AI-powered script trees are utilized by the Nigerian startup 10mg Pharma to simplify access to low-interest loans and affordable medications for African medical professionals.
Established in 2022, 10mg Pharmaemploys AI algorithms based on the script tree model to connect healthcare providers with financing partners that meet specific criteria. This approach enables bulk purchases of medications, leading to savings of up to 15% that are then passed on to consumers.
CEO Christian Nwachukwu highlights that this innovative approach enhances access to affordable pain management, particularly benefiting individuals in rural areas.
Managing chronic pain in Africa is compounded by high treatment costs, limited insurance coverage, and challenges in securing funding for medical providers. 10mg Pharma addresses these issues by assisting 1,100 medical professionals in serving over 150,000 chronic pain patients with cost-effective medications, reducing healthcare expenses by up to 15%.
Nwachukwu explains, “Our AI-driven system bridges the supply chain and financing gaps through script trees, facilitating access to low-interest credit and discounted medication offers for healthcare providers, resulting in cost savings for patients.”
Recently selected for the prestigious ASIP accelerator program by Startupbootcamp AfriTech, 10mg Pharma has secured substantial funding and partnerships, including support from BSEEN, an AI technology hub at Aston University. With a growing clientele of over 1,000 hospitals and pharmacies, the company has positively impacted more than 150,000 individuals.
Looking ahead, Nwachukwu states, “10mg Pharma currently operates in Nigeria, with plans to expand into the Kenyan and Ghanaian markets in the coming years.”
The startup’s business model, driven by AI technology, focuses on facilitating transactions between healthcare providers and medication suppliers while streamlining access to low-interest credit.
Nwachukwu elaborates, “We earn 9% transaction fees on medication purchases and 2% commissions for each credit facilitation.”
