Dakar — A Ghana-based startup has received $1.5m from eBbay billionaire Jeff Skoll to support its work in changing Africa’s pharmaceutical industry to make medicines more affordable.
Because there is little regulation, drug prices are marked up by middlemen and often become exorbitant, he said.mPharma works by managing drug supply for multiple pharmacies, so it can negotiate bulk prices and redistribute medicines as needed. The pharmacists only pay for what they sell, which incentivises mPharma to keep prices low.
Medicines account for 20% to 60% of health spending in low- and middle-income countries worldwide, compared with 18% in more developed countries, according to the World Health Organisation .
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