Curated News
By: NewsRamp Editorial Staff
May 08, 2024
Axmed Raises $2 Million to Transform Access to Critical Medicines in LMICs
TLDR
- Axmed's $2 million seed funding round gives a competitive advantage by accelerating the affordability, availability, and distribution of essential and innovative medicines in underserved regions.
- Axmed's B2B marketplace optimizes the procurement process for healthcare providers in emerging and growth markets, catering to public, third sector, and private entities.
- Axmed's mission is to tackle healthcare inequity by ensuring a reliable supply of critical medicines and improving access to medicines for over 6 billion individuals.
- Axmed's innovative two-sided B2B marketplace platform aims to reshape the $140 billion LMIC pharma market, improving access to medicines for over 6 billion individuals.
Impact - Why it Matters
Access to affordable and essential medicines is a global challenge, particularly for low- and middle-income countries. Axmed's significant funding will accelerate the availability and distribution of crucial medicines in underserved regions, impacting over 6 billion individuals. This initiative represents a bold step towards addressing healthcare disparities and reshaping the $140 billion LMIC pharmaceutical market.
Summary
Low- and middle-income countries (LMICs) face significant health disparities, accounting for over 80% of the world's population but only 6% of global pharmaceutical revenue. Axmed has secured a $2 million seed funding round to address this inequality, following an earlier $5 million in grant funding. The investment will accelerate the availability and distribution of essential and innovative medicines in underserved regions, with a focus on Africa and the Caribbean.
Axmed's B2B marketplace streamlines the procurement process for healthcare providers, optimizing access to both off-patent and patented medicines. The funding will support Axmed's expansion, technology infrastructure, and strategic market operations, addressing the urgent need for accessible and affordable healthcare solutions.
The founding team's extensive expertise and dedication, coupled with industry support, position Axmed to reshape the LMIC pharmaceutical market, improving access to medicines for over 6 billion individuals.
Source Statement
This curated news summary relied on content disributed by News Direct. Read the original source here, Axmed Raises $2 Million to Transform Access to Critical Medicines in LMICs
