News
10 June 2020
CDC invests in mPharma
In:
Social infrastructure, Waste and water
Region:
Middle East & Africa
The UK's CDC Group has partnered with African venture capital firm Novastar Ventures to back Ghanaian healthcare company mPharma. The company reduces the cost of medicines across Africa, and is currently active in Ghana, Nigeria, Kenya, Zambia and Zimbabwe. mPharma has seen an escalation in activity given the Covid-19 outbreak, and has supplied 700,000 testing kits across Africa so far.
The co-investment will allow mPharma to open 500 new pharmacies, reduce the risk of counterfeit medication, and decrease the cost of medication for end-users. It will be made via CDC Group's Venture Scale-up programme, an initiative that invests in early-stage companies and uses technology to enhance their growth.
