Yodawy is a leading pharmacy benefits management platform connecting patients, consumers, pharmacies, and insurance companies. Founded in 2018, it has quickly integrated with more than 3,000 pharmacies and eight health insurance companies.
The company’s digital platform allows consumers to order prescription medications and personal care products online. The approval process is digitally managed, and orders are routed to the best matching pharmacy.
Ease of Doing Business
Founded in 2018, Yodawy is an innovative pharmacy benefits management platform that revolutionizes how prescriptions are generated digitally by doctors, processed by payers, picked-&-packed by pharmacies, and fulfilled to patients at scale.
Using technology, expert pharmacists, and state-of-the-art logistics, Yodawy partners with insurance companies, medical providers, and pharmacies to deliver an exemplary customer experience. This enables the company to serve a large and growing base of patients across Egypt.
The startup’s latest round was co-led by Delivery Hero Ventures – the venture capital arm of leading global food delivery platform Delivery Hero, and Global Ventures – an international, UAE-based, venture capital firm investing across MEA. This funding brings Yodawy’s total raised to $24.5 million, and will be used to grow its care program for chronic patients, automate operations, advance existing tech-enabled fulfillment capabilities, and finance regional expansion.
The ease of doing business score measures the performance of an economy by comparing it to the best regulatory performance observed in all economies across the Doing Business sample since 2005. This is an important indicator of an economy’s overall health, as an economy that scores lower than the average of the other economies is a sign that the regulatory environment is not improving.
Better Customer Experience
Yodawy is an online pharmacy benefits management platform delivering a better patient experience. It is revolutionizing how prescriptions are generated digitally by doctors, processed by payers, picked-&-packed by pharmacies and fulfilled at scale, to acute and chronic patients.
With a network of more than 2500+ pharmacies nationwide and eight leading health insurance companies on board, yodawy is bringing the benefits of modern healthcare to Egypt’s rapidly growing population.
Founded in 2018, yodawy is led by CEO Karim Khashaba, a former consultant at Booz & Company with over 10 years of experience; CTO Sherief El-Feky, a veteran full stack developer and software architect; and CPO Yasser AbdelGawad, who brings 12 years of experience in digital conversion marketing and product design across Europe and the Middle East.
With this latest funding round, yodawy plans to expand into other key emerging markets and roll out additional value-adding offerings for its network of pharmacies, patients, and health insurers. Managing Partner at Algebra Ventures, Karim Hussein, said that yodawy has an exemplary team of leaders with a clear vision to lead the digital transformation of the healthcare sector in Egypt and beyond.
As a digital pharmacy benefits manager, Yodawy helps insurance companies, medical providers, pharmacies, and pharmaceutical/FMCG companies to automate approval processes, save costs, and improve the customer experience. This enables them to service a larger audience, increase their revenues and offer an exemplary customer journey for their patients.
Since its launch in 2018, the Cairo-based company has processed more than four million prescriptions and has partnered with 20 health insurance providers, 3,000 pharmacies and 300 corporate entities in Egypt. Its signature Care Program offers monthly medication refills to enrolled patients, and it processes daily deliveries across 38 cities in Egypt.
With this latest funding, Yodawy intends to fuel its growth by expanding its signature care programme for chronic patients and hastening the automation of its operations. It will also strengthen its existing tech-enabled fulfilment capabilities to serve a growing patient base. Founded in 2018 by Karim Khashaba, Yasser AbdelGawad, and Sherief El-Feky, Yodawy’s goal is to create an inclusive healthcare ecosystem that connects patients with pharmacies, medical labs and insurance companies.
There is an incredible opportunity to improve efficiency in the pharmacy benefits and claims processing space. This is an established business model in many parts of the world but there’s no solution available in the Middle East, explains Karim Khashaba, Yodawy’s co-founder and CEO.
To overcome this challenge, yodawy has set up an infrastructure that accommodates the services of its partners like insurance companies, pharmacies and medical providers. They also developed a flagship e-prescription gateway that is currently being used by seven insurance companies and health management organizations, with more than 2,000 e-prescriptions generated daily.
The platform’s AI-based approval engine digitally manages the process of pharmacy and insurance approvals, ensuring that the prescription is dispensed from the best-matching pharmacy in the Yodawy network. Pharmacies benefit from incremental revenues as well as increased efficiencies through digital claims processing, allowing them to free up their staff and deliver a better in-store experience for their customers. This is a major change for the Egyptian HealthTech market, which has long been plagued by inefficiencies and mismatches between customers and pharmacies.