Meditect: an (almost!) Monegasque Startup, Big Winner of the BFM Academy 2020!

Romain Renard and Arnaud Pourredon co-founded and co-develop Meditect, a drug traceability solution to combat counterfeiting worldwide. On the occasion of their victory in the 15^th edition of the BFM Academy, we look back at the journey of this startup with regional origins, which could well revolutionize the pharmaceutical industry.

Deep-rooted ties with the Principality

Having studied in the Principality from primary school to high school graduation at the Institution François d’Assise – Nicolas Barré, Romain Renard, co-founder of Meditect, has maintained very close ties with Monaco. Highly involved at the time in Monegasque associative life (Yacht Club, 4L Trophy, sailing team), Meditect thus has a connection to the Principality. Furthermore, Romain Renard has managed to maintain business ties with his native region; let us not forget that some of the startup’s early Business Angels come from Monaco! Proud to see regional flagships emerge, we warmly congratulate Meditect for its journey since its creation!

Field Experience: A Realization

Following the 2015 earthquake in Nepal, Arnaud Pourredon, then a student in a dual degree program in medicine and pharmacy, decided to go on a humanitarian mission with UNICEF to provide assistance. It was during this drug distribution mission that, during an inventory, the young medical student realized they were actually distributing… counterfeit medicines!

A year later, another humanitarian mission in Sub-Saharan Africa confirmed his fears: fake medicines are a global scourge, and no solution currently seems adequate. Drawing on these humanitarian experiences, Arnaud Pourredon returned to France, convinced that it was high time to act.

A Strong Friendship, an Innovative Idea

In 2017, Arnaud contacted a childhood friend: Romain Renard. The latter, who grew up in Beaulieu-Sur-Mer and completed his early schooling in Monaco, holds a Master’s degree in Finance Strategy from Sciences-Po Paris. Both driven by the cause of global health, they began to consider creating a new solution to combat drug counterfeiting worldwide.

Following a conclusive feasibility study in Sub-Saharan Africa, the project was launched. From the outset, the co-founders’ aim was to develop “a scalable, simple, fast, efficient, and less costly solution,” Arnaud Pourredon stated during his TEDxAbidjan talk last January. To accelerate and strengthen their efforts, the two partners would therefore leverage technology, through an application conceived as a solution.

A Public Utility Service

It was therefore in Bordeaux, in 2018, that the Meditect project was born, and the ambition is colossal. The goal: the eradication of drug counterfeiting worldwide. According to Arnaud Pourredon, there are more than “one million deaths per year due to counterfeit medicines.” This is a critical international public health issue, particularly significant in Sub-Saharan Africa, Southeast Asia, and Latin America.

The application is free for pharmacists and patients; the service is funded by pharmaceutical laboratories. Initially, the application geolocates the patient and directs them to the nearest certified pharmacy. Once the product is chosen, the patient can scan the QR code on the medicine box via their smartphone, which indicates its authenticity.

From a technological standpoint, the use of blockchain technology to ensure drug traceability is a major innovation. Furthermore, as the project originated from on-the-ground observations, the startup deploys a responsive team, attentive to the needs of patients and pharmacists.

Immediate Takeoff!

Upon its launch in 2018, genuine enthusiasm was generated around the Bordeaux-based startup. Sanofi, PwC, e-health World Monaco, and even the renowned M.I.T. would recognize it with prestigious awards that year. In 2019, Arnaud Pourredon was even featured in Forbes’ essential “30 Under 30” ranking, in the “Science & Healthcare” category. The same year, Meditect won the “Blockchain Innovation Challenge” from the prestigious Columbia University. In 2019, after numerous participations in international trade shows, Meditect received support from the Nouvelle-Aquitaine Region and BPI France to accelerate its research work, which had been very present alongside the two creators since the project’s inception.

Following an early-stage funding round with Business Angels, BPI Nouvelle-Aquitaine, and the Nouvelle-Aquitaine Region in 2019, the Bordeaux-based startup closed its first institutional fundraising round in May 2020. Thus, 1.5 million euros were raised from LBO France through its Digital Health 2 fund. (Sources: Meditect)

Effective Deployment

Today, Meditect comprises 20 employees located between France (Bordeaux and Paris) and Ivory Coast (Abidjan), where Arnaud Pourredon works full-time. In figures, Meditect boasts over 1,000 partner pharmacies, 3 million secured medicines, and optimized distribution in 50% of pharmacies in Ivory Coast. With 200 billion dollars in direct losses for the pharmaceutical industry, much remains to be done in this battle for health. Thanks to their victory in the BFM Academy, this national startup competition, Meditect gains 150,000 euros in advertising space on the channel, and above all, a significant boost to their notoriety!

The startup continues its rapid development, even though Romain Renard prefers to remain grounded. He reiterated last Tuesday, October 13, on the BFM Business set, that they needed to take “one thing at a time; we are already very pleased with what we have accomplished in a very short time in Ivory Coast.” Following this initial success in Ivory Coast, the business model appears to have proven itself for further development.

And even if the startup currently has only one major client (the pharmaceutical laboratory UPSA), the ambition remains intact: the eradication of drug counterfeiting worldwide. The speed of execution and the company’s development are therefore at the heart of the project’s challenges, as the task is immense.

With projected expansion into Senegal and Cameroon in early 2021, Meditect is intensifying its development strategy in Sub-Saharan Africa. The fight cannot be waged alone; strong actions from political decision-makers are also expected. The adventure continues, and Meditect, a young flagship of French Tech, appears to be the best ambassador in the fight for global health protection.

By Pimort Mathieu

Photos:
“Meditect BFM Academy win”, source: BFM
“Meditect Logo”, source: Meditect
“Medicines”, source: AFD