Medifund: Can We Crowdfund New Doctors?

In the past, we have featured a number of startups that use tech to answer medical problems in Asia. This time, another startup in the Philippines has come up with an answer to other unsolved issues in this field. Medifund saw that there is a lack of doctors and nurses in Asia. This is largely because a good medical education is expensive, and most students cannot afford to finance it.

To tackle this problem, Medifund is a crowdsourcing platform that aims to help medical students get financial support from peers, neighbors, schools, hospitals, and other organizations. Medifund’s founder Jossy Onwude is a medical student, so he understands the financial burdens of medical school. Jossy explains that there are not many crowdfunding sites to aid medical students at the moment, that’s why it’s a perfect time to start one.

Born out of a Startup Weekend

Medifund started when it joined in the recent Startup Weekend Cebu event. The site is expected to be launched in around three months’ time. Right now Medifund is already planning how it can reinforce its presence in the Philippines. Jossy says:

As soon as our platform is ready, we plan to start our presence in the Philippines by going to medical schools around the country, and letting medical students (especially those with financial issues) know of what we have created for them. We also plan to get some schools to adopt our platform as part of their scholarship system.

Apart from that, it also wants to partner with non-governmental organizations (NGOs), hospitals, and doctors who have been through the same issues as students and are ready to give a helping hand. Jossy points out that students could also get funding from family, friends, and the public by promoting their own campaign. Plus, organizations can use the platform to start a campaign for students.

Once the site is launched, Medifund will look into monetizing by charging a five percent fee from funded campaigns, which is also how Kickstarter and other such sites earn revenue. It will also work on a reward system for funders, and a loan system for students.

(Edited by: Steven Millward)