Among the many barriers to quality healthcare in the developing world is the high cost of medicine. This is due, in part, to frequent disruptions in the supply chain. Customers who visit a pharmacy to purchase medicine can’t be guaranteed that the medicine will be something they can afford– or even if the medicine will be there at all.
My podcast guest today, Gregory Rockson, is a social entrepreneur who is pioneering a way to make medicine in several African countries more affordable and access to that medicine more reliable. He is the c0-founder of a social enterprise called mPharma, which uses data analytics and supply chain management to help small and independent pharmacies control their costs. This is crucial because unlike here in the United States where big pharmacy chains are ubiquitous, in the places mPharma operates small and independent pharmacies are serve the vast majority of people.
mPharma essentially manages the drug supply of participating pharmacies, and assumes the financial risk if drugs are over or under stocked — sharply driving down the costs.
This is an absolutely fascinating business model and it’s already revolutionizing access to medicine in five African countries and is poised for further expansion.
If you have twenty minutes and want to learn why drug prices in many countries are so high and what can be done to drive down those costs, have a listen.