Philips, EDBI Establish Digital Health Accelerator In Singapore

By Jof Enriquez,
Follow me on Twitter @jofenriq

Philips is making Singapore a launch pad for promising digital health firms who want to break into Asian markets by signing an accord with the government to co-invest in and mentor these startups toward maturity.

Under a memorandum of understanding (MOU) signed recently, Philips and EDBI, the venture arm of the Singapore Economic Development Board, will assist mid- to late-stage digital health companies in setting up base in Singapore, with the goal to serve the Asian market for population health management, according to the Shanghai Daily. Philips and EBDI will jointly evaluate and pick the startups to be included in the investment and mentorship program, which will focus on telehealth, healthcare informatics, and services that will improve healthcare outcomes for the aging population in Asian countries.

The amount the two organizations will invest was not disclosed, reports the Straits Times. The first group of startups to be selected for the program will be announced in the next few months.

“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, EDBI, in a statement. “Within Singapore’s pro-business environment, large corporations and fast growing companies can co-create novel high value solutions for the Asian market. We look forward to working closely with Philips on exciting investment opportunities.”

According to the EDBI website, for the last 25 years, it has made over 40 investments and attracted top-tier talent to make Singapore a premier hub for biomedical sciences in Asia, with a current focus on building new growth segments in digital health and medical devices. Many of the portfolio companies who have exited EDBI’s investment programs are now NASDAQ-listed.

Philips will provide selected companies access to its extensive business and sales network in Asia, as well as provide mentorship by helping them to develop the skill sets necessary to run a scalable and sustainable business, and to accelerate these businesses' growth plans.

Participating digital health firms will use Philips' HealthSuite Digital Platform – a secure, cloud-based solution that collects and analyzes health data from multiple devices – and in turn, be able to develop applications that will enhance and contribute to the platform, according to the announcement. The company also uses the platform to link health measurement devices in a "personal health programs" initiative for European patients. In a separate setup, the platform runs on the Amazon Web Services (AWS) system to collect and analyze personal health data from Internet of Things (IoT) devices to help people manage chronic conditions.

“Through this partnership with EDBI, we hope to fuel the growth of innovative digital health companies by enabling access to Philips experts, our ecosystem of healthcare solutions and our extensive global network,” said Fabian Wong, CEO of Philips ASEAN Pacific, in the statement. “This will bring us closer to achieving our vision to improving the lives of three 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. Ultimately, both EDBI and Philips are looking to build a robust digital health ecosystem to serve the needs of a growing and aging population in Asia.”

Singapore's advantages as a base for medtech operations include a workforce with high technical education, Association of Southeast Asian Nations (ASEAN) inclusion, centralized distribution for the rest of Asia, and a strategic location near many of the new industry market players in one of the world's highest-growth regions, wrote Fayer Consulting's Marissa Fayer in a recent MDO column.