Buymed, a Singapore-headquartered tech-enabled platform for the distribution of pharmaceutical products in Vietnam and Southeast Asia, has entered the Thai market. This is part of the crucial growth plans after raising $51.5 million in a Series B fundraising round in May 2023.
UOB Venture Management (UOBVM) led the financing round along with new participation from the United States International Development Finance Corporation (DFC).
Mr. Hoang Nguyen, CEO and Co-founder of Buymed, said the investment will enable the company to enhance its platforms and infrastructure, expand services, and ultimately improve the lives of millions through reliable and affordable methods of distributing medicines and care services.
"We are thankful for the trust and support as we continue our mission to revolutionize access to essential medicines in Southeast Asia. We are also very excited to set up and begin operations in Thailand"
In Vietnam their homebase, Buymed is known for its stellar network of pharmacies, clinics and hospitals nationwide, alongside a wide range of over 20,000 products: medicine, supplements, cosmetics and day-to-day medical devices like thermometers and pregnancy kits. The model is also successfully rolled out in Cambodia since Y2022.
In Thailand, a main 1,000 square meters warehouse is already in operation in Samut Prakan. Plans are in place to scale up to 5,000 square meters within 2024. Customer service and synergy teams are presently based in Buymed's first office in Bangkok.
Operating in Thailand is in sync with Buymed's direction in defragmenting the huge market of Southeast Asia and developing an end-to-end healthcare ecosystem. Started by three young visionaries, Buymed optimizes digital technology to help patients first.
The platform also helps to reduce counterfeit products and pricing disparity. Independent and chain pharmacies in both the major cities and rural and remote areas can procure medicine and pharmaceutical products in small or bulk quantities at competitive prices and a transparent pricing model.
Buymed is one of the largest B2B online pharma platform in South East Asia. Their multiple hubs in Vietnam process at least 3,000 orders daily for 25,000 of their clients in all provinces. In Thailand, their multi-country proven platform is expected to revolutionize the way products are accessed by pharmacies, clinics & hospitals, ultimately helping millions of patients.
For more information and for links to their latest app in Thai, visit https://www.buymed.co.th
Source: Atlas Holdings
