Buymed

About Buymed

Buymed, a Singapore-headquartered health-tech company founded in 2018, operates primarily in Southeast Asia, with a significant presence in Vietnam through its platform thuocsi.vn. The company was established by Hoang Nguyen, Peter Nguyen, and Vu Vuong, who brought extensive experience from the healthcare and consulting sectors, having worked with firms like Bayer, Merck, and YCP Solidiance. Hoang Nguyen's background includes strategy consulting on healthcare investment projects across Asia and co-founding a dental platform in the US. Vu Vuong's passion for improving healthcare distribution stems from his family's involvement in a leading healthcare distribution company in central Vietnam. Peter Nguyen previously consulted on medical devices and diabetes for major clients and founded a center for sustainability in supply chain management.

Buymed operates a B2B e-commerce platform that directly connects pharmacies, clinics, and hospitals with pharmaceutical suppliers, aiming to digitize and streamline the procurement process in a traditionally fragmented market. The business model is designed to ensure product quality and competitive pricing for healthcare providers. The company generates revenue through transaction fees and commissions on sales facilitated through its thuocsi.vn platform. By addressing inefficiencies in the supply chain, the platform enables pharmacies to reduce procurement costs by an average of 5-10%.

The company's core service, thuocsi.vn, is a marketplace providing real-time pricing, detailed product information, and end-to-end logistics. It allows healthcare practices to order from a wide variety of verified products without minimum order requirements. Buymed has established a significant logistics network, including GDP and GSP-compliant warehouses and a dedicated delivery team, to ensure timely and reliable distribution across all 63 provinces of Vietnam. The company has also expanded its operations to Cambodia and Thailand. As of early 2024, the platform served over 38,000 pharmacies. Buymed has also launched Circa, a B2B2C e-pharmacy with an offline franchising model to help traditional pharmacies compete with larger retail chains.

Since its inception, Buymed has achieved several key milestones, including raising $500K in a seed round in 2019, $9 million in a Series A in 2021, and a significant $51.5 million in a Series B round in 2023. This funding has been instrumental in enhancing its platform, expanding its services, and investing in infrastructure. The company reported revenues of $76.4 million in 2022.