Revolutionizing healthcare costs & access in LMICs

Africa’s health systems are facing significant challenges in terms of access to health services and the cost of care. With less than 15 per cent of national budgets allocated to healthcare, the impact on health outcomes is significant, affecting the labor markets in the continent. CNBC Africa recently interviewed Emmanuel Akpakwu, CEO & Founder of Axmed, to discuss how innovation can revolutionize the industry. Akpakwu highlighted the core mission of Axmed, focusing on improving access to high-quality medicines and healthcare for low and middle-income countries, starting with the African continent. With over two-thirds of the world's population residing in this region, the challenges faced by patients to access quality medicines are immense. Axmed's approach involves aggregating demand to make procurement more seamless, efficient, and cost-effective through technology. They also work on the logistics side, collaborating with various partners to ensure swift and smooth product delivery to markets. One of the major challenges in the procurement landscape is the lack of transparency, particularly in the health sector. Moreover, the dominance of the global south in accessing African markets and WHO approvals poses additional hurdles. Akpakwu emphasized the need for addressing obstacles faced by high-quality manufacturers and local producers, as well as the necessity for regulatory harmonization across the continent. Axmed focuses on three key pillars to power up its innovation. Firstly, the platform leverages technology to revolutionize medicine procurement, aggregating demand and representing opportunities on the continent to incentivize manufacturers. Secondly, exclusive partnerships with organizations like the Gates Foundation help bridge the gap between patient needs and available healthcare solutions. Finally, the company remains impact-focused, aiming to reduce the barrier of cost that hinders access to life-saving treatment. Akpakwu noted the significant reduction in medicine prices due to Axmed's efforts, with double-digit price reductions observed for high-quality medicines. The company has seen a positive response from manufacturers, both local and global, to cater to the demand for affordable medications. The upcoming impact report is expected to showcase the tangible results of Axmed's model and encourage further support for their initiatives. Looking ahead, Akpakwu envisions a future where no patient is left behind, emphasizing the goal of providing every healthcare provider and patient with access to quality medicines for better treatment outcomes. The vision includes tapping into underserved markets and supporting patients and care providers in obtaining the necessary medications, ultimately fostering a more inclusive and innovative healthcare ecosystem across Africa.