By Adedapo Adesanya
Nigerian health-tech startup, CribMD, has announced the acquisition of Charisland Pharmaceuticals Group to ensure fast and efficient one-hour drug deliveries to its patients across Nigeria.
The acquisition comes on the heels of CribMD’s $2.6 million seed round in May 2021, which the startup says was oversubscribed.
According to CribMD’s Chief Executive Officer, Mr Ifeanyi Ossai, users would not need to wait two days for the delivery of their medications. Now, it can be sent to their homes, offices, or hotels in as little as one hour.
Speaking on the choice of Charisland Pharmaceuticals Group, Mr Ossai revealed that the group’s commitment to excellence was a decisive factor.
“They are a well-respected brand in the country and have served the communities where they operate with excellence, and we are glad to pick up the next part of the race,” he said.
Charisland Pharmaceuticals Group was founded nine years ago and has a presence in major Nigerian cities but is exiting the Nigerian market to expand into Canada.
CribMD’s acquisition of the pharmaceutical chain, as opposed to building a solution in-house, will see it leverage the company’s vast network of pharmacies to deliver drugs faster to their subscribers.
As part of the sale, the startup would be assimilating Charisland Pharmaceuticals Group’s staff and hiring more to build out its operations.
Before the acquisition, CribMD dispensed drugs from pharmacies that they own. However, with the acquisition of Charisland, the startup is set to bank on the group’s wide network of pharmacies to serve subscribers.
Founded in June 2020 by Messrs Ossai, Ngiri Michael, and Lorna Mae Johnson, CribMD allows patients — with a subscription plan ranging between $7 and $50 monthly — to request doctors for house calls or consultation via telemedicine.
With a presence in every Nigerian state, CribMD also offers insurance services for individuals and corporations. The company disclosed that it plans to embark on some other series of acquisitions.
Aduragbemi Omiyale