• Buymed

  Participated · Equity · Sep 2021

  Buymed is described in the article solely as a healthtech firm. The article does not detail its core product, services, or target customers. It reports that Buymed has raised $51.5 million so far in its Series B funding. New investments in this round came from the US International Development Finance Corporation (DFC) and UOB Venture Management. UOB Venture Management is identified as the private equity arm of Singapore’s United Overseas Bank. The article does not disclose operating metrics, use of proceeds, valuation, founding year, prior rounds, or future plans. BuyMed operates Thuocsi.vn, a proprietary B2B platform that connects licensed distributors with healthcare providers and automates order matching and end-to-end logistics. The company established a nationwide distribution and fulfillment platform in Hanoi in January 2021, enabling distribution across 63 provinces and cities. Over the previous 12 months BuyMed says it grew fourfold, processing over 30,000 orders each month, shipping supplies and medications to more than 16,000 pharmacies, and listing roughly 1,000 suppliers, distributors, and manufacturers. Co-founders include CEO Peter Nguyen, COO Vu Vuong, and CPO Hoang Nguyen. BuyMed plans to use new funding to develop a fully integrated e-commerce platform, expand its app to add financing and customer/patient/prescription-dealer management features, and broaden product categories to cosmetics, medical equipment, and functional foods. The company aims to convert independent and mom-and-pop pharmacies into more network-oriented pharmacies and to expand into other Southeast Asian markets. During COVID-19 BuyMed enabled partners to sell online and implemented safety measures; operations in Ho Chi Minh City were impacted by lockdowns but the company has continued expanding in Hanoi. BuyMed operates Thuocsi.vn, an online pharmaceutical distribution platform that connects verified suppliers, distributors and manufacturers with healthcare providers in Vietnam. Founded in 2018, the company currently hosts 700 verified suppliers, distributors and manufacturers and serves over 7,000 healthcare providers. Over the past 12 months BuyMed says it has tripled its annual revenue and has expanded platform functionality so more partners can sell online, adding COVID-19 safety measures like no-contact drop-offs and frequent sanitization. BuyMed verifies suppliers to improve safety and reduce the risk of medications entering gray-market distribution channels. The company plans to add new product lines including cosmetics, medical devices, supplements and medical services to become a one-stop marketplace for supplies needed by healthcare providers. It sees similar fragmentation across other Southeast Asian markets and intends to leverage that opportunity to expand regionally. BuyMed runs Thuocsi.vn, a business-to-business platform that connects pharmacies, clinics, and hospitals with verified and licensed distributors for healthcare and personal care products. Founded in 2018, the startup aims to simplify healthcare distribution across Vietnam and Southeast Asia. The company says it currently serves over 2,000 pharmacies, clinics, and hospitals and has more than 100 partnerships with manufacturers, brands, and distributors. BuyMed plans to develop a country-wide logistics network to make deliveries more cost-effective, including to remote healthcare centers. It is seeking to broaden its marketplace by adding verticals such as cosmetics, medical devices, supplements, and health services. The company’s stated growth target is to double its current customer base within the next six months.

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