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MediSpark
Lagos, Nigeria


Open Date 2021/09/13 12:00:AM
Investor Memo

SwiftMediSpark.com is building a unified healthtech ecosystem for Africa with an open network of API ‘connectors’ & multiple SaaS products which empowers stakeholders across the industry, towards a more resilient healthcare system.

Problem

Africa’s healthcare systems are notoriously fragmented. This results in:

  • 160,000+ healthcare providers dependent on inefficient paper record-keeping
  • Financiers & investors unable to assess providers due to lack of accurate records
  • The $68b health insurance market still processes claims manually/inefficiently 
  • Governments and donors, who account for 37% of Africa’s healthcare spend, are unable to amass/access national healthcare data at scale
  • 1billion+ patients without control/easy access to their personal health records 
  • Lack of accurate market data for new entrants and investors in an industry that’s attracted $600million+ investment in recent years.

Their Solution, Unfair advantage & Competition

Unlike other healthtech players attempting to consolidate all healthcare providers under one EMR product, MediSpark is building a suite of API connectors so providers can still connect to the multiple products in their ecosystem regardless of what base EMR they’re using. This allows MediSpark unify Africa’s notoriously fragmented healthcare industry much faster.

The ‘network effects’ from its fast-growing stakeholder/customer network will enable MediSpark layer multiple value-adding products on that foundation in a way that competitors will not be able to.

Products

  • MediSpark’s user-friendly Electronic Medical Records (EMR) helps hospital chains like St Ives Hospitals and large facilities like Covenant Uni. Medical centres keep digital records, manage their operations and connect to their patients. 

It’s more scalable than the average African EMR as providers can fully onboard within 1 hr i.e. 300x faster than most competitors. It is the foundational layer on which they’re building other products in their ecosystem.

However, their ‘open connector’ approach allows providers with any EMR access other products in their ecosystem:

  • MediRelay APIs will help HMO stakeholders like Leadway Health & Curacel connect directly to healthcare providers for automated claims submission
  • MediStats API-enabled platform will help biotech companies like 54gene extract data across African providers
  • MediLoans APIs will allow providers automatically expose their performance data to financiers for loan eligibility assessments
  • MediME API-enabled mobile app will give patients control and visibility over their personal health records regardless of what provider they use.

Market opportunity

  • $2b+ market for African healthtech
  • More than 163,342 healthcare facilities in Africa. 
  • 1billion+ patients accessing care
  • Opportunity to expand product line to capture more of Africa’s $150b healthcare market

Team 

  • Ugo Nwokoro, Cofounder & CEO – From a family that’s been in the healthcare business for 2 generations; running hospitals, labs and pharmacies. He built business processes as an early team member at BigChange, a B2B startup now valued at $140m.
  • Gbenga Oyeniyi, Cofounder & CTO – 10+ years coding experience. Founded and built PrtalsNG in 2016, a learning platform that was live in 3 universities. Founded Code2DFuture in 2015, a code training program for teens that enrolled 3,500+ students.

Investor Updates

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