BuyMed successfully called for $2.5 million worth of capital in the pre-series A round from Surge and Genesia venture fund of Sequoia Capital India.

The startup also got $500,000 seed capital from Cocoon Capital from Singapore and VietCapital Ventures last September.

With the desire to enter the $65 billion drug market which has insufficient safety standards, unofficial distribution channels and chaotic prices, in 2018 thuocsi.vn belonging to BuyMed was established.

The startup uses technology to connect pharmaceutical firms and licensed drug stores and clinics to enable operation of the supply chain in a harmonious and reasonable way.

The startup uses technology to connect pharmaceutical firms and licensed drug stores and clinics to enable operation of the supply chain in a harmonious and reasonable way.

All the information provided, the distribution, goods transport and trade activities are synchronized in real time. This allows drugs to reach consumers at the best price.

The company has connected 7,000 drugstores and hospitals throughout the country, and 800 pharmacy manufacturers and distributors.

Nguyen Huu Minh Hoang, a co-founder, is one of six young faces honored by Forbes Asia in its 30 Under 30 List released in April.

The idea originated when they saw the problems in the industry. Doctors and pharmacists have to spend a lot of time to identify drug origin and distributors. Distributors don’t contact drugstores all the time to offer drugs, and many of them have to buy drugs at high prices and from unclear sources.

Hoang Nguyen and Peter Nguyen, before establishing thuocsi.vn, spent time to study the underground market of the pharmaceutical industry. They found it was not easy to settle the problems. However, they met Vu Vuong, who became the third co-founder of the company.

The two young men with business skills and the third with experience in healthcare sector set up a completely new ecosystem.

Using technology to break the traditional medicine supply chain is an important factor that has helped thuocsi.vn become a well known name. Technology allows them to monitor the entire process of drug delivery from manufacturer to customer, ensuring transparency.

The startup has introduced a new feature that monitors production costs and predicts price fluctuations. Thanks to information, one can draw up plans to optimize expenses on drugs to provide drugs to patients at reasonable prices.

The company creates a technology-driven order fulfillment system, allowing drugstores to access the diverse network of products that they need to bring high-quality healthcare service. The right to access the network is given to all drugstores, including small ones in remote areas.

Le Ha 

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