Medix Global Mulls $20-30 Mn Investment in 'Innovative Local HealthTech' Cos
Medix Global, a leading provider of innovative, high-quality, medical management solutions around the world sees India as a 'strategic market' for further growth. The innovative digital health management solutions provider has a customer base of over 7 million and is spread across 90 countries. Medix Global says it aims to play a significant role in the Indian healthcare ecosystem.
“We see India as an important and strategic market for us and have a structured roadmap of expansion from both a geographic and services portfolio perspective. We have established our first office in Mumbai in June last year and are looking forward to working with partners and different stakeholders in the eco-system,” said Sigal Atzmon, Founder & CEO, Medix Global.
The company plans to eventually start operations in six other major cities. For now, it is offering its 'Prevention & Early Detection Service' (which focuses on managing risks of developing cancer, cardiovascular, stroke and diabetes) and its 'Personal Medical Case Management' service for clients.
“Our service offerings vary slightly depending on the market, but our range of services includes personal medical case management & navigation services; disease prevention management services; medical concierge & medical tourism, digital health & AI driven solutions; home care, clinical strategy and medical governance services. Of course, we are also tailoring various propositions specifically for the market in India and we look forward to sharing more on that soon,” added Atzmon.
The company is currently in talks with some of the largest corporates and insurance providers to connect with patients in India.
“We are closely following the recent announcements and plans from both the central and state level in India focusing on digitalisation of the healthcare sector in India which is very much aligned with our service offering and activities. Our primary business model offers reach and creates a wider impact through strategic partnerships with large health and life insurance companies, large corporates and employers and public health organisations,” stated Atzmon.
Besides the planned investments for expanding Medix' own infrastructure in India, the firm is looking to invest $20-30 million in innovative local health tech start-ups through Medix Ventures, a venture capital fund of the Medix Group. Earlier in April this year, they also hosted their inaugural Digital Health Innovation Challenge India which received a positive response with over a hundred startups participating for a chance at potential funding and partnership opportunities.
“There is now an understanding from regulators, patients, providers and payers both government and private insurers, that there is a strong and immediate need for rapid digitalisation and a fundamental change in the way we consume and provide healthcare services. The pandemic has accelerated this transition towards digitalisation and remote care solutions.”
“Insurers are looking at both new technologies and partnerships that they can forge to offer their customers innovative remote services that are accessible, quality-driven, and affordable. In addition, insurers also need to look at how they design the benefits in the products to have more flexibility to allow coverage of reimbursement of digital and remote solutions and not only services provided in brick and mortar facilities,” added Atzmon.
