East African pharmacy chain raises debt financing from European DFI
Goodlife Pharmacies, East Africa’s leading healthcare and retail pharmacy chain, has raised $12 million in debt financing from Proparco, the French development finance institution.
Goodlife is the largest private pharmacy chain in East Africa and has grown its pharmacy and health hub network to nearly 100 locations across Kenya and Uganda.
Proparco’s financing will enable Goodlife to continue to flourish in Kenya and Uganda and to expand its network to 250 pharmacies by 2025, broadening its reach to over 8.5 million people, half of whom earn between $2-10 per day. Proparco’s support for Goodlife Pharmarcies is part of its ambition to support the strengthening of the pharmaceutical sector in Africa.
Over the last five years, and with funding and operational support from LeapFrog Investments, Goodlife’s majority shareholder, Goodlife has expanded its network over five times and has introduced several key innovations to drive its rapid transformation from a traditional brick-and-mortar pharmacy to an integrated, omnichannel health hub. Its holistic services include basic laboratory diagnostics and telemedicine services through key partnerships, loyalty programmes, and a comprehensive digital platform.
Jean-Benoît du Chalard, regional head for East Africa at Proparco said, “Proparco’s investment in Goodlife supports a rapidly growing pharmacy and digital healthcare brand that is committed to delivering trusted healthcare products and services. The team at Goodlife have shown great discipline building effective healthcare solutions and we have great confidence in their ability to further scale their platform for the benefit of all. With the right financing, private healthcare businesses like Goodlife can create much-needed jobs and help drive both an economic and health-related recovery from Covid-19 in Africa.”
Goodlife’s CEO, Amaan Khalfan said, “Proparco’s investment in Goodlife strengthens our ability to continue to change lives by getting quality and affordable medication to African consumers, including low-income people who historically have not had access to essential medicines. At its core, Goodlife is addressing the accessibility gap to high-quality, affordable healthcare products and services across East Africa. Through this approach, Goodlife continues to have a direct impact on the quality of life and wellness of East Africa’s growing population and is revolutionising how healthcare is delivered in the region.”
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