Bumrungrad Hospital Pcl, a Thai listed private hospital, has agreed to acquire a 30 per cent stake in Singapore-based medical app developer iDoctor Pte Ltd for $3 million, according to a disclosure to the Stock Exchange of Thailand on Thursday.
Bumrungrad’s managing director Linda Lisahapanya said that the deal offers an opportunity for the hospital to expand its business into the digital market so its medical services could be reached via smartphones.
“The Board of Directors has considered and is of the view that it is a low risk investment and helps diversify our business into a different market. In addition, it is a good start as we need not develop the application ourselves,” she said in the disclosure.
iDoctor, incorporated in November 2016, is a medical software and programming developer. It was founded by Jaren Siew, who will own the remaining 70 per cent stake after the share transfer is completed.
According to Siew’s LinkedIn profile, he also founded Doctor Raksa, which claims to be Thailand’s first on-demand telemedicine app. The app allows users to consult with their doctors through text, audio or video calls from home.
As one of the largest private hospitals in Southeast Asia with 580 beds and more than 30 specialty centres, Bumrungrad said it will fund this investment with its internal cash flow. The hospital currently has 1,300 physicians, serving 1.1 million patients annually.