Nigerian startup 10mg Pharma is using AI-driven code trees to simplify access to low-interest credits and low-cost medications for healthcare providers in Africa.
Founded in 2022, 10mg Pharma employs an AI algorithm based on the code tree model to pair healthcare providers with financing partners who meet specific criteria. This facilitates bulk medication purchases, leading to savings of up to 15 per cent, which are then passed on to patients.
“This novel approach makes pain management more accessible and affordable, particularly for those residing in rural communities,” said CEO Christian Nwachukwu.
High medication costs compound the challenge of managing chronic pain in Africa, as does minimal insurance coverage and the rigidity of accessing investment for healthcare providers. 10mg Pharma is fixing all this, and has so far helped 1,100 healthcare providers reach over 150,000 chronic pain patients with low-cost medications, reducing treatment costs by up to 15 per cent.
“Our AI-driven platform helps bridge the supply chain and funding gaps by using code trees to simplify access to low-interest credits and discount offers on medications for healthcare providers, offering cost savings for patients,” said Nwachukwu.
10mg Pharma, which has secured some angel capital as well as grants from BSEEN, an AI technology hub of Aston University, was recently selected for the latest ASIP accelerator programme run by Startupbootcamp AfriTech. It has won a host of awards, but most importantly has already acquired over 1,000 hospitals and pharmacies as clients. Through them, it has reached over 150,000 patients.
“10mg Pharma currently operates in Nigeria, and we are poised to expand intothe Kenyan and Ghanaian markets within the next couple of years,” said Nwachukwu.
The startup’s business model revolves around facilitating transactions between healthcare providers with medication suppliers, while also simplifying access to low-interest credit through its AI-driven platform.
“We earn nine per cent transaction fees on medications purchased and two per cent commissions for facilitating each credit,” said Nwachukwu.
