Healthcare remains a basic need for humans, but sadly in Nigeria, the sector is grappling with lots of challenges which puts Nigerians at disadvantage. From poor facilities, to low funding, and low acceptance of social welfare schemes, many Nigerians still do not access quality healthcare at an affordable rate. Some try to resolve their health challenges by simply walking into a pharmacy or drugstore to request medication, and trust the pharmacist’s prescription regardless of his knowledge of their health history. Sometimes, these dealers have little or no formal education in anything health-related.
Picture this. Miss C bagged a first degree in Sociology, but after two years of fruitless job-hunting, she joined a local drugstore for some sort of apprenticeship. After about nine months, she sets up her own drugstore and is ready to start dishing out free ‘medical advice and prescriptions’. The big question is; “just how much has she learnt in nine months that qualifies her to take on this role?” Nigerian Pharma’s market value is projected to reach about $4 billion by 2026, from $1.6million in 2016, with 55% of this market coming from prescription drugs offered by such dealers.
Thankfully, the world is going digital and to bring quality healthcare within access to every Nigerian, OneHealth is taking its pharmaceutical services online to provide a holistic approach to pharmacare. Founder and CEO of OneHealth, Adeola Alli was a guest on the Nairametrics Business Half Hour hosted on Classic FM where she explained the range of services OneHealth gives.
“OneHealth is an online pharmacy and healthcare platform providing access to quality medicines and healthcare solutions. We are building a trusted digital health infrastructure where the average Nigerian can get access to vetted and verified medicines and healthcare solutions,” Alli said.
OneHealth started off with a B2C model as an online pharmacy where people could order medications from their homes. However, the model is being tweaked to allow people manage conditions such as diabetes, hypertension, and asthma; and to be able to request other health-related services. From the dashboard and portals, users can now request for services such as lab tests and consultations.
To convey the mission of OneHealth, one has to be able to access testing, reliable medications with proper information on drug interactions and the likes, and proper monitoring afterwards. As a trained Pharmacist, Alli is working together with the OneHealth team to make all of these available to users. She recalled that the idea for OneHealth came when she relocated with her family to Nigeria and could not find specific medications for her children.
“It started with my inability to get some medications for my kids and then I had to order it and have it shipped to Nigeria. Then I realized that for people who have these conditions long-term, it could be a huge challenge if one could not access his medications when he needed it,” Alli said.
It was along these lines that OneHealth started out as a pharmacy before scaling up and going digital to reach more people. The platform already has about 61,000 users who access the services, plus other educational materials. They are also referred to Medical doctors as the need arises, and they can order the needed medications.
“There is more to it. It is not just an online store where you click and buy, there are consultations. The market is changing and we are still trying to find the perfect product market fit. We are looking at having prescription reminders, detector of drug interaction, wellness information etc,” she explained.
OneHealth offers these services on subscription basis, and with this, medications can be prescribed for users based on pre-existing medical conditions and delivered to their doorstep. The more interesting part if the health analytics dashboard that allows users to monitor their health status and progress, and also engage with health professionals.
Though the business has been bootstrapped for some time, OneHealth has also recently raised a significant amount of pre-seed funds to keep operations running and get off the ground.
The target market includes the average Nigerian that is always on their smartphone searching out some form of health information or the other, or seeking to purchase medications and trying to find out side effects, interactions etc. The system takes their information, prescriptions and check for possible interactions as well. Over time, these processes will become automated to improve access to health care for the public.
OneHealth is also considering partnerships with existing Health Maintenance Organisations, where its services can be packaged into some form of bundles for users, especially those managing some form of chronic diseases. There is also the possibility of partnerships with SMEs to help develop simple ways to integrate healthcare management for their employees.
Stanbic IBTC Begins Sale of N20bn Series 3 Commercial Paper
By Dipo Olowookere
Stanbic IBTC Bank Plc has commenced the sale of its series 3 commercial paper under its N100 billion multicurrency commercial paper programme.
The financial institution intends to sell N20 billion worth of the corporate debt instrument to interested investors in a period of one week.
Subscription for the commercial paper commenced on Thursday, January 20, 2022, and will end on Thursday, January 27, 2022, according to details of the exercise obtained by Business Post.
It was gathered that the tenor of the commercial paper is 269 days, maturing on Thursday, October 27, 2022, and it is with a discount rate of 9.00 per cent and an implied yield of 9.64 per cent.
Subscription for the Stanbic IBTC series 3 commercial paper is a minimum of N5 million and subsequent addition of N1 million.
According to the programme memorandum, the net proceeds from the paper would be used solely to support the company’s short-term funding requirements, as part of its asset and liability management strategy for its banking operations.
As for the payment at maturity, the issuer said only noteholders named in the register as at the close of business on the relevant last day “shall be entitled to payment of amounts due and payable in respect of notes.”
Stanbic IBTC Bank PLC emerged from the merger of Stanbic Bank Nigeria Limited with IBTC Chartered Bank Plc in September 2007.
IBTC Chartered Bank Plc was itself a merger of three institutions (Investment Banking &Trust Company Plc (IBTC Bank), Chartered Bank Plc. and Regent Bank Plc.).
Stanbic IBTC Bank offers its clients a wide range of commercial banking products through its 180 branches spread across every state in Nigeria, and via a range of self-service channels powered by sophisticated technology to bring convenient banking to clients.
The lender is also a key player in financial inclusion and is poised to take banking to the doorsteps of its clients in different personal and business categories who desire bespoke banking services.
Bolarinwa Emerges ACAMB President, Vows to Reposition Group
By Dipo Olowookere
The Head of Corporate Communications of Polaris Bank, Mr Rasheed Bolarinwa, has emerged as the new president of the Association of Corporate Affairs Managers of Banks (ACAMB).
He was among the new executives of the group elected at the Annual General Meeting (AGM) of ACAMB held on Thursday, January 19, 2022, at the Bankers’ House, CIBN Building, Victoria Island, Lagos.
He and other excos will pilot affairs of the umbrella association of communications and marketing professionals working in Nigeria’s banking sector for the next two years.
Others elected were First Bank’s Mr Oze K. Oze as the First Vice President, Mrs Lola Egboh of First City Monument Bank (FCMB) as the Second Vice President, while the new Secretary-General is Mr Sipe Babajide of Ecobank.
The position of Assistant Secretary-General was won by Mr Omede Odekina of the United Bank for Africa (UBA), while Mr Patrick Osilaja of Fidelity Bank emerged as the Financial Secretary.
Wema Bank’s Mrs Funmilayo Falola was elected as the new Treasurer, Mr Abdul Imoyo of Access Bank will serve as the Publicity Secretary, while Mrs Ozena Utulu of Heritage Bank will assume the role of Social Secretary.
In addition, the immediate past president of the group, staff from the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) will serve as ex-officios.
In his post-election acceptance speech, the new ACAMB president assured members that he would reposition the association as a foremost professional body they would all be proud of, adding that his vision also includes innovating a post-retirement strategy that ensures members have a sustainable livelihood long after exiting the industry.
“I will be committed to my vision, which is to reposition ACAMB as a foremost professional Association that encourages and ensures every marketing communications professional in the Banks aspires and attains the highest level of professional recognition and fulfilment on the job while at the same time being assured of a sustainable livelihood long after exiting the industry,” he stated.
Mr Bolarinwa, who served in the past executive as a two-term Secretary-General, restated his commitment to the upliftment of members in line with his electioneering promises anchored on the four-pillar themed PEAL: Partnership & Platform, Engagement, Advocacy, and Learning & Value-addition (PEAL).
The new President further assured that ACAMB under his leadership would seek partnerships and platforms among strategic institutions and stakeholders with a view to delivering value to members, as well as enhancing professionalism.
He also said his team would embark on advocacy aimed to deepen awareness and knowledge of the banking industry and its contributions to national socio-economic growth.
Earlier, the Chairman of the ACAMB Electoral Committee, Mr Segun Shonubi, said all aspirants for the advertised position had met minimum requirements as outlined in the association constitution and, therefore, qualified to stand for the election.
A 1996 graduate of Mass Communication, Mr Bolarinwa holds a Master’s degree from the University of Ibadan and an MSc degree from the UNESCO-certified Mass Communication department of the University of Lagos.
He is a member of numerous professional bodies, including Fellow of the National Institute of Marketing of Nigeria (NIMN); Registered Practitioner, Advertising Practitioners Council of Nigeria (APCON), and Member, Nigerian Institute of Public Relations (NIPR).
He has also attended several high-impact function-specific and leadership training at top business schools in Nigeria and overseas.