Vietnam-based BuyMed, the startup behind pharma distribution marketplace Thuocsi.vn, has secured USD 500,000 in a seed funding round led by Singapore’s Cocoon Capital and local VietCapital Ventures.
BuyMed was founded in 2018 with an aim to simplify healthcare distribution in Vietnam and Southeast Asia as a whole. Thuocsi, its business-to-business platform for healthcare and personal care distribution, on the other hand, connects healthcare practices with a number of verified and licensed distributors.
“The healthcare industry in Southeast Asia is highly fragmented and, as a result, almost 80% of pharmacies resort to purchasing from unlicensed agents. This increases the risk of counterfeit and simply wrong drugs being delivered,” said BuyMed CEO and co-founder Peter Nguyen.
The startup is planning to develop a country-wide logistics network to make deliveries more cost-effective, even in the healthcare centers in Vietnam’s remote villages, according to a statement.
Currently, the company claims to serve over 2,000 pharmacies, clinics, and hospitals across the country and looks to double that number within the next six months. BuyMed says it also has over 100 partnerships with manufacturers, brands, and distributors.
In an effort to become a one-stop marketplace for healthcare practices in emerging markets, it’s seeking to add other verticals including cosmetics, medical devices, supplements, and health services to its platform.
According to a report by Galen Growth Asia, the region’s healthtech industry amassed a total of USD 6.3 billion in funding, with startups across Southeast Asia experiencing a booming market.
Other players in the region include Singapore-based DocDoc, which has recently received USD 13 million in capital to underpin its market expansion.
Indonesia’s Halodoc also secured funding from the Bill and Melinda Gates Foundation, Allianz X, and Prudential in its series B+ round earlier this year. It aims to use the new funds to further its commitment to simplify healthcare in Indonesia through technology.
This article first appeared on Tech in Asia.