IDB Invest, a member of the IDB Group, approved an $8 million equity investment in Farmalisto, the first 100% digital pharmacy with operations in Colombia, Mexico and Peru. The proposed capital investment is intended to support Farmalisto's expansion strategy in Latin America and the Caribbean.
This investment will allow Farmalisto to increase its pharmacy, telemedicine and home medicine services through its website and mobile application, improving access of these services to populations living in areas with limited access to pharmacies and also to older populations and those with chronic conditions.
With this investment, Farmalisto can expand its offering of improved services to new countries and introduce additional improvements. Also, it will reinforce innovation through technical assistance to develop pilot services and knowledge sharing through telemedicine and tele-guidance services. The funds will support Farmalisto's growth through investments in marketing, information technology and human resources.
During the pandemic, Farmalisto, through its subsidiary Care-24, has implemented telemedicine and tele-guidance within its catalog of services for those with symptoms of COVID-19. This service contributes to guiding and identifying the warning signs of contagion and also clarifying doubts to avoid exposure and overcrowding of patients in hospital emergency centers. Likewise, Care-24 has added the rapid COVID-19 test to its services.
The evolution of the pandemic has exposed that access to health services and medicines at home is a necessity for many people and it is essential to ensure that supply chains can reliably service patients to offer affordable and quality medicine wherever and whenever needed.
HBM Healthcare Investments, a fund specialized in the health sector and Farmalisto's main shareholder, together with the private equity fund Morgan Rio, will also participate in this capital round of $18 million.
Investing in the distribution and retail of pharmaceuticals generates additional benefits for the consumer, such as greater availability of medicines and quality assurance, along with the potential for lower profit margins throughout supply chains, which impacts in lower prices for consumers.
This investment potentially contributes to four of the United Nations Sustainable Development Goals: Health and Well-being (SDG 3), Decent Work and Economic Growth (SDG 8), Reduced Inequalities (SDG 10) and Responsible Consumption and Production (SDG 12).
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of $13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
Founded at the end of 2013, Farmalisto is a digital technology company in the health sector, where patients, caregivers and companies can find a wide portfolio of solutions, especially for the pharmaceutical sector. It has three business lines: Digital Pharmacy Platform, Strategic Alliances with various pharmaceutical companies and actors in the health sector, and a Home Care Assistance Platform. It currently is present in Colombia, Mexico and Peru where it delivers "the complete prescription" to the patient, in the comfort of their home, at the best market price and with any means of payment, provides marketing and e-commerce services to brands, pharmaceutical laboratories and companies in the health sector who wish to enhance their products or their brands in the digital market.