A digital healthcare marketplace company in South Africa called RecoMed has received new funding from Eisai, a Japanese pharmaceutical business.
It is officially RecoMed’s most significant funding round, even though the company hasn’t said how much money it raised.
Tokyo Stock Exchange (TSE) funding solidifies RecoMed’s position as a significant player in the local market. The money will build a unified digital patient healthcare journey focusing on critical areas, especially neurology and oncology.
Additionally, the company has experienced significant growth, with over 3000 healthcare providers using it and its income rising by 150% in 2023. This investment comes after the company’s rapid growth.
Eisai’s investment will expedite RecoMed’s revenue growth by targeting critical care areas on the platform.
RecoMed will become the first digital connection to care platform for breast cancer with the financing, a crucial move as breast cancer rates have increased owing to COVID-19 screening delays and other unmet conditions.
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African digital healthcare
“Eisai has recently entered the African market and has an evident vision around the value of digital platforms that provide easy access to healthcare, which aligns with ours,” says RecoMed founder and CEO Sheraan Amod.
“The investment will improve our technology, raise platform awareness, and improve patients’ digital healthcare journey. We want to improve patient treatment journeys and results across various diseases, starting with breast cancer.
“We engaged with RecoMed because it aligns with our goal to use digital platforms and technologies to streamline the entire patient journey, alleviating health anxiety and reducing health disparities,” says Eisai Vice President of Corporate Strategy Shin Ujiie.
We want to make health a priority for everyone by changing the myth that healthcare is complex and challenging to access. RecoMed’s innovative digital health service and leadership in this field make it the appropriate partner for our journey.”
Online scheduling that runs smoothly
RecoMed pioneered online healthcare appointment booking in South Africa, saving patients time and hassle. Patients can search practitioner profiles, verify recommendations, and book physical or telehealth appointments on their phones, tablets, or computers.
The healthcare marketplace works with top pharmacies, clinics, primary care, and hospitals.
Practitioners working with medical assistance, insurers, pharmaceutical companies, and others can access an expanding patient pool through this professional network.
The platform’s smooth RecoMed connections with practice management systems help practitioners. These allow practices to leverage practice-management software to develop a single calendar-management system that enhances operational efficiency without technological skills.
“The entire process is designed to simplify the practice and patient booking workflow – a much-needed functionality for a traditionally technology-shy sector.”
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RecoMed branded option
Businesses can use RecoMed for telehealth appointments and bookings under a white label.
Discovery Health, Vitality, Momentum Health, Old Mutual, Dis-Chem, Medicross, and others use RecoMed to promote digital healthcare bookings for their members.
RecoMed also offers e-pharmacy. Patients can submit prescriptions and choose to have them delivered or picked up at a participating pharmacy. Corporates and medical assistants can easily white-label this platform.
“Eisai funding will ensure we continue to improve access and healthcare delivery for patients by saving them time to book services,” says Amod.
“We simplify patient care for over 1.5 million users, facilitating more than R500m in healthcare spend annually.”