mPharma acquires Uganda’s Vine Pharmacy
mPharma, the company founded in 2013 to drive supply chain efficiencies for pharmaceutical products across the continent, has taken a controlling stake in Uganda’s Vine Pharmacy.
mPharma co-Founder and CEO Greg Rockson plans to take Vine Pharmacy back to its former glory as the country’s biggest retail pharmacy chain. At its peak Vine had about 36 stores but, picking up the story, Greg explained: “With Abraaj as its largest shareholder, the business had to resize once there wasn’t any capital available for growth. We are buying out the stake that Abraaj held.” He continued: “Uganda is an exciting market. It may be five years behind Kenya, but we think it is ripe for innovation and disruption.”
mPharma uses a franchise model when expanding into new markets. Earlier this year, mPharma entered the Ethiopian market and last month set up operations in Gabon. mPharma already serves Ghana, Nigeria, Kenya, Zambia, Malawi and Rwanda.