- MoU to create healthcare business opportunities and bolster local expertise
- To also strengthen Singapore’s position as one of Asia’s leading digital health hubs
NETHERLANDS-based Royal Philips and EDBI, the corporate investment arm of the Singapore Economic Development Board (EDB), will jointly invest in select, high-potential digital health companies from around the world seeking to break into the Asian market through Singapore.
The two parties have signed a Memorandum of Understanding (MoU), Philips said in a statement.
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 (PHM).
The agreement will also create business opportunities, advance the local healthcare ecosystem, and strengthen Singapore’s position as one of the leading digital health hubs in Asia, Philips said.
“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,” said EDBI president and chief executive officer Chu Swee Yeok.
“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.”
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, Philips said.
Meanwhile, Philips will provide mentorship to awarded companies, helping them develop the necessary skillsets required to run a scalable and sustainable business.
These companies will also be able to use the Philips HealthSuite Digital Platform, a cloud-based solution that collects and analyses health data from multiple devices, and to develop applications that will enhance and contribute to the platform.
These companies will also gain access to Philips’ global network of business partners, customers and channels, the Dutch company added.
“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 Philips Asean Pacific chief executive officer Fabian Wong.
“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,” he added.
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