Entrepreneurship Zone: 28 November 2024: Nigerian entrepreneur identifies an opportunity in pharmacy sector

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Entrepreneurship Zone: 28 November 2024: Nigerian entrepreneur identifies
an opportunity in pharmacy sector

 


 

 




 


 

 


 

 

 



Mobolaji Ajayi

Interview with Mobolaji Ajayi
CEO, PURELIFE PHARMACY

Lives in: Lagos, Nigeria

  _____  

Mobolaji Ajayi is the founder and CEO of Nigeria’s Purelife Pharmacy, a
business offering pharmacy and primary healthcare services through both
physical stores and an online platform. Jaco Maritz spoke with Ajayi about
her journey as an entrepreneur so far.

Topics discussed in the interview include:

·         Identifying a new pharmacy business model in Nigeria

·         Human resources challenges due to the exodus of healthcare
workers seeking better opportunities abroad

·         Ajayi’s unconventional approach to marketing

·         The reasons behind starting a pharmaceutical wholesale arm

·         Untapped business opportunities in Nigeria’s healthcare sector

Watch the full interview below:


Interview summary


Mobolaji Ajayi saw an opportunity for a pharmacy business that also offered
primary care rather than just selling medication. She notes that pharmacies
are often the first point of contact for many Nigerians seeking healthcare.

The company opened its first physical outlet in Lagos in 2021, backed by
funding that Ajayi raised from her family. To date, it has generated revenue
10 times the initial investment, while remaining entirely bootstrapped.

Navigating regulatory issues was an early hurdle, as the business spans
pharmacy, medicine, and technology – each governed by distinct regulations.

Another ongoing challenge is talent acquisition and retention. Nigeria has
seen an exodus of healthcare and tech professionals seeking better prospects
abroad, making it difficult to find and keep skilled doctors, nurses,
pharmacists, and tech specialists.



One of Purelife Pharmacy’s outlets in Lagos.


Bringing healthcare online


In 2023, Purelife launched a digital platform where users can purchase
healthcare products, consult with doctors, and book lab services, including
blood and urine tests, as well as vaccinations. While Purelife provides some
of these services directly, it also collaborates with third-party providers,
earning a commission when patients are referred to these external partners.

Purelife has also expanded its physical presence to four branches across
Lagos. In addition to serving walk-in customers, the stores act as
fulfilment centres for the company’s online business. Currently, about 25%
of Purelife’s sales occur online, though the CEO expects this share to grow
over time.


Expanding into pharmaceutical wholesale


When Purelife started, it bought its pharmaceutical products from
wholesalers, which operate under a different licence than pharmacies.
However, Ajayi soon realised the company could secure better pricing and
access higher quality products by creating its own wholesale arm. After
obtaining the necessary licence, Transcend Pharma was established.

Initially, Transcend Pharma supplied only Purelife Pharmacy, but it has
since expanded to serve other businesses. Ajayi notes that Transcend Pharma
now makes up a significant part of her healthcare portfolio’s revenue.



In addition to selling pharmaceuticals, Purelife Pharmacy also offers
primary healthcare services.


Navigating economic turbulence


Nigeria has recently grappled with significant economic challenges, with
its currency, the naira, reaching a new low of over 1,670 to the US dollar
at the end of October and annual inflation topping 30% in September.

Ajayi acknowledges the difficulty of the current environment. “We have seen
the worst form of currency devaluation since the country was founded. It’s
been a very tough time for us as business owners. In fact, I believe
business owners in Nigeria are extremely audacious and crazy people –
emphasising the word crazy – because it’s not a healthy environment for us
as business owners.”


Untapped opportunities in Nigeria’s healthcare sector


Commenting on the under-exploited opportunities in Nigeria’s healthcare
sector, Ajayi points to the potential in providing homecare for patients.
“People are now tilting towards convenience. People are tilting towards
cheaper alternatives to accessing care. I believe that’s one sector that
would be a goldmine.”

—Howwemadeitinafrica

 

 


 


 


 

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