The Vietnamese startup helping small pharmacies take on big drugstores

IN FOCUS

In today’s newsletter, we look at:

• A startup’s ambitions to disrupt Vietnam’s retail pharmacy
• Temu’s lawsuit against Shein for engaging in anti-competitive practices
• An under-the-radar D2C firm in Singapore that’s bootstrapped and profitable

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Hi there,

There’s something about frequenting your neighborhood cai fan store and having the vendor remember your order. Or visiting your childhood doctor who knows your medical history at the back of his palm (aided by the log it’s written on of course).

Unfortunately, with the commoditization of food and services, often by larger franchises or chains, such “human touch” is at risk of being lost.

In Vietnam, mom and pop pharmacies are being driven out of the market by larger drugstore chains like Pharmacity and Long Chau, which are rapidly expanding into lower-tier cities and rural areas.

But Buymed, a startup that just raised US$51.5 million in series B funding – significant for a Vietnamese startup, in the midst of a funding winter no less – is hoping to give small drugstores an edge through its B2B ecommerce platform that connects pharmaceutical manufacturers, distributors, clinics, and local pharmacies.

This week, my colleague Huong dives deeper into Buymed and how it’s disrupting Vietnam’s retail pharmacy in the Big Story.

The fight isn’t always between David and Goliath, though. Shein and Temu, two ecommerce giants, are embroiled in lawsuits against each other as they battle it out for dominance in the US.

In this week’s Hot Take, I share some surprising facts gleaned from Temu’s lawsuit against Shein for alleged anti-competitive practices. There’ve been numerous analyses of the ultra-fast fashion sector by observers in recent years but an “insider” account by an industry rival hits differently.

— Melissa

THE BIG STORY

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

Image credit: Timmy Loen

THE HOT TAKE

NEWS YOU SHOULD KNOW

FYI