<article>Singapore-based <a style="color: #000080;" href="http://dealstreetasia.com/tag/edbi" target="_blank">EDBI</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/royal-philips" target="_blank">Royal Philips</a> announced today that they aim to accelerate their joint investment alliance and work with more high-potential companies in the digital health sector.</article>

Singapore-based <a style="color: #000080;" href="http://dealstreetasia.com/tag/edbi" target="_blank">EDBI</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/royal-philips" target="_blank">Royal Philips</a> announced today that they aim to accelerate their joint investment alliance and work with more high-potential companies in the digital health sector.
This ambition complements Singapore’s <a style="color: #000080;" href="https://www.gov.sg/microsites/future-economy" data-saferedirecturl="https://www.google.com/url?hl=en-GB&amp;q=https://www.gov.sg/microsites/future-economy&amp;source=gmail&amp;ust=1488903236431000&amp;usg=AFQjCNH4htN9bJXPH4D66bAX0E8W9yAzvQ">latest Committee on the Future Economy (CFE) report outcomes</a> to strengthen its position as a digital health hub and also addresses the challenges associated with an increasingly ageing Asian population.
Singapore-based <a style="color: #000080;" href="http://dealstreetasia.com/tag/cxa-group" target="_blank">CXA Group</a>, an employee benefits and wellness marketplace platform, has also been identified as the first promising digital health company to benefit to receive funding from the alliance. Earlier this year, it <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/edbi-and-b-capital-co-lead-25m-cxa-group-series-b-64401/" target="_blank">secured funding</a> in a round led by <a style="color: #000080;" href="http://dealstreetasia.com/tag/b-capital" target="_blank">B Capital</a> and EDBI.
In early 2016, Singapore-based EDBI and Royal Philips announced their joint investment partnership to drive the creation and commercialisation of leading connected health solutions targeted at the fast-growing Asian healthcare market.
The alliance aims to help high-potential digital health companies build technological capabilities to innovate, scale up and expand regionally and globally in order to address the pressing healthcare needs of an ageing Asian population. This will also strengthen the local and regional healthcare ecosystem through collaborative innovation between local companies and multinationals.
“EDBI is heartened that our alliance with Philips has made headway in achieving our joint objective of supporting innovative digital health solutions,” said Choo Heng Tong, EVP (Investments) at EDBI.
Choo adds, “While there is significant value in harnessing data as a digital asset to better personalize health and wellness decisions for individuals, the Asian healthcare sector operates differently from the West where digital health solutions have taken root. We will continue to identify key game-changers which are capable of transforming Singapore’s healthcare sector with their disruptive technologies.”
The Digital Health market is projected to grow at over 25.9 per cent CAGR (compound annual growth rate) to reach $379 billion by 2024, according to a <a style="color: #000080;" href="http://www.prnewswire.com/news-releases/digital-health-market-size-to-grow-at-over-259-cagr-to-reach-379bn-by-2024-global-market-insights-inc-602612195.html" target="_blank">report</a> by Global Market Insights Inc.
Increasing demand for remote patient monitoring services, strong investment outlook and favourable government initiatives will drive the global digital health market size. The emergence of healthcare IT coupled with growing penetration of smartphones, tablets and other mobile platforms have led to increased adoption of new business models.
Digital technology has enabled people make smarter choices and receive products with value-added services, with digital health industry innovations including the integration of cloud-based technology into digital health systems and introduction of novel software&#8217;s like practice management, predictive analysis and care management software will serve as a high impact growth driver.
Commenting on this development, Caroline Clarke, CEO, Philips ASEAN Pacific, said, “We have a proven track record of working with healthcare partners across the world to deliver health programs with positive clinical outcomes for patients and economic benefits for our partners. It was therefore a logical next step for us to join forces with EDBI and use our expertise and capabilities to support high-potential digital health businesses and entrepreneurs in this way.&#8221;
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Singapore's EDBI and Royal Philips have expanded their investment partnership. 

Singapore: EDBI & Royal Philips expand investment partnership

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