TLG Capital and Medical Credit Fund have announced an investment in Express, a Lagos-based mass-market pharmacy retail chain. The investment will help expand Express’ footprint across Lagos. With a plethora of fake medical products in Nigeria, Express Pharmacy targets the underserved middle to low-income earners who do not have access to quality medication. According to a Dalberg study, middle-low income consumers represent over 40% of the population in Lagos.
The investment is made through TLG’s Credit Opportunities Fund and is in partnership with the Medical Credit Fund.
Most pharmacies in Nigeria, serving the mass market, are unlicensed sole traders with non-existent supply chain management resulting in a high level of counterfeit products being served to customers. Express Pharmacy, on the other hand, is already helping solve this problem by standardizing its supply chain across its retail stores ensuring product availability and authenticity.
Ms Abimbola Faseun of Express Pharmacy said: “We are extremely delighted to announce the investment we have secured from TLG Capital and Medical Credit Fund. This is a major step forward for our vision of building a nationwide chain of community pharmacies that will offer underserved communities with high quality medicines at affordable prices.”
Saad Sheikh, Principal of Private Investments at TLG Capital said: “We are excited by our recent investment in Express Pharmacy which further demonstrates our continued commitment to healthcare across Sub Saharan Africa by enhancing innovative business models such as Express. This investment further validates our commitment to UN’s Sustainable Development Goals of ‘No Poverty’ ‘Good Health and Well Being’ and ‘Gender Equality’.”
Dorien Mulder, Investment Manager at Medical Credit Fund: “As part of PharmAccess Group we are dedicated to improving access to quality healthcare in Africa through innovations and partnerships. We value the partnership with TLG to support the entrepreneurs of Express to grow this promising model. Express can make a positive and much-needed impact on the quality of care available to lower-income Nigerians.”
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