Novadan Begins Rolling Out AI-Powered Solutions for Pharmacies

Novadan, a marketplace that supplies pharmacies' health product needs at the fastest pace, has generated TRY 4.6 million for the national economy. The domestic startup, which began operations with R&D innovation support from KOSGEB, has reached 2,000 pharmacists with its artificial intelligence-enabled solutions. At Novadan, which facilitates pharmacists' work through artificial intelligence support, there is an exchange system for high-stock products with approaching expiration dates in pharmacies. Through this system, Novadan protects both national income and the environment as well as investments made. The domestic startup, which enables the exchange of non-pharmaceutical health products in pharmacy inventories before their expiration dates, has so far generated TRY 4.6 million for the economy.

Average loss for pharmacies: TRY 20,000

Four months after beginning operations, Novadan reached a valuation of TRY 10 million after securing TRY 2 million in investment. Haki Poyraz, Founding Partner of Novadan, emphasized the value the exchange system creates for the country's economy and market with these words: "Pharmacies lose an average of TRY 20,000 annually due to expired products. By focusing on solving this problem and deploying our exchange system, we have so far generated TRY 4.6 million for the economy. There is an annual market worth USD 1.5 billion in non-pharmaceutical categories such as mother-baby products, nutritional supplements, and dermocosmetics. More than 80 percent of the market is imported. Every product we bring to the market through the exchange system represents significant value for the economy."  

17,000 pharmacists to meet artificial intelligence

Novadan, which began operations in June 2020 with R&D innovation support from KOSGEB, serves 2,000 out of 26,700 pharmacies operating across Turkey. The platform, which analyzes pharmacies' needs and ensures the most appropriate health products reach them at the right time, aims to increase this number to 17,000 by the end of 2021.