Physician Koi, a well being tech startup in Bangladesh, has obtained $500,000 in seed funding from Verge Healthtech Fund, an early-stage well being know-how enterprise capital fund.
WHAT IT DOES
The corporate’s flagship product Digital Rx, a prescription writing software program, is being utilized by over 900 energetic docs who’re producing greater than 350,000 digital prescriptions month-to-month.
Its platform additionally presents different providers, reminiscent of on-line session, appointment administration, and content material administration and advertising and marketing.
WHAT IT’S FOR
Physician Koi will use its seed funding to achieve extra clients in Bangladesh and develop new value-added providers. It targets to convey its digital prescription device to 10,000 extra docs within the nation “within the coming years”.
The funding may even assist convey in additional docs to its community for on-line session providers. At current, it has over 2,000 physician clinics in its community which have since issued 10 million digital prescriptions.
WHY IT MATTERS
Physician Koi, which interprets to “Physician The place,” was initially supposed to be a health care provider reserving platform. Its founders, Sadman Soeb Adib and Areek Zillur, determined to give attention to creating a digital prescription device as a result of the truth that one of many major causes of therapy failures in Bangladesh is the immense quantity of medical errors from handwritten prescriptions. They cited an area survey that discovered most prescriptions in sure city well being amenities had been written illegibly.
THE LARGER TREND
Physician Koi is envisioned to be a “foundational layer for a low-cost, tech-enabled distributed major care-focused well being system”. The healthcare system in Bangladesh has been described as analogue, fragmented, and short-staffed, perpetuating huge inefficiencies. “Whilst primary as a health care provider’s clinic” just isn’t digitally geared up, in keeping with Joseph Mocanu, a associate at Verge Healthtech Fund.
With a extra enabling atmosphere for digital well being improvements at present, the digital well being market in Bangladesh is projected to be price $371.5 million this yr, in keeping with Statista. It’s anticipated to develop to $631.6 million in worth by 2026, rising at a 14.19% CAGR.
Lately, Swedish fintech and well being firm Milvik Bima is amongst international gamers to launch a cellular well being app within the nation.
ON THE RECORD
“We imagine Physician Koi has great potential with the kind of services and products which are curated for the native market wants whereas providing probably the most superior and scalable applied sciences. We’re a really product-centric firm that allowed us to grasp the shoppers very deeply from the very preliminary days. Our clients are the largest driver [of] our innovation and steady enhancements,” mentioned CEO and co-founder Sadman Soeb Adib.
“With massive market alternatives to penetrate into an untapped market in such a rising financial system, we imagine the corporate can obtain a lot scale and enhance the healthcare ecosystem for [the] 160 million inhabitants in Bangladesh and even past the globe whereas maximising the stakeholders’ return,” he added.