Research says counterfeit drugs cause 1 million deaths each year. One tenth of this number comes from Africa. Counterfeit is difficult to detect, investigate, certify, or close. That is a global problem, with quality drugs earning more than દવા 100 billion a year.
Some techniques have helped combat this risk; For example, radio frequency identification, which works by assigning serial numbers to each product container.. More sophisticated approaches are being adopted these days, starting with RXL using deep technology to provide quality medicines to patients.. Today, the US and Nigerian-based company is announcing a round of financing of 3. 15.315 million to scale and improve its technology in existing markets..
RXL Was founded 2016 by Adebayo Alje, Amy Cao and Wei Louis. As Yale University students, the three came together Collectively They solved a problem first hand Personally Or related to a loved one.
In 2006, Alzheimer’s was a victim of counterfeit pharmaceuticals and almost died after taking a drug containing lethal levels of diazepam.. He went into a coma for three weeks.
“I survived a 21-day coma in Nigeria 15 years ago. My co-founder, Amy, What hospitalization After taking counterfeit medicine in Thailand. And V lost a family member due to contaminated drugs, ”Algej told TechCrunch on a call.
Based on the R&D project of the Department of Chemistry at College Ledge, Alje, Cao and Louis began to analyze how to use machine learning and molecular spectroscopy to ensure the quality and content and quality of the drug.. The biggest idea is to first address the problem of poor quality of access to high quality drugs in Africa, then build a market to authorize the sale of safe and reputable pharmaceuticals to the rest of the world..
“After going through it, the information there further confirmed that what we felt was not a one-sided situation. That is an ongoing problem; Every year 100,000 Africans die from this problem. This problem kills one million people worldwide, “said CEO Algen.
Its proprietary technology, RXScanner, is a handheld authentic thermistor designed to test patients for their medications.. According to the company, the RXcanner can recognize the quality of prescription drugs in 20 seconds and display the results in real-time through mobile apps.
RXL curates high quality vendors in its market and offers them RX scanners. The machine learning model reads the sample spectra and sends the test results which show the opposite of identification and quality. Vendors can Can be found by Using filters, and oBatch is tested, the seller can market the product and also make it available for on-demand ordering, pick-up and delivery..
The company makes money through transactions made in the marketplace by commissions. It also employs a subscription model with RXScanner for individual and business customers.
Despite the company’s innovation, funding has remained between a few and a long time, with a focus on a number of deep tech platforms such as Africa. This is Mainly Due to the long cycle from research to commercialization of such ventures, most VCs are going to be involved in the next phase of the company.. So far, RXL has been alive by winning grants and prize money in competitions, with some equity financing from the selection of Africa-centric Accelerator Founders Factory Africa..
Aljej saw RXL as a leader in the world of deep tech mixed with health tech. He believes there is no direct competition with how the RX scanner works, at least for the time being.
“According to the terms of Pharmaceutical e-commerce, yes it is a different ballgame. According to the terms of Drug testing, there are only other solutions that are laboratory devices, and they can be expensive. “The space we play in, the app sector, the issue of price, the way we’re going about it with deep learning and using mobile phones, there’s no comparison,” the CEO said..
However, The technical edge alone does not sell any product or run a business. With RXL, the key to the scaling of its technology, its products are affordable in the market even after cost, according to Algena. That is a challenge that the company is taking steps to address In addition To make its technology easier for investors to understand.
RXL describes itself as a company playing in the global market. But as published Previously, Most of its customers and revenue comes from Africa, especially Nigeria. It is currently serving ten cities and is Actively Recognizing the authenticity of medicines for 1 million patients while serving more than 2,000 hospitals and pharmacies in the West African nation. The company plans to add an additional 14 cities before the end of this year, with the Pan-African game in motion for next year.
This financing round is a collection of recently closed $ 2 million seed rounds (subscribed with 2.25 million) and a collection of 900,000 pre-seeds completed last year.. Africa led the round with the participation of SOSV’s Hex and Kisuk Honda through its KSK fund.
Speaking on the round, Zakaria George, managing partner of Launch Africa Ventures, said, “Launch Africa Ventures Is excited To co-lead this round of financing in a strong, experienced team from RXL. We believe RXL is making a big difference in access to quality healthcare in Africa by initiating a drug delivery platform to enable pharmacists and patients to purchase authentic online certified drugs.. Ability to achieve favorable unit economics and Multiple Taking advantage of anti-counterfeit mobile spectrometer technology, the entire drug delivery supply chain and the revenue streams owned by their own payments and wallets, provide the opportunity to go further and scaling across Africa and beyond.”
Duncan Turner, SOSV’s general partner and managing director of Hex, added, “We live. Surprising Impressed by RXL’s ability to measure and meet customer demand. In Only Last year, the team brought world-class hard tech and operational professional excellence to address pressing issues for more than ten million Nigerians, and we couldn’t be more excited by their vision for the wider pharmaceutical market.”
So what’s next for RxAll? Alje said the company’s next focus is on partnerships. In his view, they will be integral to RXL’s pressure to scale its marketplace and scanner in Nigeria, Africa and the rest of the world.
“Apart from hospitals, pharmacies and patients, we sell items to governments and the country’s FDA on the scanner side. So we’re looking to secure key partnerships globally, no Only In Nigeria, but throughout Africa, Southeast Asia, North America and South America. These are the major markets we are looking for in the dimension. “