BuyMed Pte. Ltd.
| Private | |
| ISIN | 🆔 |
| Industry | Health technology |
| Founded 📆 | 2018 |
| Founders 👔 | Hoang Nguyen; Peter Nguyen; Vu Vuong |
| Headquarters 🏙️ | , Singapore , Singapore |
Area served 🗺️ | Vietnam; Cambodia; Thailand |
Key people | Hoang Nguyen (CEO) |
| Products 📟 | Thuocsi.vn (B2B pharmaceutical marketplace) |
| Members | |
Number of employees | |
| 🌐 Website | buymed |
| 📇 Address | |
| 📞 telephone | |
BuyMed Pte. Ltd. is a Singapore-based health technology company operating Thuocsi.vn, a business-to-business e-commerce marketplace for pharmaceuticals across Vietnam, Cambodia, and Thailand.[1][2]
History
BuyMed was founded in 2018 by Hoang Nguyen, Peter Nguyen, and Vu Vuong to address inefficiencies in pharmaceutical distribution in Southeast Asia, notably in Vietnam.[1] Hoang Nguyen was recognized on Forbes Asia's 2020 "30 Under 30" list in Healthcare & Science.[3]
Operations
Thuocsi.vn connects verified pharmaceutical manufacturers and distributors with pharmacies, clinics, and hospitals. By 2023, the company reported partnerships with over 1,000 suppliers and served more than 30,000 pharmacies across Vietnam, offering more than 20,000 pharmaceutical products.[4][5] In July 2023, BuyMed opened a 1,400 m² Good Pharmacy Practice-certified fulfillment centre in Samut Prakan, Thailand, marking its first physical expansion outside Vietnam.[6]
Industry significance
BuyMed's approach addresses deep-rooted fragmentation in Southeast Asia's pharmaceutical distribution channels. Its verified supplier network reduces counterfeit risks and improves pharmaceutical procurement transparency. Industry analysts, including investors such as Genesia Ventures, have identified significant market potential due to fragmented supply chains, commending BuyMed's operational execution and management.[1]
During the COVID-19 pandemic, BuyMed saw accelerated digital adoption among Vietnamese healthcare providers, responding swiftly by enhancing digital procurement capabilities and implementing safety protocols.[5][1]
Funding
| Date | Round | Amount | Lead investors | Source |
|---|---|---|---|---|
| September 2019 | Seed | US$500k | Cocoon Capital, VietCapital Ventures | [7] |
| April 2020 | Pre-Series A | US$2.5m | Sequoia Capital India (Surge), Genesia Ventures, Cocoon Capital | [1] |
| September 2021 | Series A | US$9m | Smilegate Investment, Nextrans, Cocoon Capital | [5] |
| May 2023 | Series B | US$51.5m | UOB Venture Management, U.S. International Development Finance Corporation, Smilegate Investment, Cocoon Capital | [2][8] |
In September 2023, the U.S. International Development Finance Corporation (DFC) pledged an additional US$18 million investment to help BuyMed expand healthcare operations, particularly in Vietnam, to support sustainable healthcare infrastructure development and strengthen the healthcare supply chain.[9]
Partnerships
In March 2024, BuyMed partnered strategically with Sanofi Vietnam to enhance pharmaceutical market sustainability and provide training programs for community pharmacies.[10]
Recognition
- 2020: Forbes Asia "30 Under 30" list (Healthcare & Science) – Hoang Nguyen.[3]
See also
References
- ↑ 1.0 1.1 1.2 1.3 1.4 "Vietnamese online pharmaceutical marketplace BuyMed raises $2.5 million". TechCrunch. 26 April 2020. Retrieved 2 June 2025.
- ↑ 2.0 2.1 "DFC announces support for Southeast Asia health tech company BuyMed". Development Finance Corporation. 25 May 2023. Retrieved 2 June 2025.
- ↑ 3.0 3.1 "30 Under 30 Asia 2020: Healthcare & Science". Forbes. 1 April 2020. Retrieved 2 June 2025.
- ↑ "Startups in Vietnam offered abundant venture capital". The Investor. 15 November 2023. Retrieved 2 June 2025.
- ↑ 5.0 5.1 5.2 Giang Le (2021). "Smilegate Fund Leads $9 Million Capital Into Thuocsi.vn Platform". Forbes Vietnam. Retrieved 2 June 2025.
- ↑ "Thailand Fulfillment Center's Highlights". BuyMed Careers. 12 January 2024. Retrieved 2 June 2025.
- ↑ "Vietnamese healthtech firm BuyMed raises seed round from Cocoon and VietCapital". KrAsia. 26 September 2020. Retrieved 2 June 2025.
- ↑ "UOB leads $51.5M round in BuyMed to expand health services". Tech in Asia. 25 May 2023. Retrieved 2 June 2025.
- ↑ "DFC pledges $18 mln investment in health firm to expand Vietnam operations". The Investor. 24 September 2023. Retrieved 2 June 2025.
- ↑ "Buymed and Sanofi Vietnam enter strategic partnership" (Press release). Buymed. 6 March 2024. Retrieved 2 June 2025.
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