South Korea's CJ Logistics said on Monday it signed a strategic partnership and exclusive pharmaceutical logistics contract with Baropharm, an integrated pharmacy management platform startup on October 18.
Baropharm operates an online marketplace for pharmaceuticals, and services for pharmacy management, including consolidated ordering, returns, and stock notifications.
Under the agreement, the companies will introduce an optimized pharmacy ordering system.
CJ Logistics will store Baropharm’s pharmaceuticals and manage third-party logistics on receiving orders.
CJ Logistics will also participate in Baropharm’s pre-IPO fundraising.
As of June, 20,000 pharmacies, or 80% of all pharmacies, used Baropharm's platform. The startup has raised around 35 billion won ($27 million) from multiple investors.
Write to Ji-yoon Yang at
yang@hankyung.com
