The International Finance Corporation has announced an investment of $3 million in Goodlife Pharmacy Limited, to help the company expand to more than 100 stores within four years to create a Pan-East African retail pharmacy chain.
Goodlife supplies affordable, quality healthcare products in Kenya and Uganda, where there are few nationwide chains, and an estimated 35 to 40 percent of medications sold are counterfeit.
The financing marks IFC’s second investment in Goodlife. A 2015 IFC loan of $4.5 million, made in conjunction with a third-party equity investment, accelerated the company’s growth.
It grew from a small enterprise with four stores, to become the region’s largest pharmaceutical retail chain. Goodlife has since created more than 200 jobs and will ultimately reach nearly four million consumers.
Oumar Seydi, IFC Director for Sub Saharan Africa, said “IFC’s investments in Goodlife supports a trusted pharmacy brand that is committed to delivering high-quality service and products. Goodlife’s expansion is an important step towards consolidating Kenya’s retail pharmaceutical industry, and ensuring that consumers have access to high-quality, reliable products.”
IFC is the world’s largest multilateral investor in the private health and education sectors in emerging markets..
Investments of $25-30 billion will be needed to meet the demand, with the private sector playing a key role. IFC is working with local businesses, financial intermediaries, policymakers, donors and other stakeholders to help Africa meet these challenges.