6 October 2022

iethico secures £625k from Midven to combat global medicine shortages

The Midlands Engine Investment Fund backed the pharmaceutical sourcing platform to support market testing and team expansion.

£625K

iEthico operates a digital platform that connects pharmacists with global wholesalers to streamline pharmaceutical sourcing and address supply shortages. The company employs artificial intelligence to forecast supply chain challenges and improve access to medicines.

British pharmaceutical sourcing platform iethico has secured £625k in funding from the Midlands Engine Investment Fund, managed by Midven. The investment will be deployed across two tranches to support headcount growth and market testing while laying the groundwork for a future Series A round.

Medicine shortages have become an escalating issue affecting pharmacists and patient care globally. iethico aims to tackle these supply chain deficiencies by linking pharmacies directly with international wholesalers through forecasting technology.

The capital arrives as the company seeks to scale its operations and expand market access for hard-to-get drugs. Midven led the investment as part of its regional mandate supporting small and medium-sized enterprises.

From the founder

"Medicine shortages are a recognised major public health concern, occurring every day across healthcare settings, affecting patients and all stakeholders involved in their care. The investment from Midven enables us to help overcome these limitations, not only ensuring medicines supply in times of need but ultimately addressing inequality in access to medicines."

Debra Ainge

CEO at iEthico

Investor perspective

"Drug shortages are placing increasing pressure on pharmacists, and disrupting patients’ medical treatments, on a worldwide basis. MEIF investment will allow iethico to re-engineer the medicine procurement process, providing more reliable access to pharmacists and enabling better outcomes for patients."

Tony Stott

CEO and Fund Principal, Midven