Entrepreneurship Zone: 30 November 2023 :: Investor sees opportunity in Africa’s healthcare deficit, from Nigeria to Egypt

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Entrepreneurship Zone: 30 November  2023 ::  Investor sees opportunity in Africa’s healthcare deficit, from Nigeria to Egypt

 




 


 

 

Africa’s healthcare system trails other regions significantly. The continent, which constitutes almost 18% of the world’s population, contributes a mere 2% to global health expenditure. The continent also grapples with a scarcity of medical professionals, having just 2.9 doctors per 10,000 people. This shortfall is partly attributed to a ‘brain drain’ of medical talent. For context, South-East Asia has 7.7 doctors per 10,000 people, while the global average stands at 16.3. According to the World Health Organisation’s Universal Health Coverage (UHC) service coverage index, which evaluates access to essential health services while avoiding financial hardship, Africa scores 44 out of 100, with the global average at 68.

Mikael Hajjar, co-founder of Africa-focused venture capital firm P1 Ventures, recognises opportunities in Africa’s healthcare imbalance. A notable company within the P1 Ventures portfolio, working to capitalise on this opportunity, is Reliance Health. Founded in 2015 as Kangpe, a telemedicine company, it initially promised “a doctor in your pocket”. CEO Femi Kuti, a medical doctor, was driven by the goal of making healthcare accessible and affordable in Nigeria.

Reliance Health has grown into an integrated healthcare enterprise. It now provides micro-insurance for medical coverage, 24/7 telemedicine support, and medical services through its private clinics in Lagos, Port Harcourt, and Abuja. The company has recently expanded to Egypt, establishing a presence in Cairo.

On the insurance front, Reliance Health primarily targets corporate clients, offering health insurance packages for employers to cover their employees, starting at US$50 per year. Its notable clientele includes e-commerce giant Jumia and financial services platform OPay.

“It is a very powerful model that has been scaling nicely and is now expanding across the continent,” says Hajjar.



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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

 


 

 


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