A Ghanaian entrepreneur, Gregory Rockson, who leads a health care firm named mPharma, has announced plans to expand its footprint in Nigeria with a $43-million investment.
Gregory Rockson disclosed that, mPharma will increase its footprint in Nigeria from 364 multi-pharmacies and Good Health shops in 12 states to 1,424 health facilities in 25 states, with a $43 million investment set to fund the expansion.
Founded in 2013 by Rockson, Daniel Shoukimas, and James Finucane, mPharma manages the pharmaceutical inventories for African mom-and-pop pharmacies, and as well offers unique financial and inventory management solutions to hospitals and patients directly.
According to Mr. Rockson, the move will upgrade previous Nigerian facilities and establish new centers across the country, increasing mPharma’s reach from 12 to 25 of Nigeria’s states, and bringing increased access to primary care to even more patients.
“The investment will increase the capacity of the Nigerian healthcare system to provide formal healthcare services to an additional 750,000 patients each month and create jobs for 11,782 healthcare workers. Pharmacy partners are expected to generate cumulative revenues of $153 million during the investment period.”
Gregory Rockson
Adding up, Mr. Gregory Rockson also revealed that, the expansion follows mPharma’s acquisition of a majority stake in HealthPlus, the leading pharmacy chain in Nigeria, in September 2022.
“The acquisition, coupled with the subsequent investment, has allowed its footprint across the continent to grow through its fast-growing conversion franchising model.”
Mr. Gregory Rockson
mPharma’s Footprint Expansion Marks A Significant Step-Forward
Mr. Gregory Rockson mentioned that, the new investment in Nigeria marks a significant step forward for mPharma in its mission to build a healthy Africa by providing life-changing healthcare services and drugs to patients.
The expansion into Nigeria will increase access to primary care to even more patients and help to rebuild trust in the country’s healthcare system, he said.
He elaborated that, the healthcare from its inception, has disrupted the African healthcare market, serving approximately one million patients per year through 300 partner pharmacies in Ghana and Nigeria.
This was in accordance with its mission of ensuring universal access to affordable medicine and improving access to care by transforming community pharmacies into primary healthcare providers, he disclosed.
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