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Philips, Singapore's EDBI jointly invest in digital health companies as healthcare demand in Asia rises with ageing population

Xinhua, January 13, 2016 Adjust font size:

Dutch electronic giant Royal Philips and EDBI, the corporate investment arm of the Singapore Economic Development Board, have signed a Memorandum of Understanding (MOU) to jointly invest in digital health companies to seek break into the Asian market through Singapore, according to a joint press release on Wednesday.

Under the MOU, EDBI and Philips will focus on mid-to-late stage digital health companies, allowing them to set up base in Singapore with the goal to serve the Asian market for population health management.

Having been involved in supporting the Biomedical Sciences sector over the last 25 years, EDBI will leverage its investment network globally and in the region to accelerate the awarded companies' growth plans. Companies will also benefit from EDBI's connections to key local and regional stakeholders to aid their business development efforts and seize new market opportunities in Asia, according to the press release.

Awarded companies will benefit from the Philips HealthSuite Digital Platform -- a cloud-based solution that collects and analyzes health data from multiple devices, as well as gain access to Philips' global network of business partners, customers and channels.

"As the first of many alliances to support open innovation by large corporations in Singapore, we are pleased to partner Philips for joint investments in PHM companies. This partnership seeks effective uses of IT, like telehealth, which empower patients with greater responsibility over their health, in line with Singapore's vision of creating citizen-centric healthcare services where healthcare is moved from hospitals to community and homes," said Chu Swee Yeok, CEO and president of EDBI.

"This (partnership) will bring us closer to achieving our vision to improving the lives of 3 billion people a year by 2025, while developing Singapore's workforce to further strengthen the country's position as the leading medical hub in Asia," said Fabian Wong, chief executive officer of Philips ASEAN Pacific.

The companies will be jointly evaluated and selected by EDBI and Philips based on their ability to drive disruptive innovations in telehealth, healthcare informatics, technologies and services that will improve healthcare access, outcomes and productivity challenges in Asia. Endit