mPharma

Healthcare costs in Nigeria are on the rise. mutti offers a great solution for only 6000 Naira; say goodbye to out-of-pocket expenses for over 100 medicines and diagnostics tests for three months 😊! Benefits include: No out-of-pocket expenses for eligible care Over 100 covered medications Rapid diagnostic tests Free doctor consultations with mutti Doctor Our medication list includes NAFDAC-approved essential medicines for conditions such as: Malaria Diabetes Sore throat Cough and Cold Eye pain & Infection Ear Infection Pneumonia Minor cuts, scrapes, and bruises Hypertension and many more Visit a HealthPlus pharmacy to enrol or call 09087792946 to speak with a mutti+ care agent.

During the Covid vaccine rollout in 2021, my friend and host of CNN International Newsroom, Robyn Curnow, invited me to her show to discuss mPharma's work. A lot of blame was placed on Western countries hoarding vaccines as a reason for the slow rollout in Africa. She asked me if I agreed with that view. I said I partly agreed, but African governments also had much blame for their misplaced priorities. The corruption we saw in Covid procurement because many of these countries got almost "free money" from donors and multilateral banks was nauseating. P.S - I was still in my covid isolating period, so I had not gotten a haircut for a while :)

We are happy to introduce our Insulin Cost Plus Program in Kenya. Visit any mutti pharmacy or call 0111126005 to start saving.

It is a failure of philanthropy and not a sign of success that in 2024, countries like Ghana, Nigeria or Kenya continue to receive donations of malaria bed nets, malaria medications or HIV test kits when corruption runs rampant and political cronies siphon funds. One can argue that continuing to absolve African governments of their singular responsibility of using their resources for the betterment of their people because there will always be a new global health initiative to guilt Western countries and their taxpayers into donating money to solve these problems influences the vicious cycle of corruption in these countries. If these governments are willing to let their people die of easily treatable and preventable diseases because they would instead steal from the people, then so be it. This may force their citizens to rise and demand better from their governments.

The world of philanthropy needs to take a step back and reflect on whether its objectives are driving fundamental systemic changes or simply creating the appearance of change by using "free money" to mask underlying socio-economic problems. This reflection is needed to discern whether philanthropic efforts are catalysts for genuine, enduring change or simply palliative measures that inadvertently slow the journey toward collective prosperity. Efosa Ojomo

During a cost-of-living crisis, driving revenue growth and profitability is more challenging, as customers have less disposable income to spend. As a business, you are faced with the dilemma of either spending to acquire new customers or investing in your existing customer base to get them to consolidate their spending with you. Our mutti loyalty program at mPharma (with over 1 million members) is doing the latter for our mutti pharmacies. One of our mutti pharmacies in the Western Region of Ghana is a case study. It started the year with more of its revenue coming from non-mutti members. However, most of these patients are only sometimes loyal to that pharmacy. As inflation thickened, we shifted from increasing general footfall to increasing mutti members engagement. This led to increased spending from Mutti members, which was driven by growth in AOV. Revenue growth and profitability rebounded at that pharmacy.

We held our mPharma Q2 Company Townhall today. Despite a challenging economic environment, I celebrated the team for driving business growth and operational improvement. They delivered 14% Q-O-Q revenue growth in USD, grew gross margins by 9% (we are in the top 1 percentile in GM for our sector already), and drove a 35% improvement in EBITDA margin. They did all of this while reducing operational expenses despite never-before-seen inflation levels and currency depreciations. A colleague asked me if our focus was now on margins instead of revenue growth. It is something I think about a lot. I care about revenue growth but not at the expense of margins. I told the team our focus is on quality revenue growth. Quality revenue is a sale that has 1) a healthy margin to cover our cost of doing business plus some and 2) can be converted into cash immediately or in the shortest possible time. I have seen so many companies delude themselves with big revenue numbers that are essentially bad revenue. I have been there before. We are fired up and ready to go in Q3!!!

One of the best explanations of valuations I have heard was from Morgan Housel. He said - " A stock market valuation is a number from today multiplied by a story about tomorrow." Knowing today's number is the easiest part, but what sets great investors apart is their ability to underwrite a credible story about tomorrow. During the ZIRP days, every founder cared about "revenue" because a revenue multiple primarily drove valuations. But we forgot two things: 1) not all revenue is created equal ($1 of revenue with a 10% gross margin is worth less than 50 cents with an 80% gross margin). 2) Your LTM revenue is yesterday's story and shows your ability to execute. However, it is by no means a story about tomorrow. Today's tailwind can quickly become tomorrow's headwind. Ask companies like Pfizer or Moderna, whose stocks were buoyed by covid vaccine sales but have slumped. So, what is the ultimate insight here? Paradoxically, there is no singular takeaway. The essence lies in relentless perseverance. A startup is a continuum of experiments. Maintaining a pipeline of these experiments is imperative, consistently refining them into viable products that collectively weave a credible narrative about your future.

In 1H of 2024, mPharma delivered medical care to over 840,000 patient visits to our primary care platform consisting of mutti pharmacies, mutti Doctor, and mutti Labs.

Eight of the 20 fastest-rising countries with adult obesity are in Africa. According to the 2020 Global Nutrition Report, there are now more overweight adults than underweight children in Africa. There are no silver bullets in healthcare, but if one thing could be done to reduce healthcare expenditure, it would be reducing obesity rates.