Universal medicals

We make standard medical products affordable
  • Sector Health & wellbeing
  • Country Nigeria
  • Founding date August 2019
  • Stage Paying users
Our business activities includes distribution and marketing of medical devices, drugs as well as consultations service to health professionals, health students and retail community pharmacies.
We represents and distribute products for international and local brands that we are in partnership

General

Sector
Health & wellbeing
Category
Consumer, Hardware
Product usage or interact
Hardware-wearable, Hardware-non-wearable)

Business

Target customer
Target customers are Health professionals,health Students and patients
Customer acquisition strategy
We acquire customers by partnering with large health Institutes
Revenue model
At the moment we use the Mark-up model. The business buys a product or service and increases its price before reselling it to customers.
We intend to shift to a manufacturing model with the production of medical devices and pharmaceutical products using labour, materials, and equipment, resulting in finished goods. Revenue is then generated by selling the finished goods(medical devices, sophisticated equipments and drugs).

Market info

Market size
$100,000,000
Competitors
Competitor name
Competitor website
Coscharis medical
Fab medical limited
Competition
Coscharis medicals : coscharis medicals are distributors and importers of medical devices and equipments and supplies these products only to wholesalers , retailers and few major hospitals..
Fab medicals: just like coscharis fab medicals and major distributor of medical equipments and also laboratory equipments and they also help setup new labs but unlike Universal medicals there are based in only two cities in the country
Startup traction
Since traction refers to the progress of a start-up company and the momentum it gains as the businness grows. To increase and maintain the position of our market share in the industry we decided to choose the product market fit traction.
Product market fit traction is an indicator of how sticky your product is for existing customers and how likely those customers will tell other friends. It is the only thing that really matters for start-ups. To evaluate the value of our products to the market fit we ask our current customers this question: “How would you feel if you could no longer use our product or service?”a large percentage of people answer “Very disappointed,” which was a good indicator that we found the right audience for our product.

Total early investment
$200,000
Shareholder structure
Owner type
Name
Equity
Patrick Okoye
Co-Founder
% 45
Stanley Okoye
Co-Founder
% 30
Felicia Okoye
Family
% 25
Investment round
Angel Investment
Investment amount
$200,000
Equity on offer
% 25.0

Team

Patrick Okoye  - Nigeria
Total team member
15
Comment
According to a report by Fitch Solutions, healthcare expenditure in Nigeria is predicted to reach NGN 5,762.061billion by 2021 growing at a CAGR of 8.35% Y.O.Y. This is up from an estimated NGN 5,318.061 billion in 2020. By 2021,healthcare spending is estimated to make up 2.94% of the country’s GDP. This shows the huge market for Universal medicals The team comprise of intensively knowledgeable individuals from both medical and technology industry such as pharmacists, programmers and MBA holders which help drives the company to success. With more than 54% of this estimated spending on medical devices and pharmaceutical products only has also shown the huge market opportunity Universal medicals is exposed to.
Last update: 13.09.2020