The Chilean startup YAPP and insurance company Seguros SURA have joined forces to offer an innovative solution in the healthcare field in Chile. Thanks to this agreement, more than a quarter of a million people with collective health insurance can now receive direct and online reimbursements when purchasing medications from independent pharmacies.
This marks a milestone in the industry, as it is the first time that this type of insurance can be used at local pharmacies rather than just at large chains.
The collaboration will include 16 outlets from the Liga Chilena contra la Epilepsia, a non-profit institution that sells medications at lower prices. Over time, more than 500 establishments are expected to join this program.
This move is particularly significant because independent pharmacies make up 73% of the pharmaceutical market in Chile. Thus, the alliance significantly expands the options for Seguros SURA’s policyholders, who typically receive 65% coverage on the cost of their medications.
Mauricio Ferrari, the CEO and co-founder of YAPP Chile, emphasized that this agreement allows for the democratization of access to technologies that were previously only available to a few large pharmacies. From Seguros SURA, Juan Cifuentes also stressed that this collaboration aligns with the company’s mission to improve customer experience and expand access to affordable medications.
The agreement was formalized in a ceremony attended by representatives from both organizations and from the Liga Chilena contra la Epilepsia.
Growth of the Healthcare Market in Latin America
The LatAm Tech report by Latitud reveals a staggering 4700% increase in the capital raised annually by health technology companies in Latin America from 2015 to 2021. This increase dramatically eclipses the general growth in funding for startups in the same region, which saw an increase of only 1800% over the same period.
During 2021, health-focused startups in the region attracted investments exceeding USD $1 billion, quadrupling the funds raised in the previous year.