Reading Time: 3 minutes
Bangladeshi health tech startup Doctor Koi recently received $500,000 as seed funding in an investment round led by Verge HealthTech Fund, an early-stage health technology venture capital fund.
The startup has so far raised a total of $700,000 in funding over two rounds, being funded by Verge HealthTech Fund and Accelerating Asia as its most recent investors.
An industry insider who helps local startups to raise funds confirmed the matter to Dhaka Tribune.
According to the startup, it will use its new seed funding to reach more customers in Bangladesh and develop new value-added services and plans to bring its digital prescription tool to 10,000 more doctors and over 10 lakh patients in the coming years.
The funding will also help bring in more doctors to its network for online consultation services, as per the startup, which currently has over 2,000 doctor clinics in its network.
Founded in 2017, Doctor Koi offers two services: one, a prescription writing software called Digital RX that enables doctors to write a prescription with a few clicks and manage their medical practice digitally and two, online consultation services through its web.
The company’s flagship product is Digital Rx, a prescription writing software, which is being used by over 900 active doctors who are generating more than 350,000 digital prescriptions per month.
Ever since it brought doctors under its network, the company has issued 1 crore digital prescriptions.
However, that was not the case before the pandemic as doctors did not even want to pay for the software or its services.
“Initially, we reached out to doctors back in 2019. We first reached mostly dentists and then medicine, ENT (Ear, nose, throat) specialists. They were unwilling to pay for the software or its services,” a source who marketed the software to doctors told Dhaka Tribune.
“For market acquisition, we had to go to the extent of offering the software for free and only applying service charge, which doctors were initially reluctant to as well,” the source further said.
But the pandemic has shifted the tide.
With a more enabling environment for digital health innovations today, the digital health market in Bangladesh is projected to be worth $371.5 million this year, according to Statista. It is expected to grow to $631.6 million in value by 2026, growing at a 14.19% CAGR.
According to the source, as well as the company, the prescription writing software helps doctors save time and improve service quality since complaints against illegible doctor’s hand-writing is a widespread medical woe in Dhaka. It further allows doctors to serve more patients.
The platform also offers other services, such as online consultation, appointment management, content management and marketing.
Initially intended to be a doctor booking platform, its founders decided to focus on developing a digital prescription tool due to the fact that one of the primary causes of treatment failures in Bangladesh is the immense amount of medical errors from handwritten prescriptions.
They cited a local survey that found most prescriptions in certain urban health facilities were written illegibly.
“We believe Doctor Koi has tremendous potential with the type of products and services that are curated for the local market needs while offering the most advanced and scalable technologies. We are a very product-centric company, which allowed us to understand the customers very deeply from the very initial days. Our customers are the biggest driver of our innovation and continuous improvements,” CEO and Co-Founder Sadman Soeb Adib told mobihealthnews.com.
“With big market opportunities to penetrate into an untapped market in such a growing economy, we believe the company can achieve much scale and improve the healthcare ecosystem for the 160 million population in Bangladesh and even beyond the globe while maximizing the stakeholders’ return,” he added.
Doctorkoi is actively using 15 technologies for its website, according to BuiltWith. These include Viewport Meta, iPhone/Mobile compatible, and SSL by Default.