COVID-19 RESPONSE in NIGERIA Promoting Innovations in HealthTech Series Fireside Conversation
September 10 th 3.00 - 5.00 pm (WAT)
IFC and Anadach Group will host a virtual fireside conversation to conclude the recently completed meeting series entitled Promoting Innovations in HealthTech to highlight potential solutions to support the COVID-19 response in Nigeria. The series gave founders, entrepreneurs and promoters a platform to present early stage innovations to potential partners, investors and funders. There were 10 selected presenters representing different aspects and diversity across the Nigerian health sector, who engaged in extremely interesting conversations with the panelists. The panelists for the event came from AAIC, CDC Group, Evercare Group, Health Markets Africa, Hygeia HMO, Johnson & Johnson Innovation Center, Lagoon Hospitals, Leapfrog Investments, Start Up Health, and TLcom Capital. Several connections were made, and we look forward to further concrete outcomes.
Background
Nigeria has poor health indicators compared to other lower middle-income countries e.g. the maternal mortality ratio in Nigeria is 512 per 100,000 compared to 257 per 100,000, the average for lower middle-income countries.
According to the Federal Government, the total health expenditure accounted for 3.7% of GDP in 2016 (about $14.5 billion). This is far less than peer countries. The recent national health accounts estimated government health expenditure (including National Health Insurance – Social Insurance at 17.2%, out of pocket financing at 75.2% and 7.6% from donor financing.) It is estimated less than 5% of the Nigerian population has health insurance coverage.
With less than 25% of the total health expenditure provided by the public sector, the private sector continues to be the dominant financier in the healthcare sector. However, ownership is more diverse with that over 72% primary facilities, 40% of secondary care and 88% of tertiary care facilities are publicly owned. The facility does not include the number of pharmacies and diagnostic facilities which are predominantly urban and private. The Nigerian health care systems faces several challenges now exacerbated by the potential COVID crisis:
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Nigeria’s increasing population, increasing middle class (now at risk due to potential recession), and unmet demand for affordable and quality healthcare, point to significant growth potential.
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Nigeria’s epidemiological profile indicates that the nation is faced with: massive but mostly preventable communicable infectious diseases; increasing prevalence of non- communicable disease reflected in the high maternal, infant and child mortality rates and low life expectancy of 54 (compared to 67 in Kenya).
PRGRAMME
3.00 pm – 3.05 pm: Welcome - Eme Essien (Country Manager, IFC)
3.05 pm – 3.10 pm: Opening Remarks：Musical Interlude by Ladipoe
3.10 pm – 3.15 pm: Introduction- Busola Shonowo (Anadach)
3.15 pm – 3.40 pm: Raising capital for health startups operating in Nigeria - Challenges and Opportunities Panel Discussion - Omobola Johnson (TLC Capital), Nobu Ichimiya (AAIC), Ife Olokode (Helium Health), Amr AboDraiaa (Rology) Moderator (Egbe Osifo-Dawodu - Anadach)
3.40 pm – 4.05 pm: Interactive session with audience facilitated by Moderator (Egbe Osifo-Dawodu)
4.05 pm – 4.30 pm: The opportunity for health tech in emerging economies (focus on Africa) during Covid-19 and beyond Panel Discussion- Monique Mrazek (IFC), Temi Awogboro (Evercare Group), Pascal Fröhlicher (Health Entrepreneur and Adviser to Anadach) Moderator (Wale Ayeni - IFC)
4.30 pm – 4.50 pm: Interactive session with audience facilitated by Moderator (Wale Ayeni)
4.50 pm – 5.00 pm: Conclusion/Moving Forward Enoma Alade (Anadach), Wale Ayeni (IFC)
Amr AbroDraiaa
An engineer by training and entrepreneur by choice. Amr has dedicated the past decade of his career to the enhancement and disruption of the outdated and underperforming medical sector in Africa and the Middle East. For the past four years he has been working with the wonderful people of Rology on using technology for solving the severe shortage of radiologist in the world. Rology have saved more than a hundred thousand lives till date and aims to save millions of lives in the coming years.
Temi Awogbola
Temi Marcella Awogboro is an investment executive with over 10 years of experience across origination, deal execution, portfolio management, and fundraising in developed and growth markets. She currently serves as the Executive Director (Finance, Admin & Strategy) with Evercare Hospital Lekki, wholly owned by the Evercare Health Fund, a US$ 1 billion emerging markets healthcare fund managed by The Rise Fund, the impact investment platform of global alternative asset manager TPG Capital. Temi’s prior experience spans a range of sectors including healthcare, financial services, manufacturing, and information technology.
Temi started her career at Goldman Sachs International, where she was selected as a GS Global Leaders Scholar and received the GS Global Leaders Award. Temi has extensive board and committee experience with the Equality Fund Board of Directors,
Evercare Hospital Lekki Founding Board Member, Save the Children UK Africa Advisory Board, and Alumni Ventures Group Spike Investment Fund. Temi holds a Master of Business Administration (MBA) degree from Stanford University’s Graduate School of Business and Master of Arts (MA) degree with First Class Honors in Economics from Christ’s College, the University of Cambridge, where she was a matriculation scholar.
Wale Ayeni
Wale Ayeni heads investments in Africa for the venture capital team at the IFC, the
International Finance Corporation is a member of the World Bank Group. IFC has invested over $1 billion in venture capital investments in companies across various sectors. His investments include Africa's Talking, TwigaFoods, Kobo360. He has over a decade of global technology experience spanning several roles including Venture Capital, Investment Banking, Corporate Development, and Microprocessor; ASIC chip design.
Prior to the IFC, Wale led venture capital early-stage investments in disruptive startups across various technology sectors in Silicon Valley with representative investments in the US including PayJoy (FinTech), Veniam (Mesh Networks), Chain (Blockchain), and WEVR (Virtual Reality). He also led transactions on behalf of EchoVC (an early-stage Pan African tech fund) in Hotels.ng, and Printivo.
Wale started his finance career with J.P. Morgan’s Technology Investment Banking group in San Francisco where he successfully executed over $12B worth of closed transactions spanning mergers & acquisitions to IPOs for large-cap technology clients including Facebook, Electronic rts, Activision Blizzard, Intel Corp., AMD, Shutterfly, etc. Wale started his career as an Engineer, and in his previous technology career Wale was a microprocessor design Engineer with Intel Corp. where he led critical aspects of Intel's "; chip architecture - the biggest micro-architecture change in Intel's history. He also led aspects of the very first "Snapdragon" chipsets working at Qualcomm Inc.’s chip design center enabling the initial smartphone designs.
Wale has an MBA from Dartmouth College, and his Bachelor’s degree with distinguished “Red diploma” from Moscow University. He is a Kauffman Venture Capital Fellow, he is a recipient of the top global 100 Rising Stars award in Corporate Venture, and is extremely passionate around frontier market VC investments.
Pascal Froehlicher
Pascal is an innovator, entrepreneur and investor focusing on economic and social impact in health. He fosters innovation and implements business models that optimize profit and purpose and facilitates meaningful partnerships to extend their reach. He co-founded and ran a company providing primary health care as well as a pioneering social start-up accelerator and impact investing company in South Africa. As Faculty at Harvard Medical School he focuses on innovation and as a member of WEF Global Future Council on Health and Healthcare he contributes to the dialogue in global health. He advises venture investors on healthcare and social impact.
Nobuhiko Ichimiya
Nobuhiko Ichimiya is a Director of Asia Africa Consulting Nigeria Ltd, the new local office of AAIC group in Nigeria. Nobuhiko is in charge of sourcing and executing of new investment projects and managing of the existing investment portfolio mainly in Nigeria for the Africa Healthcare Master Fund, the investment fund focusing on Africa Healthcare Industry.
Omobola Johnson
Omobola Johnson is Senior Partner of TLcom Capital, a venture capital firm with recent focus on deal flow generation, investment and value generation in technology companies in sub-Saharan Africa.
Before joining TLcom Capital, Omobola was Minister of Communication Technology, Nigeria from 2011 to 2015, focusing on the launch and execution of the National Broadband Plan, and the support of the Nigerian technology industry, including the pioneering involvement of the government in a local VC fund and a network of start-up incubators. Prior to serving in the Nigerian government, she gained over 25 years of consulting experience with Accenture including five years as Country Managing Director, working with companies in a variety of industries, transforming them into more competitive and dynamic organizations.
Omobola serves on the Board of a number of leading Nigerian and multi-national corporations. She also serves on the Board of the World Wide Web Foundation and is the Founding Chairperson and Trustee, Women in Management and Business (WIMBIZ).
Omobola has a Bachelor's in Electrical and Electronic Engineering from the University of Manchester; a Master's in Digital Electronics from King's College, London and a Doctorate in Business Administration from the School of Management of Cranfield University. She is the recipient of the Distinguished Alumna award from Cranfield University and the Lagos Business School.
Ifeoluwa Olokode
A Biology nerd turned technology enthusiast, Ifeoluwa has managed client and partner relations at startups in New York, London and Lagos. With her aptitude for uncovering areas of synergy across departments and companies, she has overseen the launch and implementation of partnerships with entities like MIT Solve, Johnson & Johnson, Merck KGaA, and Airbus Bizlab.
Her work has led to the execution of landmark projects such as a proof of concept to determine in which cases and under what conditions it makes sense to deliver critical medical products with drones.
Ifeoluwa continues to meld her interest in using technology to solve entrenched problems, and her passion for improving healthcare access at Helium Health where she leads the Partnerships team. She holds a Bachelor's Degree in Biological Sciences from Mount Holyoke College, Massachusetts.
Hosts
IFC has an active portfolio of $2 billion in healthcare companies in emerging markets. Through these investments, IFC helps private providers meet the soaring demand for healthcare and supports governments in their goal of reaching Universal Health Coverage by 2030. Our investments and advisory services foster best practices in health care and life sciences, promote the deployment of innovative technologies, and advance quality care. IFC also participates in
several public-private partnerships in health care. IFC also supports early-stage ventures in developing countries that are creating new markets, transforming industries, and driving inclusive growth while realizing strong returns. By investing in best-in-class entrepreneurs and partnering with top-tier venture capital (VC) funds, we support the creation of a tech-enabled venture asset class across emerging markets that fosters private sector growth.
Anadach Group LLC is a healthcare strategic consulting firm focusing on providing innovative advice and services to clients and partners interested in transforming healthcare systems in emerging markets and developing economies. The mission of Anadach is to dramatically improve access to quality healthcare services and products in emerging countries by enhancing the solutions to major challenges facing healthcare organizations. Further information is available on www.anadach.com.
