Health tech in Africa: a lucrative investment decision

Health tech Africa
Health tech Africa

 

Health tech in Africa: a lucrative investment decision

Africa's growing significance on the global stage, coupled with its abundant resources, youthful population, and economic growth potential, make it an attractive region for strategic investments. One sector that presents particularly promising opportunities is health tech. Investing in African health tech companies not only offers entrepreneurs the potential for high returns, but also contributes to addressing critical healthcare challenges and improving the lives of millions. Here's why health tech in Africa is a sound investment decision:

Addressing the healthcare gap

Africa faces a significant healthcare gap, with fewer than two healthcare professionals (HCPs) servicing every 1 000 people. Health tech companies are playing a pivotal role in bridging this gap by leveraging innovative solutions to improve access to healthcare services, telemedicine, and health information. Investing in African health tech enables investors to support initiatives that directly tackle the pressing issue of a shortage of HCPs.

Untapped market potential

The African health tech market is still in its early stages, offering vast untapped potential. By investing in this emerging market, investors can capitalise on the rapid growth, and influence the direction of the industry. Early engagement in African health tech positions investors at the forefront of a transformative movement in healthcare delivery.

Social impact and financial returns

Investing in African health tech allows investors to make a significant social impact, while also generating financial returns. These companies are focused on addressing critical healthcare needs, and improving health outcomes in underserved communities. By supporting innovative solutions that enhance healthcare infrastructure, investors are able to contribute to the advancement of healthcare equity in Africa.

Supportive ecosystem

The African health-tech ecosystem is vibrant, and continues to attract attention from global investors and organisations. Renowned accelerators and investors, such as Y Combinator, Techstars, and Google for Startups, have recognised the potential of African health-tech companies. By investing in this ecosystem, investors gain access to a supportive network of industry leaders, mentors, and resources – further enhancing the opportunity for success.

Our pick of the top African health tech companies to watch

• LocumBase: a proudly South African-born start-up. They offer software as a service (SaaS) to empower and connect medical practices and medical practitioners wanting to take control of their skilled hours, in order to fulfil LocumBase's working assignments. LocumBase has a focus on nurses, pharmacists, general practitioners and allied healthcare specialists, and through their proprietary source code have simplified the locum booking process that used to rely on traditional recruitment agencies to fulfil any staffing needs. 

The team at LocumBase take special care to verify and ensure that all their medical professionals are registered on the appropriate regulatory boards, such as the South African Nursing Council, the Health Care Professions Council of SA, and the South African Medical Association. 

In essence, the platform creates a marketplace for locums and medical practices to meet and do business with each other; as well as custom software solutions for various industries that help them keep track of their workforce.

• Kangpe: A Nigerian telehealth platform that connects patients with qualified doctors for online consultations, providing convenient and accessible healthcare services.

Y Combinator startup Kangpe Health now operates in Ghana and Kenya too, potentially serving a combined population of roughly 245 million people. According to co-founder Femi Kuti, the startup has so far on-boarded 60 000 users.

• AxessHealth: A networking platform that connects healthcare practitioners (HCPs) with valuable healthcare information, and fosters collaboration among healthcare stakeholders. In association with organisations that include Amref, Africa Health Business, and Rwanda Health Federation, AxessHealth acts as a bridge linking HCPs, medical bodies, government health departments, industry partners, and NGOs. Through personal profiles and company pages, HCPs and the medical industry can seamlessly establish connections, exchange knowledge, and engage in collaborative discussions.

AxessHealth goes beyond networking on the continent, by facilitating easy skill sharing among medical professionals. It offers a comprehensive range of resources – including access to patient brochures, whitepapers, and Continuing Medical Education (CME) materials. HCPs can remain updated with the latest medical news and updates, customised to their primary specialties and areas of interest. This interactive platform empowers HCPs to enhance their skills, broaden their knowledge, and contribute to the advancement of healthcare in Africa.

• Vimbo: The Vimbo App has proved itself capable of reducing the common symptoms of depression and anxiety.
 
It combines the vast technology packed in your phone with scientifically proven Cognitive Behavioural Therapy (CBT)-based techniques, to help users feel better as they follow self-guided and individually tailored programmes.

‚ÄčIn research conducted with the South African Depression and Anxiety Group (SADAG), Vimbo was found to treat 53 percent of moderate cases of anxiety and depression.

According to Tafi Mazikana, co-founder and CEO of Vimbo Health, “Africa is rife with need, and therefore opportunity in the area of health tech. Health is personal, and so there is great advantage in investing in home-grown solutions that understand the local nuances and needs."

• mPharma: A Ghana-based health tech company that aims to improve access to affordable medications in Africa. The company partners with pharmacies and healthcare providers to streamline supply chains and reduce medication costs. By leveraging technology, mPharma enhances the efficiency of pharmaceutical operations and ensures reliable availability of essential medications. Their innovative approach helps address the challenges of medication affordability and accessibility, ultimately improving healthcare outcomes for patients in Africa.

Investing in these innovative African health tech companies presents an opportunity for investors to drive positive change, promote healthcare innovation, and achieve substantial financial returns in a rapidly growing market.

 

About AxessHealth:

AxessHealth is a leading healthcare technology company that is dedicated to bridging the gap in healthcare and fostering collaboration among healthcare professionals, medical bodies, government health departments, industry partners, and NGOs. Through its mobile and web technology platform, AxessHealth empowers healthcare professionals with knowledge resources and tools to deliver better care and improve health outcomes across Africa.

AxessHealth Media Contacts

Gemma Haggarty (CMO) – marketing and PR - gemma@axesshealth.org

Warren Hickinbotham (Founder & Global CEO) – partnership enquiries – warren@axesshealth.org

Neil Kinsley (CEO) – go-to-market solutions – neil@axesshealth.org