In this edition, we sat down with Oluwasoga Oni, ABH 2020 2nd Prize winner and founder of Mdaas Global, as he discusses their mission to build the largest integrated care network on the continent. We explore the challenges of running a business in Africa, his experiences with fundraising, and the lessons he’d share with other entrepreneurs.
- Mdaas is on a mission to build healthcare solutions for Africa’s next billion people. Can you elaborate on the core services your business provides and the specific strategies you’re using to achieve this ambitious goal?
At MDaaS Global, our mission is to transform healthcare across Africa by making high-quality diagnostics and primary care accessible and affordable for the continent’s next billion people. We believe that everyone, regardless of income or location, deserves access to world-class healthcare. To achieve this, we've built a growing network of tech-enabled diagnostic facilities under the BeaconHealth Diagnostics brand, currently operating 18 clinics across 10 states in Nigeria. Our clinics offer imaging, cardiac, and laboratory services, focusing on clinically underserved communities. By combining in-person care with our proprietary technology platform, BeaconOS, we serve over 10,000 patients a month and connect seamlessly with over 1,500 hospitals, clinics, pharmacies, labs, companies, and health insurers who rely on BeaconHealth for their diagnostic needs. Through this approach, we're tapping into a $2 billion diagnostics market and providing critical care to over 140 million Nigerians who have limited or no access to affordable, high-quality diagnostics.
- With a strong engineering background from prestigious institutions like MIT, what led you to focus on healthcare diagnostics? What inspired this particular path?
The inspiration to focus on healthcare diagnostics began during my time at MIT while pursuing a Master’s in Systems Design and Management. In one of my classes, we were challenged to build a company that could serve 1 billion customers. Given my father’s background as a medical doctor, I naturally gravitated towards solving a problem in the healthcare space to support him. Initially, we focused on bringing high-quality equipment to small and medium-sized hospitals like my father’s. However, we eventually pivoted the business to building diagnostic facilities that could aggregate demand from these smaller health facilities, addressing a critical need in the healthcare system.
- What do you see as the most significant challenges in Africa’s diagnostics space, and how is Mdaas uniquely positioned to address them?
The diagnostics space in Africa faces several significant challenges that we are actively addressing. Key issues include limited access to diagnostic services outside major cities in Nigeria, the high cost of diagnostics even when available, and inadequate healthcare infrastructure. These challenges lead to delayed diagnoses and poorer health outcomes for the population. MDaaS is uniquely positioned to address these problems by investing in and building healthcare facilities in underserved communities, providing high-quality and affordable diagnostic services where they are most needed.
- Mdaas recently launched BeaconOS. Could you explain what this product does and how it will enhance the experience or outcomes for your customers?
BeaconOS is the digital backbone of MDaaS Global's healthcare network, functioning much like a computer’s operating system by optimizing and connecting our physical clinics, which serve as the 'hardware.' On top of BeaconOS, we've built a suite of advanced applications designed to streamline healthcare delivery at BeaconHealth clinics and digitally integrate with our network of partner organizations. Last year, we launched our first application, Olewerk, which optimizes diagnostic workflows and is now deployed across all 18 of our locations. Additionally, we developed Beam, our first partner-facing application, which enables corporate partners to seamlessly manage occupational health for their teams.
BeaconOS enhances the experience and outcomes for our customers by significantly improving the efficiency and accuracy of diagnostic services. It ensures that healthcare providers can offer timely and coordinated care, reduces administrative burdens, and enhances communication with our partners.
Mdaas Global’s co-founders and executive team
- What has been the most significant operational challenge Mdaas has faced so far, and can you share how your team overcame it?
The most significant operational challenge MDaaS has faced recently is the current macroeconomic situation in Nigeria. Inflation, currency devaluation, and other economic aftershocks have made it increasingly difficult to grow, especially since we primarily serve the low- to middle-income segments of the population, which are now facing greater financial strain. These factors have put additional pressure on our margins. To address these challenges, we are optimizing our supply chain to continue delivering value to our patients and leveraging technology to drive efficiency and reduce operational costs. This allows us to pass the savings on to our customers, helping to maintain affordability and sustain our business during these tough economic times.
- What unique conditions in the Nigerian market and its demographics have made your business model successful?
The success of our business model in Nigeria is driven by several unique conditions. Nigeria's large and diverse population presents a wide range of healthcare needs, creating significant demand for our services. The strong participation of the private sector in healthcare, coupled with a favorable regulatory landscape, has provided a supportive environment for our growth. Additionally, our ability to leverage technology has been crucial, enabling us to optimize operations, improve service delivery, and reach more people effectively. These factors have all played a key role in making our business model successful in the Nigerian market.
- As Mdaas scales its mission, have you considered expanding to other African markets? How do you plan to navigate the unique challenges each new market may present?
Yes, we are currently exploring expansion into other West African markets, including Côte d’Ivoire, Ghana, and Cameroon, which we find particularly promising for healthcare. One of the major challenges we anticipate is navigating the regulatory landscape, as the healthcare sector is typically highly regulated. To address this, we are conducting thorough studies of these markets to gain a deep understanding of the regulatory requirements and other market-specific factors before moving forward with our expansion plans.
- With nearly $7 million raised to date, what has your experience been with fundraising? How do you balance securing external capital while ensuring your business remains financially healthy and sustainable?
While securing nearly $7 million in external capital has been crucial for scaling our operations, we've balanced this by maintaining financial discipline, strategically allocating funds to areas that drive growth and efficiency, and focusing on sustainable, long-term expansion. This approach, combined with a commitment to diversifying revenue streams and building strong relationships with investors, has ensured that our business remains financially healthy and poised for continued success.
Mdaas Global’s team poses with some of their diagnostic equipment
- What key lessons have you learned from running a business in Africa, particularly in Nigeria, that you would share with an aspiring entrepreneur in the same space?
The key lessons I've learned from running a business in Africa, particularly in Nigeria, that I would share with an aspiring entrepreneur are: First, deeply understand the local context, as each city presents unique challenges and opportunities. Building strong local partnerships is crucial, as relationships are key to navigating complexities. Be prepared for infrastructure challenges and, in the healthcare sector, prioritize regulatory compliance despite the bureaucratic hurdles. Focus on affordability and accessibility without compromising quality. Leveraging technology and innovation can be transformative, but it's essential to maintain financial discipline and balance impact with profitability for long-term sustainability. Lastly, invest in your team—having a strong, committed workforce is your greatest asset in overcoming challenges and driving success.
- Looking back on your entrepreneurial journey, would you choose this path again? What has been the most rewarding aspect, and is there anything you would do differently?
Looking back on my entrepreneurial journey, I can confidently say that I would choose this path again without hesitation. The journey of building MDaaS Global has been challenging, but it has also been incredibly rewarding and fulfilling. The opportunity to make a tangible impact on healthcare in Africa, particularly in underserved communities, is something that I am deeply passionate about, and this passion has only grown stronger over the years.
