Jan 31, 2025

January 30, 2025 20:30 ET Dallas, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) -- As pharmacists and healthcare advocates, we bring a unique blend of expertise and commitment to addressing Nigeria’s healthcare challenges. Dr. Precious Azino Usuemerai  has expertise in clinical pharmacy and business administration; his leadership of ZeenoHealth Pharma, a COVID-19 medication distributing platform in Nigeria exemplifies innovative, patient-centered solutions. Otuto Amarauche Chukwu  has expertise in policy and health systems strengthening; a social impact innovator who has provided thought leadership in pharmaceutical and medicines supply chain policy . Pharm Cordia Ogbeta  is dedicated to leveraging digital health to expand healthcare access via his clinical pharma startup, Showcare. Pharm Olumide Ibikunle  is a well-rounded commercial lead, a champion of access to medicines, and an advocate of sustainable healthcare financing models and impact-driven ventures. Together, these professionals embody the spirit of innovation and commitment necessary to tackle the complex healthcare challenges facing Nigeria today. Their collaborative efforts signal a promising shift towards more efficient, inclusive, and sustainable healthcare solutions for all Nigerians. While working as a medical outreach volunteer in Gombe, Northeast Nigeria, Dr. Usuemerai encountered the case of Amina, a 23-year-old pregnant woman who was experiencing complications and had signs of pre-eclampsia. Before the medical outreach, she could not access quality healthcare as the facility that could handle her case comprehensively was several miles away. Even if there were one close to her, Amina would have found it difficult to foot the medical bills associated with her care. The medical outreach was a lifesaver for her and her baby and provided her with a team of medical personnel to support her care, albeit for a short while. Because medical outreaches are few and far between, the medical team introduced a telemedicine app to the community health workers (who had helped with the planning and implementation of this outreach). This was a more sustainable approach, and through this app, they were able to follow up with Amina’s care till delivery and not just Amina, but hundreds of other beneficiaries of the outreach. This shows the importance of leveraging healthcare innovation in underserved and resource-limited contexts. Such innovations usually carry with it, some form of risk capital. In Nigeria, where over 200 million people reside, healthcare remains one of the most pressing challenges. Despite the country's economic potential, its healthcare system is overburdened, underfunded, and often inaccessible to most of its population. For instance, over 60% of Nigeria’s rural population lacks access to functional primary healthcare centers (Source: Vanguard ). However, there is a powerful opportunity to improve clinical outcomes and elevate the standard of care: risk capital. By channeling venture investments, impact funds, and other forms of innovative financing into Nigeria’s healthcare sector, risk capital can address systemic inefficiencies and bring life-changing solutions to patients nationwide. The case for risk capital in Nigeria’s health system Risk capital, characterized by investments in high-growth potential ventures, has revolutionized industries globally. Yet, its application to healthcare in emerging markets like Nigeria remains underexplored. Nigeria’s healthcare challenges are profound: According to the Nigeria Medical Association, the doctor-to-patient ratio stands at 1:9000 (far below the WHO-recommended 1:600; Source: The Lancet , WHO Nigeria ); maternal and infant mortality rates are among the highest globally; and infectious diseases like malaria, tuberculosis, and HIV persist as significant health threats. However, there are opportunities for improvement. Nigeria’s growing middle class, increasing mobile connectivity, and burgeoning tech ecosystem create fertile ground for disruptive solutions. Risk capital, with its inherent tolerance for uncertainty and focus on high returns, is uniquely suited to catalyze innovation in this space, from telemedicine and digital health solutions to financing and improved access. Such opportunities include: Telemedicine and digital health solutions Nigeria’s mobile penetration rate exceeds 90%, providing a platform to scale digital health solutions (Source: Datareportal ). Investing significantly in telemedicine platforms has the potential to expand healthcare access to millions of Nigerians over several years, reducing preventable deaths and improving overall health outcomes. Such initiatives could address healthcare accessibility challenges, especially in underserved and remote areas. Startups like LifeBank and Helium Health have already demonstrated the potential of leveraging technology to solve critical healthcare problems (Source: LifeBank ). LifeBank, for instance, uses digital platforms to connect blood banks with hospitals in urgent need, saving countless lives. We also have personal experiences to buttress this. During the COVID-19 pandemic, Dr. Precious Azino Usuemerai, founder of ZeenoHealth Pharmaceuticals, a nationwide COVID-19 drug distribution startup, played a pivotal role in delivering affordable healthcare to underserved communities using digital health tools. Through his startup, Nigerian patients and their loved ones could easily get all effective treatments against COVID-19 infections. ZeenoHealth connected patients with healthcare professionals and helped them access crucial medicines to manage pre-existing conditions and other acute illnesses, ensuring continuity of care despite movement restrictions. Pharm. Otuto Amarauche Chukwu co-founded MedChain Solutions in 2017 with a vision to improve medicines supply chains in Nigeria and improve access to medicines at the last mile. Using learnings from Singularity University’s Executive program in January 2020, he digitalized and improved the service offerings of the company, making it instrumental in providing various families and organizations with essential health commodities and services during the COVID-19 lockdown in Nigeria. The company continues to help many companies access essential medicines. Similarly, Dr. Cordia Peter Ogbeta, founder of Showcase Pharmacy Ltd., leveraged digital media to transform patient adherence practices. By using targeted communication strategies and digital platforms, he ensured patients remained informed and consistently followed their medication regimens, directly enhancing treatment success rates. Pharm Olumide Emmanuel Ibikunle, during his tenure at Reckitt Nigeria, utilized advanced tech apps to revolutionize inventory management for healthcare customers. These apps proactively reminded customers when to restock, ensuring they always had quality products available to meet patient needs. These examples highlight the transformative impact of digital and technological innovations in addressing healthcare challenges and improving outcomes. With risk capital, telemedicine platforms can expand access to healthcare for rural communities, where over 46% of Nigerians reside (Source: World Bank ). By financing these startups, investors can help address the access gap while generating significant returns as these platforms scale. Pharmaceutical manufacturing and drug distribution Nigeria’s pharmaceutical supply chain is riddled with inefficiencies, counterfeit drugs, and high costs ( Source: BMC Public Health , BMJ ). Risk capital can empower local pharmaceutical manufacturers to modernize production, ensuring affordable and high-quality medications. Moreover, investments in logistics and supply chain innovations, like drone delivery for medications, can dramatically improve access to essential drugs in remote areas. For example, since 2016, Zipline has completed 13,000 blood deliveries to remote areas in Rwanda, with 4,000 of these specifically addressing medical emergencies(Source: CNBC ). Investing in Nigeria’s pharmaceutical logistics could greatly improve supply chain efficiency, leading to reduced medication costs and a decline in the prevalence of counterfeit drugs. Such advancements would enhance access to affordable and authentic medications, improving healthcare outcomes across the country. For example, Zipline has been able to raise $500 million between 2019 to 2021, which it deployed to significantly improve healthcare access by ensuring timely delivery of critical medical supplies in Africa (Source: TechCrunch , TechCrunch ). In Ghana, Zipline's drone logistics system delivered over 112,000 vaccine doses to remote areas in one year, enabling an additional 14,979 full immunization courses and preventing 688 cases of acute disease. Moreover, the cost-effectiveness of this approach is remarkable, with the last-mile delivery cost per vaccine dose as low as $0.27, compared to $0.47 for traditional ground-based methods (Source: Zipline ). These results highlight the transformative potential of drone technology in improving health outcomes while optimizing healthcare system resources. Diagnostics and preventive care The lack of diagnostic infrastructure exacerbates Nigeria’s healthcare crisis. Early detection of diseases is rare, often leading to late-stage presentations and poor outcomes. Risk capital can fund ventures developing affordable diagnostic tools tailored to local needs, such as portable malaria test kits or AI-powered screening technologies for non-communicable diseases. Health insurance and financing Only 5% of Nigerians have health insurance, leaving millions vulnerable to catastrophic health expenditures (Source: Global Health Economics Journal 2024 ). Investing in health-fintech startups in Nigeria could significantly expand access to affordable healthcare through innovative micro-insurance models. For example, WellaHealth, a Nigerian health-tech startup, has effectively leveraged funding to scale its services. In 2019, the company secured $120,000 from the Techstars Impact Accelerator ( Disrupt Africa ), and in 2022, it received a $100,000 grant from Google for Startups Black Founders Fund ( Benjamin Dada ). These investments have empowered WellaHealth to develop micro-insurance plans that provide access to malaria tests and medications through a network of over 3,000 pharmacies across Nigeria ( Swiss Re Foundation ). This demonstrates how strategic funding can enable startups to bridge healthcare gaps and improve coverage for underserved populations. Risk capital can support the growth of micro-insurance models and health-fintech startups that use data-driven approaches to provide affordable coverage to low-income populations. Beyond direct healthcare improvements, investments in the health sector generate broad economic benefits. A robust healthcare system enhances workforce productivity, attracts medical professionals, and creates jobs in emerging health-tech industries. Furthermore, successful healthcare ventures can inspire a virtuous cycle of reinvestment, with profits redirected into solving other systemic challenges. Moreover, risk capital’s involvement brings more than just funding. It introduces a culture of innovation, accountability, and scalability. Investors often provide strategic guidance, mentorship, and access to global networks, accelerating the development of impactful solutions. To reap these rewards, however, supportive policies are essential. The Nigerian government must streamline regulatory approval processes, ensure intellectual property protections, and incentivize private sector participation through tax benefits and public-private partnerships. Equally important is collaboration between stakeholders. International development agencies, local entrepreneurs, and impact investors must unite under a shared vision of a healthier Nigeria. For example, partnerships with organizations like ECOWAS or the Gates Foundation could amplify impact and provide the resources needed to scale healthcare innovations regionally. Programs that blend concessional funding with venture capital—a hybrid model—can reduce perceived risks and encourage larger private sector commitments. We believe that risk capital represents a transformative tool for addressing Nigeria’s healthcare challenges. Substantial investments in healthcare innovation have been shown to yield significant economic and health benefits. For example, a study by the Brookings Institution highlights that investing in health across developing countries could generate a $4.4 trillion boost in economic benefits by 2040, equivalent to a 7% increase in GDP ( Brookings Institution ). Similarly, initiatives like the Million Lives Fund, a $100 million annual healthcare venture fund, aim to save 1 million lives annually by 2030 ( NY Artisinal ). These examples illustrate the potential of targeted investments to transform healthcare access, save lives, and drive economic growth, making a compelling case for risk capital in Nigeria’s healthcare sector, proving its value both socially and economically. By unlocking innovative solutions, empowering local entrepreneurs, and fostering a culture of resilience, it can dramatically improve clinical outcomes for millions of Nigerians. For pharmacists like us, who are deeply invested in the health and well-being of our communities, this is more than an economic opportunity—it is a moral imperative. With visionary investments and strategic partnerships, we can help shape a future where no Nigerian is denied access to quality healthcare.