Following our last TC Townhall, Fintech 2.0, you are invited to our first one for 2019. This time it is focused on healthtech in Nigeria.
High child mortality rates, decaying medical infrastructure, lax legislation and underfunding are some of the things that characterise Nigeria’s health sector. Government officials are notorious for seeking medical help abroad and everybody knows why – the medical reality here cannot compare to that of more developed climes.
As Nigeria’s population continues to balloon (198m or 193m depending who you ask), technology and innovation are the tools with which disruption of the healthcare industry is most likely – and it’s already happening. Across Nigeria, there is a nascent but mobile health tech undercurrent filled with startups of various sizes solving various problems within the healthcare value chain.
There are no less than 68 healthtech startups operating in Nigeria providing solutions such as digital health records, quicker access to health supplies like blood and oxygen, increasing access to health insurance for the mass market, among others. Unfortunately, none of these startups have been able to achieve massive scale due to barriers like market access, very slow adoption (which is a consequence of Nigeria’s huge information gap), a very prominent income gap, little to no healthcare insurance options (HMOs are still out of the reach of the average Nigerian).
Funding for the healthtech sector is sparse and grants are the most popular type of capital. Low health expenditure and the poor implementation of the national health insurance scheme limits the ability of entrepreneurs to scale their businesses. Despite these challenges, the opportunities in the sector remain. Our industry report for Nigeria’s healthtech sector will examine these challenges and opportunities as well as provide recommendations for stakeholders.
TC Townhall: The State of Healthtech in Nigeria will convene some of the leading healthcare innovators, investors and policymakers to discuss the challenges and opportunities in the sector. As well as put together proposals that policymakers can implement to support the rapid growth of the sector. Our theme panel includes healthtech entrepreneurs with a wealth of experience, investors and government representatives.
There will also be a legal advisory and compliance workshop for healthtech entrepreneurs. Furthermore, attendees will get the opportunity to take a first look at our Nigeria Healthtech Industry Report which will be unveiled at the event.