Portfolio Spotlight: MedEasy

THE LOWDOWN: WHY ACCELERATING ASIA INVESTED

• Team: The MedEasy team is a mix of tech people and medical practitioners. The combination of industry network and know-how with technological expertise puts MedEasy in a prime position to achieve its vision.
• Problem: 30M chronic disease patients struggle to get their medical prescription refills regularly. This demographic fray on constant inability, inconsistent pricing and counterfeit medicines.
• Solution: MedEasy digitised the medicine ordering process end-to-end. The platform also has one-tap access to the complete prescription and a video/chat consultation facility with vetted Medical Doctors.
• Traction: Since its launch, MedEasy successfully onboarded over 75k users — with a 77% retention rate, processed and delivered 25k orders, with quarterly sales seeing a consistent increase towards reaching annualised sales of US$900k in 2022.

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THE INDUSTRY

The Bangladeshi market is massive, covering a total population of 170M and an internet population of 125M users. Bangladesh's full Pharmaceutical industry size is US$12Bn, with a sustained growth of ~15%  year on year. It is a healthcare space with an estimated 30M people suffering from chronic diseases, 3M of which have smartphones and access to the internet.

Being a populous country, Bangladesh offers excellent commercial prospects for the pharmaceutical industry. While the trade remains traditional, the adoption of digital equivalents by consumers is picking up pace and shifts are indicated in the high retention rates enjoyed by the startups in this space.

SOLVING PAIN POINTS

MedEesy found the gap in the prescription market where patients experience inconsistent services from traditional brick and mortar pharmacies. These pain points include unpredictable stock availability, inconsistent pricing and the entry of counterfeit medicines.

MedEasy looks to streamline and digitise these processes to solve these critical pain points in a single go. To that, MedEasy created a platform where patients can order prescription medicines right from the comfort of their mobile phones. They have also aggregated suppliers and pharmaceutical manufacturers to standardise pricing while ensuring that only authentic medications are served to their users.

SOUND REVENUE MODEL

MedEasy generates revenue in two forms. The first is from pharmacy operations — the sale of prescription medicine and the second revenue centre is from the Doctor consultation marketplace, from which MedEasy takes a consultation fee.

ABILITY TO SCALE QUICKLY

Since the commercial viability of the offer has been validated, it is relatively easy to scale the operation upwards by onboarding more supply-side and demand-side users.

To be at the forefront of this underserved and newly formed tech segment, the future for MedEasy is positive.

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Accelerating Asia VC Fund II invested into MedEasy which was selected for Cohort 5 of our flagship 100 day program. During our last recruitment round Accelerating Asia received 550 applications from 30 countries and we have with 2000+ startups per year.

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