According its chief executive officer Eng Aik Meng, the company could expand in specialties such as oncology, cardiology, orthopaedics, dental, aesthetics and dermatology. In Malaysia, TE Asia Healthcare runs the Beacon Hospital for oncology, Cardiac Vascular Sentral Kuala Lumpur for cardiology, and it is transforming HSC Medical Centre in Ampang into a specialty orthopaedic centre.

He told the media, “Our strategy is to establish single-specialty hospitals that bring clinician expertise and healthcare operators together to deliver efficient and high-quality care. Having successfully developed specialty hospitals in cardiology, oncology and orthopaedics in the last three years, we will continue to explore other specialties in Malaysia – as the country has an aging population, rising affluence and increasing life expectancy – driving stronger demand for specialty services.”

Last week, Malaysian Prime Minister Muhyiddin Yassin announced a nationwide travel ban and a 14 day lockdown in the capital and five states, as the country sees a surge in coronavirus cases. Health officials say the current wave of infections that started in September could see daily cases grow to as many as 8,000 by May if strict curbs are not imposed. The Prime Minister even said that the healthcare system in the country is at a breaking point.

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The funding round for HealthMetrics was led by ACA Investments, a Japanese fund management firm with over $1 billion asset under management.

With regard to the funding, Alvin Yuan, chief executive officer of HealthMetrics told the media, “We would like to express our gratitude towards ACA Investments for their confidence in us as we continue striving to make a difference in employee health and wellness at home and across the region. We founded HealthMetrics to ensure that companies are able to manage their employee health and wellness benefits with ease, in a more streamlined and cost-effective way.

“Our aim was and still is to introduce innovative digital processes to companies for higher efficiency and productivity. Bringing strong new investors and strategic partners into the HealthMetrics family allows us to continue innovating on our successfully proven approach on corporate healthcare.”

The healthtech company will use the funds to expand in the region as well as for product development.

“We want to enhance our solutions to provide best-in-class user experience in health benefits whilst improving cost efficiency in corporate healthcare investments,” Alvin added.

The Kuala Lampur-based company connects its clients to its healthcare partners and offers both parties access to related data analysis. Its list of clients include PricewaterhouseCoopers, Family Mart, Star Media Group, and Pullman Hotels, among others.

Asia’s largest privately owned healthcare group IHH Healthcare recently announced that they have acquired a 100 percent stake in Prince Court Medical Centre, which is a a 277 single-bed private healthcare facility located within the ‘Golden Triangle’ in Kuala Lumpur, for RM1.02 billion.

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The partnership between BookDoc and WeDoctor will see both parties joining hands to offer non-stop real-time online medical services to fight the novel coronavirus, which has affected around 3.85 million people worldwide and with casualties of around 270,000, as of today.

Both parties will launch the Global Consultation and Prevention Center (GCPC) which supports English-Chinese bilingual languages, and brings together medical resources from different regions under one platform.

In a statement, BookDoc said that the partnership with WeDoctor will see both parties work together to devise strategies to gain competitive advantage to reach out to medical tourists around the globe. The two companies will also leverage their technology, know-how and local knowledge to expand borderless healthcare.

BookDoc founder and chief executive officer (CEO) Datuk Chevy Beh said in a statement, “Growth prospects are positive for this sector over the long term, underpinned by demographics transition towards an increasingly globalised, ageing population, rising affluence, increasing life expectancy and a growing upper-middle income population. Southeast Asia’s medical tourism industry will continue to experience rampant growth, post Covid-19 recovery, driven by quality healthcare delivery services, competitive rates, and reputable medical expertise.

“We believe that partnerships will play an important role in achieving development and growth impact, meeting the business needs of a rapidly changing world, while at the same time improving healthcare delivery, delivering high-value care, and making equitable and affordable care a noble purpose.”

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Another factor contributing to increase in insurance premiums is the technological advancements in treatments followed by the increase in patient count. 

Malaysia is on the brink of entering the fourth industrial revolution, alongside 5G adoption. With growing demand for healthcare services, consumer groups and experts suggest that the government should ensure that healthcare costs remain low. 

Leading insurer AIA Malaysia sent a notice to clients stating that “With the number expecting to rise further and outpace the general inflation rate, we have to make the necessary adjustments to your medical plan’s premiums so that they can keep up with healthcare inflation.” 

According to data from the General Insurance Association of Malaysia, total health expenditures in 2018 reached $14.77 billion. Nearly 52 percent of that amount was paid by the government, while 32 percent of it was paid by individuals through private insurance, corporations and other agencies. 

Research by Fitch Solutions shows that healthcare services for the ageing population in the country will increase, with 15.3 percent of Malaysians set to reach 65 years and above by 2030. 

Last June, Health Minister Datuk Seri Dr Dzulkefly Ahmad had said that the aim is to build an efficient healthcare financing system involving the government, private sector and insurance companies, The Sun Daily reported. This system will help Malaysians receive proper treatment despite their financial setbacks. 

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According to local media reports, IHH Healthcare will sell its stakes in its assets in India at a much lesser price compared to the price it invested while acquiring those stakes.

Reportedly, bad management and friction between different promoters are some of the main reasons for IHH Healthcare to offload its assets in India.

IHH Healthcare acquired a 51 percent stake in India’s Continental Hospitals in 2015 for about $45.4 million and subsequently increased it to 62 percent. But since the acquisition, it is believed that the healthcare group has been in a dispute with Continental’s founder Gurunath Reddy with regard to management and operations.

In 2017, Gurunath Reddy approached the National Commission Law Tribunal to prevent a rights issue by IHH Healthcare; however, his actions were futile.

IHH Healthcare also acquired a 74 percent stake in India’s Global Hospitals for about $200 million in 2015. The healthcare group rebranded Global Hospitals as Gleneagles Global Hospitals in 2017.

Recently, Khazanah Nasional sold its stake in IHH Healthcare at a 20 percent premium to Mitsui. The stake sale is a part of Khazanah’s major restructuring programme. Currently, Khazanah owns a 26.05 percent stake in IHH Healthcare, whereas, Mitsui replaced Khazanah as IHH’s largest shareholder after the completion of the deal which increased its stake in the healthcare group to 32.9 percent.

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