Africa’s healthcare system trails different areas considerably. The continent, which constitutes virtually 18% of the world’s inhabitants, contributes a mere 2% to world well being expenditure. The continent additionally grapples with a shortage of medical professionals, having simply 2.9 docs per 10,000 individuals. This shortfall is partly attributed to a ‘mind drain’ of medical expertise. For context, South-East Asia has 7.7 docs per 10,000 individuals, whereas the worldwide common stands at 16.3. In accordance with the World Well being Organisation’s Common Well being Protection (UHC) service protection index, which evaluates entry to important well being providers whereas avoiding monetary hardship, Africa scores 44 out of 100, with the worldwide common at 68.
Mikael Hajjar, co-founder of Africa-focused enterprise capital agency P1 Ventures, recognises alternatives in Africa’s healthcare imbalance. A notable firm throughout the P1 Ventures portfolio, working to capitalise on this chance, is Reliance Well being. Based in 2015 as Kangpe, a telemedicine firm, it initially promised “a physician in your pocket”. CEO Femi Kuti, a medical physician, was pushed by the aim of creating healthcare accessible and reasonably priced in Nigeria.
Reliance Well being has grown into an built-in healthcare enterprise. It now gives micro-insurance for medical protection, 24/7 telemedicine help, and medical providers by way of its non-public clinics in Lagos, Port Harcourt, and Abuja. The corporate has lately expanded to Egypt, establishing a presence in Cairo.
On the insurance coverage entrance, Reliance Well being primarily targets company shoppers, providing medical insurance packages for employers to cowl their staff, beginning at US$50 per 12 months. Its notable clientele consists of e-commerce big Jumia and monetary providers platform OPay.
“It’s a very highly effective mannequin that has been scaling properly and is now increasing throughout the continent,” says Hajjar.
Learn our full interview with Mikael Hajjar: African enterprise capital investor reveals 5 sectors poised for development
