The journey began in June 2020 when Cipla initially acquired a 21.85% stake in GoApptiv for INR 9 Cr. Over the following two years, Cipla progressively increased its stake to 22.02%, investing INR 25.90 Cr.
In a strategic move to bolster its presence in the digital health sector, global pharmaceutical giant Cipla has made an additional investment of INR 42 Cr ($5.04 million) in Mumbai-based healthtech startup GoApptiv.
This transaction will increase Cipla's total stake in GoApptiv to 22.99%, demonstrating the pharmaceutical company's commitment to utilising technology to advance healthcare solutions.
Founded in 2015 by Rajasekhar Parcha and Sreeram Venkitaraman, GoApptiv specialises in providing digital solutions to pharmaceutical companies to enhance patient reach.
The startup offers comprehensive business solutions encompassing distribution, digital solutions, integrated brand sales management, digital marketing, patient support, and healthcare data analytics. Cipla's investment aligns with its goal of expanding into rural and underserved areas, addressing healthcare gaps through innovative digital solutions.
Cipla expressed its intent to utilise GoApptiv's cutting-edge technology to strengthen its foothold across the healthcare continuum, mainly targeting underserved populations. The aim is to facilitate greater access to life-saving treatments, aligning with Cipla's mission to address critical healthcare gaps in India.
This marks Cipla's third investment in GoApptiv, combining equity shares and compulsorily convertible preference shares. The journey began in June 2020 when Cipla initially acquired a 21.85% stake in GoApptiv for INR 9 Cr. Over the following two years, Cipla progressively increased its stake to 22.02%, investing INR 25.90 Cr.
"Our long-standing partnership with GoApptiv has helped us increase penetration in underserved rural areas of India and address critical healthcare gaps where pharmaceutical coverage is limited," said Umang Vohra, managing director and global chief executive officer at Cipla Limited.
In a separate initiative, Cipla has pioneered the use of drone-based deliveries for critical medicines in collaboration with Skye Air Mobility. The launch, which took place in September, aimed to ensure timely delivery of essential medicines, including cardiac and respiratory therapies, to hospitals in Himachal Pradesh.
Cipla plans to extend this innovative approach to reach remote and inaccessible terrains, such as Uttarakhand and the North East region. This marks a significant step forward in the company's commitment to advancing healthcare access through cutting-edge technology.
In October, in partnership with the Cipla Foundation, the National Institute of Mental Health and Neuro-Sciences (NIMHANS) launched a neuro-palliative care unit in Bengaluru.
The newly established unit provides support to individuals with neurological conditions such as Alzheimer's, Dementia, and Parkinson's through in-patient, out-patient, and home care. Reportedly, the unit has already assisted over 2,000 individuals, providing teleconsultation services to patients, their families, and caregivers.
The College of Healthcare Information Management Executives (CHIME) is an executive organization dedicated to serving senior digital health leaders. CHIME includes more than 5,000 members in 56 countries and two US territories and partners with over 150 healthcare IT businesses and professional services firms. CHIME enables its members and business partners to collaborate, exchange ideas, develop professionally and advocate the effective use of information management to improve the health and care throughout the communities they serve. CHIME's members are chief information officers (CIOs), chief medical information officers (CMIOs), chief nursing information officers (CNIOs), chief innovation officers (CIOs), chief digital officers (CDOs), and other senior healthcare leaders. The CHIME India Chapter became the first international chapter outside North America in 2016 and is now a community of over 70+ members in India. For more information, please visit www.chimecentral.org