Swiss-based start-up Axmed is on a mission to provide affordable medicines to low- and middle-income countries, where billions of people lack access to essential treatments. After securing early-stage backing from the Bill and Melinda Gates Foundation, the company is announcing a further $2 million funding round. CEO Emmanuel Akpakwu, who grew up in Nigeria, understands the challenges firsthand and is determined to make a difference.
Low- and middle-income countries, which account for more than 80% of the global population and 90% of the disease burden, receive only 6% of pharmaceutical companies’ revenues. Axmed aims to change this by allowing governments and organizations in developing countries to place orders for the medicines they need. These orders are then aggregated into larger volumes, enabling manufacturers to offer the drugs at affordable prices.
The founders of Axmed, including Akpakwu, have extensive experience in the pharmaceutical industry, having worked for companies like Novartis and GSK. With support from the Bill and Melinda Gates Foundation, the company has developed a platform that will improve access to healthcare for expectant mothers and children, as well as provide hundreds of different drugs for various diseases and conditions.
The platform is set to launch commercially later this year and will initially focus on serving customers in Kenya, Tanzania, Rwanda, Ethiopia, and Nigeria. The additional $2 million funding round will support recruitment and the development of technology infrastructure in key markets in Africa and the Caribbean. Founderful Ventures, the lead investor, believes in Axmed’s potential to reshape the $140 billion low- and middle-income country pharma market.
Organizations like the Organisation of Eastern Caribbean States Pooled Procurement Initiative and the Nairobi Hospital in Kenya have expressed support for Axmed’s approach. They believe that the platform has the potential to empower buyers, strengthen supplies of life-saving therapies, and bring high-quality manufacturers to underserved regions. With the backing of investors and the expertise of its founders, Axmed is poised to make a significant impact on global healthcare accessibility.
