Sticking up for the little guys in Vietnamese pharmacies

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Hello reader,

I rely on Western medicine most of the time, but if there’s one thing about traditional Chinese medicine that I swear by, it’s the treatment for sprained ankles. Turn away now if you’re squeamish, but it involves using a suction cup and needle to suck out the blood clot from the affected area. This lessens the swelling significantly – I’ve done it twice and got instant relief.

I’ve also tried acupuncture in Melbourne for the same ailment. A friend referred me to a doctor whose clinic was in a relatively dingy building, but the treatment worked immediately. I didn’t do follow-up sessions, though, so my ankle is still a little weak.

What I’ve realized is that sometimes, the best treatments can come from more traditional avenues or a little closer to home. Today’s premium story is about Buymed and how it’s helping mom and pop drugstores in Vietnam manage inventory, pricing, and customers’ shift to online shopping to fend off drugstore chains.

Today we look at:

• The Vietnamese startup looking out for the little guy in the pharmacy vertical
• More layoffs, this time at Indonesian audio-streaming platform Noice
• Other newsy highlights such as the contrasting financial performances of Sea Group and GoTo Group

Premium summary

Going to the source

Image credit: Timmy Loen

I’m not a shopaholic, but I look forward to visiting factory outlets when I’m on holiday. Buying directly from brands or manufacturers means to get a bargain or two is enticing (there’s no such thing as having too many pairs of sneakers). If nothing else, shopping offers a nice break from all the cultural activities and sightseeing.

(I can be a philistine at times, yes.)

Anyway, going to the source makes for savings, and Buymed is helping small pharmacies in Vietnam do exactly that.

• Accessible healthcare: The company wants to turn mom and pop drugstores into primary care centers, similar to what CVS Pharmacy has done in the US. Doing this would provide residents in rural areas access to basic medical services, according to Hoang Nguyen, Buymed’s co-founder and CEO.
• D2B: The startup connects local pharmacies to pharmaceutical manufacturers, distributors, and clinics via a B2B ecommerce marketplace.
• Self-reliance: During the pandemic, Buymed built its own logistics system to be less vulnerable to external parties. The company now has three fulfillment centers in Vietnam as well as one each in Cambodia and Thailand.

Read more: How this UOB-backed startup disrupts Vietnam’s retail pharmacy

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