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Field Intelligence targets 11 African cities to expand pharmacy inventory management service

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Pharmacies in Africa are struggling to get funding, but it’s really stock management that’s holding them back. NSHow do pharmaceutical retailers know how much inventory they need? How do they know which products to stock at a particular time? How do they know what products are not being sold?

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At the moment, there is not enough data to answer these questions. Money is restricted. There are more or less products than Wanted at a positive time. If it’s the first order, they risk selling expired products. If it’s the latter, patients can’t get what they need.

Field Intelligence is digitizing this supply chain process to aid African pharmacies sell better. The company, which was launched in 2015, has been focused on the government and has tried to address the challenges facing the public health supply chain in the Nigerian capital, Abuja.

Co-founder and CEO Michael Moreland said he has noticed that self-reliant pharmacies in Abuja confront similar challenges to government-owned pharmacies. After building a SaaS platform to manage complicated and big-scale drug distribution for government, the company decided to branch out into the private space.

In an effort to solve the supply chain problem, field intelligence has turned from strictly Being a software company to become a drug distributor using technology to reimagine how the value chain works.

Field Intelligence launched Shelf Life in 2017 as a standalone product to deal with this transition. So far, they have had operations in Abuja, Lagos and Nairobi. Product aims يهدف To solve the stockpile problem across Africa’s $65 billion drug market. The company today announced its expansion into 11 cities across Nigeria and Kenya. The seven cities in Nigeria include Delta, Edo, Enugu, Kaduna, Kano, Kwara, and Rivers. In Kenya, they are Eldoret, Kisumu, Mombasa and Naivasha. The expansion will rely on more than 700 pharmacies located in Field Intelligence, which has served more than 1.4 million patients to date.

Shelf Life carries the burden and risk of pharmacy stock. Manages forecasting, quality assurance, fulfillment, and inventory management across the subscription service. Pharmacies sell Shelf Life-supplied merchandise on consignment through a cash-on-sale program, avoiding expiration risks and accessing a cheaper alternative to working capital financing. The company claims that this model has allowed pharmacies to grow at a 25% compound annual growth rate.

“We launched Shelf Life in 2017 to allow pharmacies to outsource their supply chain to us truly Just too grown organically From there, Morland said. “And as we progressed in construction, we expanded all the way to Lagos and finally to Nairobi to see if it would work in East Africa in this context, and it did. We haven’t looked back since. The coming of work in the private pharmacy market.

Field Intelligence concluded its first round of offshore capital in March of final year, with $3.6 million Series A. the money raised for Expansion, but the pandemic halted that plan. Field intelligence returned to work by the end of the fourth quarter of 2020 and sowed the initial seeds for what had grown up to this point.

The importance of data in field intelligence operations

This expansion comes a year following the company saw rapid sales and Shelf Life membership subscriptions. Sales grew 47% in Nigeria and 65% in Kenya, with more than 586,950 products sold in 63 distinct product categories..

By using data to improve forecasts and identify irregularities in the marketplace, Field Intelligence has met both prescription drug and over-the-counter drug requirements. But how do you receive and sum This data?

“We see this as a math problem. And that starts with getting truly Great data on what is being sold across a big number of distinct locations and seasons, across a wide range of products,” said the CEO.

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Proxy Shelf Life

When field intelligence delivers Shelf Life to a pharmacy, it takes over the supply chain and inventory management operations. The company has implementation partners for pharmacy inventory management, inventory management and merchandising.

Data on stock positions and movements at the retail level comes from a wide range of locations. Thus, the company can create a private dataset that displays pharmacies in real time, providing insights on demand. With it, field intelligence provides visibility and control of pharmaceutical procurement and inventory management. This eliminates frequent overstocking and understocking; Pharmacies can change products or prices based on available information.

Implementation partners run a lightweight asset model, which Morland said has allowed the company to “build a smart, scalable Lean-powered distribution service that nonetheless creates a lot of value for patients and retailers.”

“I can say that at the level of the value chain we have here as a considerate of technology-enabled distributor, there is no one working at that level of the supply chain in many cities,” he added.

Currently valid been used In more than 700 pharmacies across Nigeria and Kenya. The company says Nigeria has over 4,500 registered pharmacies and over 15,000 pharmacies; While in Kenya there are 6000 registered pharmacies. So there is a lot of market share to grab. By next year, Field Intelligence plans to exceed 2,000 Shelf Life pharmacies and stores. By 2025, the company is targeting 12,000 pharmacies and drug stores.

Moreland said the company has grown 5 times On the one hand Recurring revenue, adding that Shelf Life has sold more drugs and served more patients in the former three months than in its first three years.

While Field Intelligence is looking to tackle inventory management with Shelf Life, Moreland believes the company is also effectively solving a financial problem as it provides an alternative to traditional financing options by lowering the cost of operating a pharmacy.

“One of the most significant value propositions for us is that because we sell on consignment, we preserve a lot of working capital for the retailer.. So we are in the market Widely It is seen as a financial services provider and a form of alternative financing for our pharmacies. And Think It’s a big part of our story because when you compare the cost of joining Shelf Life to get to Equivalent The amount of working capital from microfinance or traditional banks, and even franchised lenders, we could be 60 to 80% cheaper with much more value-added services.”

Referensi: news.yahoo.com

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