A new Swiss-based start-up called Axmed is on a mission to provide affordable medicines to low- and middle-income countries. The company has already received early-stage funding from the Bill and Melinda Gates Foundation and has recently announced a further $2 million in funding. Axmed’s CEO, Emmanuel Akpakwu, who grew up in Nigeria, has seen the lack of access to essential medicines firsthand and is determined to make a change.
Despite low- and middle-income countries accounting for more than 80% of the world’s population and disease burden, pharmaceutical companies only earn 6% of their revenues from these nations. Axmed hopes to change this narrative by allowing governments and organizations in developing countries to place orders for the medicines they need. By aggregating these orders into one large order, Axmed can provide the demand that pharmaceutical companies are looking for, enabling them to supply drugs at affordable prices.
The founders of Axmed, including former executives from pharmaceutical giants like Novartis and GSK, have the experience necessary to make this platform a success. With the backing of the Bill and Melinda Gates Foundation, Axmed is focused on improving access to healthcare for expectant mothers and newborns. However, the platform will also enable developing nations to purchase a wide range of drugs for various diseases and conditions.
Although the platform is set to launch commercially later this year, Axmed has already developed a prototype version in collaboration with pharmaceutical partners and governments. The initial focus will be on serving customers in Kenya, Tanzania, Rwanda, Ethiopia, and Nigeria, with discussions ongoing with other countries. The additional $2 million funding will support further recruitment and the development of technology infrastructure in key markets in Africa and the Caribbean.
Founderful Ventures, the lead investor in this funding round, is impressed by Axmed’s social mission and the size of the commercial opportunity. With the goal of reshaping the $140 billion low- and middle-income country pharma market, Axmed aims to improve access to medicines for over 6 billion individuals. Supporters like the head of the Organisation of Eastern Caribbean States Pooled Procurement Initiative and the CEO of the Nairobi Hospital in Kenya believe that Axmed’s approach will not only provide affordable access to life-saving medicines but also promote competition and raise the quality of available treatments.
