Extendeal, a digital platform that helps pharmacies purchase medications at lower prices, recently raised USD$7.5 million.
This new funding is part of their broader plan to expand services in Colombia and Mexico. The company, already working with 2,000 pharmacies, has received nearly USD$20 million in investment to date.
What this healthcare does is compare the prices of medications from different suppliers and shows pharmacies where they can get the best deals.
This means that pharmacies can save time and money, crucial for their business.
The startup’s website explains that it not only finds the lowest prices in real-time but also identifies special offers or discounts, ensuring pharmacies pay the least amount possible for their stock.
Extendeal’s CEO, Guido Stefani, believes that their technology is key to changing how pharmacies purchase medications.
By facilitating information search on prices, Extendeal levels the playing field for all pharmacies, giving them more opportunities to compete.
Stefani claims that pharmacies are no longer at the mercy of fixed prices and can make better purchase decisions.
Before Extendeal, pharmacists had to spend a lot of time checking prices and ordering medications manually, often several times a day.
The Argentine company aims to be a helpful partner for these pharmacies by conducting price checks quickly and efficiently.
The idea for Extendeal arose from Stefani and his team’s own experiences with the challenges of medication purchasing for pharmacies.
They realized that the process was outdated and needed to be more systematic. It started as a tool to help their own business, but it wasn’t long before they saw the potential to help pharmacies beyond theirs, turning it into an international project.
With the new investment, the healthtech will become the go-to platform in Latin America for pharmacies looking to purchase more intelligently and affordably.
As the first platform of its kind in the region focusing on giving pharmacies the power of price information, the startup is changing the game to improve the ecosystem.