Doctor Koi, a medical technology startup in Bangladesh, has received $500,000 in seed funding in an investment round led by the Verge HealthTech Fund, an early-stage health technology venture capital fund. leader. The round also featured a number of local and industry investors.
WHAT IT DOES
The company’s flagship product Digital Rx, a prescription writing software, is being used by more than 900 active physicians who are generating more than 350,000 digital prescriptions monthly.
Its platform also offers other services, such as online consulting, appointment management, content management, and marketing.
Doctor Koi will use its seed funding to reach more customers in Bangladesh and develop new value-added services. It plans to bring its digital prescribing tool to more than 10,000 doctors and over a million patients in the country “in the coming years.”
The grant will also help attract more doctors to its network for online consultation services. It now has more than 2,000 physician clinics in its network, which has since issued 10 million digital prescriptions.
WHY IT IMPORTANT
Doctor Koi, which means “Where’s the Doctor”, was originally intended as a doctor appointment booking platform. Its founders, Sadman Soeb Adib and Areek Zillur, decided to focus on developing a digital prescribing tool because one of the main causes of treatment failure in Bangladesh is a lot of errors. medical from handwritten prescriptions. They cite a local survey that found most prescriptions in some urban medical facilities were written illegally.
TREND TO BIGGER
Doctor Koi is envisioned as “the foundation layer for a medical system that focuses on low-cost, technology-enabled, distributed primary care”. The healthcare system in Bangladesh is described as similar, fragmented and short staffed, perpetuating inefficiencies. “Even [something] essentially like a doctor’s clinic “isn’t digitally equipped, according to Joseph Mocanu, a partner at the Verge Healthtech Fund.
With an environment more conducive to today’s digital health innovations, 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 in value by 2026, growing at a CAGR of 14.19%.
Recently, the Swedish medical and fintech company Milvik Bima is one of several foreign players to launch a mobile health app in the country.
“We believe that Doctor Koi has great potential with the range of products and services selected for the needs of the local market while providing the most advanced and scalable technologies. We are the a product-centric company that allowed us to understand our customers very deeply from day one.Our customers are the biggest motivator [of] our innovation and continuous improvement,” said Sadman CEO and Co-Founder Soeb Adib.
“With huge market opportunities to penetrate an untapped market in such a growing economy, we believe the company can achieve more scale and improve the care ecosystem.” health for [the] 160 million people in Bangladesh and even globally while maximizing stakeholder profits,” he added.