Switzerland-based Axmed, a two-sided B2B marketplace platform, has raised $2 million in seed funding, to enhance affordable HealthCare access in emerging markets.
Founderful, which has investments in mimic and Isospec Analytics, is leading the round. It is an addition to the $5 million in grants that the Bill and Melinda Gates Foundation provided previously. This raises the company’s overall fundraising to $7 million.
Axmed acknowledges that global health inequities have long burdened low- and middle-income nations. Despite making up more than 90% of the world’s disease burden and more than 80% of its population, these countries only provide 6% of global pharmaceutical revenue. As a result, Axmed’s endeavor to tackle this problem is audacious and significant. Their efforts are even more vital because equitable access to high-quality, reasonably priced medications is still a difficult goal to achieve.
This investment aims to accelerate the affordability, availability, and distribution of essential and innovative medicines in underserved regions. These funds will bolster Axmed’s expansion by enhancing its engineering and commercial teams and advancing its technology infrastructure to initiate operations in strategically selected African and Caribbean markets.
Vision:
Axmed founders’ united vision is to tackle HealthCare inequity head-on. They have a wealth of expertise and dedication, with over 30 years of collective experience in HealthCare, finance, and public-private partnerships.
Its goal is not limited to technology. It’s about establishing vital alliances and making sure that people in need always have access to essential medications. There has never been a more pressing need for easily available and affordable HealthCare solutions, particularly in the wake of the COVID-19 epidemic, which brought attention to the necessity of a well-organized and long-lasting pharmaceutical market specifically designed for low- and middle-income nations.
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Axmed’s B2B marketplace streamlines the procurement process for HealthCare providers in emerging and growing regions with a focus on public, third-sector, and private organizations. 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 volumes.
With its ability to effectively map out supply logistics and curate and aggregate proposal requests, the platform further expedites the process. This strategy produces a win-win result. It allows manufacturers to increase their presence in underdeveloped markets while lowering the obstacles to expensive medication access for consumers and providers.
Axmed CEO Emmanuel Akpakwu, said:
“We are not merely developing a medicine platform; we are creating a bold new vision for the future of medicine accessibility. In addition to empowering consumers, this perspective opens up growth markets to their full potential and makes it possible for suppliers to successfully compete.”
Investors Statements:
Lukas Weder, Founderful’s Founding Partner, continued:
“We’re thrilled to support this exceptional group. It is encouraging to see the team’s dedication to taking on this significant undertaking. We are fully confident in their capacity to transform the $140 billion LMIC pharmaceutical sector and increase over 6 billion people’s access to medications.”
Roselyne Opel, who leads the Organization of Eastern Caribbean States Pooled Procurement Initiative (OECS PPI), added:
“HealthCare providers and industry executives alike support Axmed’s strategy because they understand how much it may improve access to medications in low- and middle-income countries. Axmed’s strategy has the potential to alter how patients receive medical care significantly. We anticipate that their platform will transform access, enabling purchasers and bolstering the provision of life-saving treatments to a wider range of patients.”
James Nyamongo, CEO of Nairobi Hospital in Kenya, stated:
“Axmed’s approach not only empowers us to gain affordable access to life-saving medicines, but it also fosters real competition that raises the quality bar, bringing the highest quality local and global manufacturers to our doorstep.”
Thibaud Lefort, Head of Operations for Sanofi’s Global Health Unit, said:
“Axmed’s model presents a powerful opportunity to deliver much-needed positive change across global health. Furthermore, We can’t wait to watch how their technology changes access and makes it easier for providers to treat more patients, especially in underprivileged areas.”
