Start-up Field Intelligence expands, targets 12,000 pharmacies by 2025
Healthtech start-up Field Intelligence has announced its expansion into Rivers, Edo, Kaduna, Kano, Enugu, Delta and Kwara States in Nigeria, and Eldoret, Mombasa, Kisumu and Naivasha in Kenya.
Underlying this expansion is the company’s platform Shelf Life which provides independent and franchise pharmacies with access to one thousand unique products, inventory planning, subscription delivery and Pay-As-You-Sell.
According to Field Intelligence, the expansion will build on its existing 700+ pharmacy membership, which has served over 1.4 million patients with the objective to accelerate quality frontline healthcare across Africa.
The company says the expansion plans are in place after a year after rapid growth in sales and Shelf Life membership subscriptions, with Nigeria increasing by 47% and 65% in Kenya, selling over 586,950 products in 63 different product categories.
This included anticipated demand for anti-malaria and contraceptive products which sold over 87,000 products in these categories. However, there was an unexpected inclination of sales in both countries for supplements (45,618 units), cough and cold medicines and PPEs as communities and health workers grew increasingly more conscious of COVID-19 symptoms and preventative measures.
By using data to optimise predictions and identify irregularities in the market, Field Intelligence has been able to meet the demands for prescription and over the counter drugs in multiple markets despite recent critical global shortages.
“The digital-first, asset-light approach has enabled the start-up to build out its Pan-African solution and take the lead as the digital healthcare market gains momentum in Africa. As well as definitive signs for scale and impact in pharmaceutical distribution and management, Nigeria has 4,500 registered pharmacies and over 15,000 drugstores, whilst Kenya has 6,000 registered pharmacies and chemists,” the company stated
Field Intelligence aims to surpass 2,000 pharmacies and drugstores using Shelf Life by 2022, and targets 12,000 pharmacies on its network by 2025.
In its current operating markets, digital health in Nigeria is set to reach a revenue volume of over US$1.3bn by 2025, with a 22.31% annual growth rate. Similarly, Kenya is also due to see a positive trajectory, with a 19.97% annual growth rate, resulting in a market volume of US$649.73m by 2025.
Speaking on the company’s expansion Michael Moreland, CEO of Field Intelligence, said “Shelf Life’s rapid uptake across such a range of African markets is a testament to its potential as a solution for pharmacies across the continent. The ability of our technology to digitise, automate, and optimise planning, assortment, and fulfillment, led by an incredible team, is quickly making Shelf Life one of the largest retail pharmacy supply chains in Africa.”
Field launched Shelf Life in 2017 to solve the inventory problem cutting across Africa’s US$75bn retail pharmacy market.