. In a short span of time, the firm has built a reputation for achieving superior commercial returns with a social impact. It has garnered the backing of some of the most prominent and reputable investors in the alternative investments space.