Bangladesh startup Doctor Koi earns $ 500,000 in initial funding to expand its nationwide network

Doctor Koi, a start-up health technology company in Bangladesh, received $ 500,000 in initial funding in an investment round run by the Verge HealthTech Fund, an early-stage venture capital fund for health technology. Part of the industry and local investors also joined the circle.

WHAT HE DOES

Digital Rx’s flagship product, prescription software, is used by more than 900 active physicians who generate more than 350,000 digital prescriptions per month.

Its platform also offers other services such as online consulting, meeting management and content management and marketing.

WHAT HAPPENS

Doctor Koi will use its initial funding to reach more customers in Bangladesh and develop new value-added services. He plans to make his digital prescription tool available to another 10,000 doctors and more than a million patients in the country “in the coming years”.

Funding will also help attract more doctors to the online consultation network. It currently has more than 2,000 medical clinics in its network, which have since issued 10 million digital prescriptions.

WHY IT MATTERS

Doctor Koi, which translates as “Doctor Where”, was originally intended to be a platform for doctor bookings. Its founders, Sadman Soeb Adib and Areek Zillur, decided to focus on developing a digital prescribing tool due to the fact that one of the main reasons for treatment failures in Bangladesh is the huge amount of medical errors in handwritten prescriptions. They cite a local study that found that most prescriptions at certain city health facilities were illegible.

THE BIGGER TREND

Dr. Koi is expected to be “a key layer for a cheap, technologically distributed health care system focused on primary care.” The health care system in Bangladesh is described as analogous, fragmented and understaffed, maintaining huge inefficiencies. “Even [something] as basic as the medical clinic is not digitally equipped, according to Joseph Mocanu, a partner at the Verge Healthtech Fund.

With a more conducive environment for digital health innovation today, digital health market in Bangladesh is expected to be worth $ 371.5 million this year, according to Statista. It is expected to grow to $ 631.6 million by 2026, up 14.19% CAGR.

Recently a Swedish fintech and health company Milwick Bima is among foreign players launching a mobile health app in the country.

ON RECORD

“We believe that Doctor Koi has great potential with the type of products and services that are selected for the needs of the local market, while offering the most modern and scalable technologies. We are a very product-oriented company that has allowed us to understand customers very deeply since the early days. Our customers are the biggest engine [of] our innovation and continuous improvement, ”said CEO and co-founder Sadman Soeb Adib.

“With great market opportunities to penetrate an untapped market in such a growing economy, we believe that the company can achieve large scale and improve the healthcare ecosystem for [the] 160 million people in Bangladesh and even beyond the globe, while maximizing stakeholder returns, “he added.

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