Yodawy is an Egypt-based online pharmacy benefits marketplace that connects pharmacies, patients, and health insurance companies. The platform allows insurance companies to automate approvals, save costs and improve customer experience.
The four-year-old company has raised $7.5 million in a Series B funding round led by Middle East Venture Partners, Global Ventures and Algebra Ventures with participation from CVentures, P1 Ventures and Athaal Angel Investor Group. The investment will help the company grow its network of pharmacies and health insurers across the country and expand into other key emerging markets.
Health insurance
Health insurance provides financial help during a medical emergency or accident, and it also helps protect your savings. It safeguards you and your family, and it helps you avoid hefty medical bills, which are the top reason Americans file for bankruptcy or take money out of their retirement accounts.
In general, health care coverage typically involves paying an up-front premium to the insurance company. The premium helps to share the risk of illness among a large group of enrollees, thereby reducing cost to the insurer.
In addition to the premium, your insurance coverage typically includes copays (fixed amounts you pay for certain services), deductibles (the amount you must spend each year before your plan pays on eligible costs), and coinsurance (the percentage of covered expenses you are responsible for paying). A high-deductible plan may be combined with a health savings account to help cover the deductible.
Personal care products
People around the world use a huge variety of personal care products on their skin, hair, lips and other parts of their body. Many of these products are made from chemicals, which can cause a lot of harm.
Luckily, many people are turning to safer options for their daily needs. These include natural and organic ingredients.
The health benefits of these types of products include improved skin, healthy nails, hair, and teeth, as well as better overall wellbeing. Moreover, they are a great way to reduce your environmental footprint.
Founded in 2018, Yodawy is a digital pharmacy benefits platform that connects consumers, pharmacies and insurance companies. Its app enables users to browse and order medications and personal care products, and have them delivered via a network of +2500 nationwide partners. Patients also get access to their medical insurance co-payment plan and electronic prescriptions from their doctors.
Prescriptions
Prescriptions are a crucial part of healthcare. They help to prevent illness and alleviate pain. They are also necessary to manage chronic illnesses, such as diabetes and high blood pressure.
Yodawy offers an online pharmacy platform that allows patients to order their medicines without having to go to the doctor or make an appointment with a pharmacist. This saves time, money and hassle.
With the yodawy app, you can select your preferred pharmacy and add your insurance card number to start ordering the medicine you need. Your prescriptions will be delivered to your doorstep with a few clicks.
Yodawy is disrupting how prescriptions are produced digitally, by doctors, processed by payers, and delivered to patients’ homes. It has partnered with 20 health insurance companies, 500 doctors, and 3,000 pharmacies in Egypt to date.
Home delivery
Home delivery is a great option for you to order any medication or personal care products from a store and have them delivered at your doorstep. This will help you save time and money by avoiding travel expenses and unnecessary shopping trips.
Founded in 2018, Yodawy is the leading pharmacy benefit management platform across the Middle East, leveraging technology, expert pharmacists, and state-of-the-art logistics. It enables insurance companies to automate approvals and savings, programmatic medication formulary adjustment, and refill authorizations; medical providers to enhance patient experience and save costs; and pharmacies to boost sales.
In the 18 months since its Series A round, Yodawy has grown revenue by 400 per cent and partnered with 20 health insurance companies, 3,000 pharmacies, and more than 300 corporates in Egypt. The proceeds will fuel the growth of Yodawy’s signature care programme for chronic patients, offering monthly medication refills and processing daily deliveries across 38 cities in Egypt. The company will also hasten the automation of its operations, which will enable faster prescription processing and bolster existing tech-enabled fulfilment capabilities to serve a growing base of patients.