Singapore Start-up Wants To Be A Drug Dealer

Founded on October 9, 2010, MedF1 is a Singapore-based start-up that aims to be an online connector between medical drug suppliers and buyers (yes, a medical drug dealer).

Just like any other industry, the higher the order volume, the more bulk savings you enjoy. Founders Toh Hong Pang, Jamen Loh, and Ryan Teo want to order medical drugs in bulk by aggregating demands from doctors and small clinics across Singapore. The aggregated volume allows MedF1 to keep drug prices low and help doctors enjoy bundle savings. Drugs suppliers win out as well, since the can enjoy more sales through large volume buys.

MedF1 works like a medical drug and device directory for easy price comparison – a one-stop shop for doctors and clinics. So far MedF1 has partnered with medical drugs suppliers including Ascent PharmaHealth, Easmed, Health Aesthetics, and Global Pharma.

Simple But Good

In the early stages, co-founder Ryan Teo explained that his team wanted to start with a web-based point-of-sales system for kiosks and small shops, running on smartphones and tablets.

However after some brainstorming and feedback from people they spoke to, the team decided to tackle the logistics problem within the medical industry.

MedF1 is as simple as combining advantages of the Internet with brick and mortar businesses. “It’s nothing fancy, but just something we feel that we can bring to the table combined with the experience from our suppliers,” he said.

While the idea is simple, it does fill a need in the market. MedF1 generates revenue by earning a transaction fee for medical supply orders and also through medical device listing fees on its website.

The team also includes an anonymous Chief Medical Officer who is a specialist based in Gleneagles Medical Centre in Singapore with strong connections to Mt Elizabeth Hospital, Mt Alvernia Hospital, and Parkway East Hospital.

L to R: Toh Hong Pang, Jamen Loh, and Ryan Teo

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