Moniepoint Empowers Pharmacies With Innovative Solutions

Moniepoint Inc has stated its commitment to drive healthcare access in Nigeria by empowering community pharmacies with innovative payment solutions and working capital.

This is coming off the back of the release of its latest case study titled, ‘Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding’ which examines how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital/clinic access and Moniepoint’s solutions in helping to address the prevalent challenges through digital payment solutions, loans, and a wide distribution network.

Major findings of the case study revealed that 82 percent of pharmacies offer additional health services beyond dispensing drugs; Only 7.69 per cent of customers prefer to pay pharmacies exclusively with cash; most use a mix of cash and digital payments; Lagos has the highest concentration of community pharmacies at 10.17 percent of the total; 76 percent of pharmacies’ expenses go towards stocking goods; Over 70 per cent of pharmaceutical products in Nigeria are imported;”

There are over 2 million unlicensed pharmacies and patent medicine stores in Nigeria and peak hours for pharmacy visits are between 7-8 PM in 90 percent of Nigerian states.

The national chairman, Association of Community Pharmacists of Nigeria (ACPN), Pharm. Ambrose Igwekwama, at the unveiling of the study in Lagos, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years , the many challenges faced which include poor infrastructural system – power, transportation, regulatory bottlenecks, importation dependency, limited research opportunities while stressing on the need to strengthen collaborative efforts with institutions like Moniepoint in order to improve health outcomes across the country.

Igwekwama enthused about the growth opportunities ahead for the nation’s pharma sector, adding that, “As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all. There’s also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally which will provide the much-needed foreign exchange from exports. We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria.”

With an average of 480,000 daily footfalls across over 6,000 community pharmacies in Nigeria, the ACPN plays a vital role in Nigeria’s healthcare system as front-line workers who promote public health and well-being, beyond dispensing medications as they serve as trusted healthcare providers within communities, offering valuable advice, counsel, and preventive care.

In his goodwill message, first national vice-president, Nigerian Medical Association, Dr Benjamin Olowojebutu, harped on the imperative of catering to the health needs of those living in rural and underserved areas across the country.

The Moniepoint case study on community pharmacies provides very insightful commentary on critical aspects of running a community pharmacy, including payment systems, inventory management, and funding challenges. It reveals a shift towards digital payments, while exploring challenges around limited access to capital for stocking inventory and expansion, sourcing quality drugs, particularly given the high proportion of imported pharmaceuticals and the prevalence of counterfeit medications.

Speaking to the import of the report and its relevance to the nation’s healthcare segment, the vice president, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan, noted tha, Moniepoint’s thought leadership drive with these case study was with a view to deepen policy engagement, provide actionable intel on critical successful factors needed for the nation’s socio-economic growth across different verticals while empowering businesses with the wherewithal to make informed decisions with data.