Axmed, a pioneering B2B marketplace platform, has recently secured a $2 million seed investment to revolutionise access to essential medicines in low and middle-income countries (LMICs).
The seed funding round, spearheaded by Founder Ventures, complements a $5 million grant from the Bill and Melinda Gates Foundation, culminating in $7 million raised for Axmed’s mission.
This significant financial boost aims to enhance the affordability and distribution of critical healthcare products in often overlooked regions.
This capital injection will facilitate the expansion of Axmed’s operations, particularly in Africa and the Caribbean, by improving its technological infrastructure and strengthening its engineering and commercial teams.
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Axmed to lead emerging markets
Axmed’s innovative platform is designed to optimise the procurement process for healthcare providers in emerging markets, serving a diverse clientele that includes public institutions, non-profit organisations, and private sector entities. By aggregating demand for generic and patented medicines, Axmed enables larger order volumes that are more economical for manufacturers and provide buyers with better cost and availability terms. The platform simplifies the procurement workflow by managing Requests for Proposals and coordinating supply logistics, reducing barriers to accessing expensive medications and helping manufacturers penetrate new markets.
The founding team of Axmed, with over three decades of combined experience in healthcare, finance, and public-private partnerships, is led by CEO Emmanuel Akpakwu, who previously held a senior role at Novartis AG in Sub-Saharan Africa. He is supported by Felix Ohnmacht and Sofia Radley-Searle, who have extensive backgrounds at Novartis and GSK, respectively. Together, they share a vision to address healthcare inequality decisively.
“We’re not just building a platform for medicines; we’re crafting a new paradigm for how medicines are accessed,” stated Akpakwu. “Our platform empowers buyers and opens up growth markets, enabling suppliers to compete more effectively.”
The seed funding will propel Axmed into a new phase of strategic growth, focusing on enhancing its marketplace technology and forming strategic partnerships with key players in the healthcare sector to guarantee a consistent supply of vital medicines.
Lukas Weder, Founding Partner at Founderful, expressed his enthusiasm for supporting Axmed’s dedicated team. “Their passion for tackling this critical issue is commendable. We’re confident in their ability to transform the LMIC pharma market, worth $140 billion, and improve medicine access for billions,” he said.
Axmed’s mission goes beyond technological innovation; it’s about establishing essential partnerships and ensuring a continuous supply of crucial medicines to those most in need. Despite LMICs accounting for a small fraction of the global pharmaceutical market, they represent a significant $140 billion industry, with Africa alone offering a $43 billion pharmaceutical opportunity. The COVID-19 pandemic has underscored the urgency for accessible and affordable healthcare solutions, particularly in LMICs.
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Experts endorse Axmed
Industry experts and healthcare providers have endorsed Axmed’s business model, recognising its potential to improve access to medicines in LMICs substantially. “Axmed’s approach could revolutionise how patients receive treatments,” commented Roselyne Opel, Head of the OECS Pooled Procurement Initiative. “We’re excited to see their platform enhance access and strengthen the supply of life-saving therapies.”
James Nyamongo, CEO of Nairobi Hospital in Kenya, also praised Axmed’s model for enabling affordable access to essential medicines and fostering competition that elevates healthcare quality.
As the UN Sustainable Development Goals deadline nears, Akpakwu reaffirms Axmed’s dedication to innovative solutions that advance global health. “Axmed is poised to make a significant, enduring impact on the world,” he asserts.
Thibaud Lefort, Head of Operations for Sanofi’s Global Health Unit, echoed this sentiment: “Axmed’s model offers a tremendous opportunity to effect positive change in global health. We’re eager to witness their platform transform access to life-saving therapies, especially in underserved areas.”