Efficient Healthcare Hong Kong Leads the Global Healthcare Efficiency Incorporating

Keep calm and carry on investing An outbreak of litigation Ping An Good Doctor Frank Tsui explains how the Coronavirus has affected Peter Rudd-Clarke on litigation risks Oliver Wang on Covid-19 and markets and says that growth is likely to rebound when responding to an epidemic his expansion plans for Asia

MARCH 2020 | Volume 1 | Issue 10 HealthcareMarkets international Investing in healthcare globally

Xxxxx xxx xx xxxxxxx In focus Efficient healthcare Hong Kong leads the global healthcare efficiency incorporating

index. What will it take to stay on top? TM It’s the deal of your life, so make it count

Whichever route you might consider taking, we know that a successful transaction ultimately comes down to diligent preparation, a sound strategy, optimal timing and world class deal advice. Our Road to Exit guide provides a four-stage roadmap which focuses on all of the ways to successfully execute a deal. An exit may be the biggest deal you ever make, so it’s vital to do it right. If you’d like to find out how best to maximise value in your business or to prepare it for sale, contact Khush Purewal, Partner, KPMG at [email protected] It’s your life’s work, value it. kpmgenterprise.co.uk/road-to-exit

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© 2019 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. CREATE. | CRT114157A | May 2019 Introduction It’s the deal

In this issue of Healthcare Markets international we are looking at Hong Kong and, because of current circumstances, of your life, so Covid-19. Ping An Good Doctor’s Oliver Wang talks about how the company has stood up to the Coronavirus (p26). SR Dinesh, vice president and business head of healthcare at Frost & Sullivan, make it count writes about the challenges facing the health sector in Hong Kong (p30). Peter Rudd-Clarke, legal director at RPC, talks about litigation risks when responding Whichever route you might consider taking, to an epidemic (p34). we know that a successful transaction And Frank Tsui, senior fund manager at ultimately comes down to diligent preparation, Value Partners in Hong Kong, explains how the Coronavirus has affected markets. a sound strategy, optimal timing and world class deal advice. Our Road to Exit guide provides a four-stage roadmap which focuses on all of the ways to successfully execute a deal. An exit may be the biggest deal you ever make, so it’s vital to do it right. THE EPIDEMIC HAS If you’d like to find out how best to maximise INCREASED PEOPLE’S value in your business or to prepare it for sale, ACCEPTANCE OF contact Khush Purewal, Partner, KPMG at [email protected] ONLINE HEALTHCARE,

It’s your life’s work, value it. Oliver Wang, p26 kpmgenterprise.co.uk/road-to-exit

Ping An Good Doctor is an online healthcare services platform kpmg.co.uk/midlandscorporatefinance The world is facing a shortage of high-quality healthcare resources

laingbuissonnews.com | MARCH 2020 | 3 Contents Investing in healthcare globally

Meine Radiologie growing, Could there be an outbreak of litigation in the wake of the Coronavirus? p8 p34

Regulars ‘The offline public healthcare system cannot meet people’s 20 growing demand for healthcare 6 Insight services.’ News Keep clam and carry on investing Oliver Wang, PAGD UAE NMC in muddy waters Frank Tsui of Value Partners France MedEuropa to expand Germany Meine Radiologie buys Sweden EQT exiting Lima 34 50 France Vygon takes over APD Inlaw IMTJ Netherlands Korian’s plans Coronavirus and litigation Exclusive medical tourism news Spain KKR pulls out of Dentix deal Peter Rudd-Clarke of RPC from the International Medical Finland Terveystalo buys in Varkaus Travel Journal Africa UKEF supports projects Africa 54gene Nigerian study 37 Egypt Speed Medical signs MoU Inbusiness 53 Latest deals, results and news In post Who’s on the move in healthcare This month…

This month, HMi planned to focus entirely on Hong Kong. But half-way through February, the issue was hijacked by the Coronavirus, Covid-19. COMMUNITY On the Monday before we go to press, 68 countries have reported more Follow us than 89,000 cases and more than 3,000 people have died. Indeed, this @HealthcareMar10

issue of HMi is one feature short – a correspondent in Hong Kong was unable Join LaingBuisson’s to deliver her story because she was struck down by the illness, though linkedin group at thankfully she is improving. linkedin.com/company/ Editor, Adrian LaingBuisson At the start of the month, markets were at a record high, but as I type this, Murdoch looks the S&P 500 has reported its biggest weekly crash since 2008. Visit HMi’s blog at this edition’s laingbuissonnews.com Some countries and healthcare services around the world have reacted key issues well. Singapore, for example, has been applauded for the way it has handled the crisis. And as a company, Ping An Good Doctor (PAGD) has stood out. As chief executive Oliver Wang tells us, PAGD has set up free consultation hotlines and online consultations, it has joined hands with 56 provinces and it is working with over 30 leading enterprises. If any good can come out of this crisis, it might be the final acceptance of online healthcare.

4 | MARCH 2020 | HMi - LaingBuisson HMi Healthcare Markets international APRILMARCH 2019 2020 Vol. 1 Iss.1Iss. 10

Oliver Wang, Ping An Good Doctor, Hong Kong efficiency in healthcare, EDITOR p26 p30 Adrian Murdoch [email protected] +44 (0)20 7923 5340

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UAE NMC boss axed and shares suspended Trading in the shares of NMC Health has been suspended and chief executive Prasanth Manghat has been removed with immediate effect (26 February). The London-listed company also announced that its chief financial officer, Prashanth Shenoy, had been granted extended sick leave. The board has asked Michael Davis, current chief operating officer, to assume the position as interim CEO (10 February) that it had shareholder that was guaran- even more damning than our for the foreseeable future. ‘received highly preliminary teed by NMC, but was not initial report was.’ The private healthcare approaches from Kohlberg approved by the board or Trading in the shares of operator has been facing se- Kravis Roberts [KKR] and disclosed to the market. NMC have been suspend- vere scrutiny since December GK Investment regard- The draw-down on the ed in the wake of this even when US short seller Muddy ing possible offers for the facilities as of 31 December deeper financial scandal. Waters published a damaging company.’ 2019 was approximately In a statement, NMC said report calling into question That glimmer, however, US$335m and the current that the Financial Conduct the company’s finances and had faded slightly by the draw-down on the facilities Authority had agreed to its governance, resulting in following day after private is the subject of ongoing request for the temporary NMC commissioning an equity giant KKR denied verification. suspension of its shares ‘to independent review into its that it had made a proposal James Vane-Tempest, ensure the smooth operation finances led by former FBI ‘nor discussed with NMC the analyst at Jefferies, said in of the market’. director Louis Freeh. terms of any possible offer’. a report, however, that it The company said that it When published in More to the point, it said estimates US$2.5bn of total is focused on providing addi- mid-December, Muddy that it did not intend to make debt. tional clarity to the market as Waters said that it had ‘seri- one. ‘As NMC states that the to its financial position and ous doubts about the compa- On the other hand, GKSD current drawdown of supply to restoring its admission to ny’s financial statements, in- Investment, which is backed chain facilities is unknown, trading. cluding its asset values, cash by sponsors of Italy’s Gruppo we assume $2.5bn of total Founded in 1974 in Abu balance, reported profits, and San Donato, confirmed its debt. We also believe it may Dhabi, NMC owns and man- reported debt levels.’ interest. It admitted that GK be prudent to consider the ages a network of hospitals, The due diligence specialist Investment, as its adviser, possibility that at FY there medical centres and fertility went on to say that NMC had made the approach on may be some adjustments to clinics across 19 countries. It had ‘deliberately understated’ its behalf and it was ‘in the profitability,’ he said. listed in London in 2012. its debt by around US$320m. preliminary stages of consid- As a result of these issues Since then NMC’s share ering an offer for NMC’. and a belief that the inde- have lost around 70% of The company has been pendent review has been their value. dealt yet another blow obstructed, one member of This past month the largest following an update from NMC’s treasury team has healthcare operator in the the independent review been suspended, and the UAE has seen its shares value committee. company does not expect to continue to plummet and Interim findings pub- be in a position to publish its founder and chairman, lished on 26 February raised its FY2019 before the end of BR Shetty resign, along with potential discrepancies April. three other significant share- and inconsistencies in the In response to the chang- holders and board members. company’s cash position and es, Carson Block, founder There had been a glimmer uncovered a supply chain of Muddy Waters, said: ‘At of hope for the compa- financing arrangement under- this point, the company’s ny and its shares jumped stood to have been used by announcements speak for Prasanth Manghat, removed from following an announcement its founder as well as a major themselves and seem to be his role as CEO at NMC

6 | MARCH 2020 | HMi - LaingBuisson EUROPE Shake out in diagnostic services continues Private equity firm Cinven is Led by Mathieu Floreani, merged the two groups. looking to exit Germany lab- Munich-based Synlab is pres- The Synlab sale is part of oratories group Synlab via an ent in more than 40 countries a broader shakeup in the initial public offering, just as across four continents and European diagnostics market Apax Partners looks to sell claims a leading position in which remains fragmented. its stake in Swiss diagnostic most markets. Apax Partners-owned services provider Unilabs. It has annual sales on Swiss diagnostic services pro- Reuters reports that around €2bn (US$2.2bn) vider Unilabs is also up for Cinven has appointed Cinven has held Synlab sale. Rothschild is managing boutique investment bank since June 2015, when it the deal. Lilja to help and could pull acquired the group from BC Market rumour suggests the trigger on an IPO in the Partners for €1.8bn, soon that some of the larger second half of the year. after it had acquired French private equity players are Mathieu Floreanir, The company is also look- medical diagnostics provider considering whether the two chief executive, Synlab ing at a trade sale. Labco for €1.2bn. It then companies could be merged.

GERMANY GERMANY Quadriga Capital buys 3B Scientific acquires Medical Senioren-Park iSimulate

Quadriga Capital has ac- Rheinland-Pfalz. 3B Scientific, a manu- reach US$2.3bn by 2021, quired the Medical Senior- Kathrin Ludwig, managing facturer and marketer according to a 2016 Mar- en-Park chain of care homes, director, has been with the of anatomical models ketsandMarkets report. together with six inpatient care provider for almost 20 and medical simulation After the deal closes, facilities from care home years and will continue to products for healthcare founders Peter McKie, group Convico. manage the operational busi- and patient education, Anthony Lewis and Bobby ‘The Medical Senioren- ness. The previous owners is to acquire iSimulate, a Syed will remain active in Park Group is a very suc- Rita and Tadeusz Cymerman leader in clinical education the company and continue cessful family business with will retain close ties with the technology. to drive the business plan a unique culture. Quadriga company. In the future, they ‘iSimulate has revolution- for iSimulate. Capital’s participation will intend to support the group’s ised simulation training in iSimulate operations will give the newly formed nurs- organic growth by focusing healthcare through its cre- remain unchanged and will ing home operator the oppor- on the further development of ative simulation solutions continue to be based in tunity to become a leading Medical Senioren-Park’s real including ALSi, REALITi, CTGi both Canberra, Australia, nationwide service provider estate. and AURiS,’ said Todd Mur- and Albany, New York. in the long term through Convivo has been active in ray, chief executive of 3B The acquisition will close targeted acquisitions and new the care market for over 25 Scientific. ‘We are extremely by the end of the first homes,’ said Quadriga part- years and currently combines excited to further develop quarter. ner Philip Matlachowsky. 100 care facilities, residential the 3B Scientific platform Gibson, Dunn and Crutch- The Medical Senioren-Park communities, outpatient care and add the great products er and Clayton Utz are legal Group is a family business services as well as facili- and people of iSimulate to advisors to 3B Scientific. founded by Rita and Tadeusz ties for serviced living and our company. Schwartz Heslin is financial Cymerman with around 800 alternative forms of housing The healthcare simulation advisor to iSimulate, and employees. Over the past for senior citizens in ‘Convivo market has experienced sig- Pepper Hamilton and Minte- 20 years, the company has Parks’. The six transferred nificant growth in the past rEllison are serving as legal specialised in the acquisition, facilities cater to more than decade and is estimated to advisors to iSimulate. construction and operation of 700 residents in Nordrhein- care facilities and real-estate. Westfalen, Rheinland-Pfalz, The group owns five care fa- Niedersachsen, Schleswig- cilities with over 550 beds in Holstein and Hamburg. Hessen, Nordrhein-Westfalen Convivo will continue to and Bavaria as well as a provide operational support rehabilitation clinic providing to these facilities during a treatment for women with transition phase to ensure the addiction problems with greatest possible continuity over 60 therapy places in for residents and staff.

laingbuissonnews.com | MARCH 2020 | 7 News

GERMANY Meine Radiologie acquires Strahlentherapie

Meine Radiologie has ac- Deutsche Radiologie, Meine quired the Strahlentherapie Radiologie was founded Augsburg. Financial terms in 2017 in Frankfurt. The for the deal have not been company describes itself as disclosed. accompanying ‘radiological, Strahlentherapie Augsburg nuclear medicine and radio- was founded by radiation therapeutic practices on the experts Jörg Hombrink, Chris- path to succession plan- toph Reiter and Hubert Gilg ning as a financially strong and is regarded as one of the investor and professional leading practices for radia- management partner’. tion therapy in Germany. Triton invested in the com- Formerly known as pany in January last year.

SWEDEN FRANCE

EQT to exit Lima MedEuropa to expand in France Corporate MedEuropa has acquired the three entities will form a EQT is looking to exit radiotherapy centre Cen- group operating six treatment ‘We look forward to the tre Catalan d’Oncologie in machines treating a total of long term cooperation its investment in Italian Perpignan. 2,900 patients per year. with the MedEuropa orthopaedic implant Investment house Ardian The Centre Catalan d’On- management team and manufacturer Lima provided the loan to support cologie centre is located in Telemos Capital.’ Corporate, according the acquisition which also Perpignan, in the South of to Bloomberg. The includes a committed acquisi- France. It focuses on radio- tion facility to finance future therapy treatments through Swedish investment build-ups. the operation of linear accel- local reputation in the firm took a majority Headquartered in erators, treating a total 1,800 Pyrenées-Orientales region. stake in the San Switzerland, the MedEuropa patients. Law firms Winston & Daniele del Friuli-based platform was founded in It also provides some Strawn and Willkie Farr & company from Ardian in 2017 by Telemos Capital. chemotherapy treatments Gallagher served as advisors December 2017. It is a European cancer care in a more limited manner. for the buyer while the target company with a strong focus Centre Catalan d’Oncologie was advised by Lamartine Lima Corporate is a on radiotherapy. Perpignan enjoys a strong Conseil and Seido Avocats. global medical device The network was initially company providing created through the acqui- reconstructive sition of two radiotherapy orthopaedic solutions centres in Germany in January to surgeons. Its product 2019. ‘We look forward to the range includes large long term cooperation with joint revision and the MedEuropa manage- primary implants and ment team and Telemos complete extremities Capital, valuable partners solutions including with strong expertise in the European healthcare services fixation. market. We are convinced Bloomberg reports that that MedEuropa will achieve EQT is looking at a trade further growth via strategic sale and IPO. Lima acquisitions in the fragment- Corporate’s valuation ed European radiotherapy could top US$1.1bn. market,’ said Guillaume Chinardet, head of Ardian Morgan Stanley is Private Debt France. advising EQT. The combination of all

8 | MARCH 2020 | HMi - LaingBuisson SWITZERLAND Takeover talks NORWAY Litorina acquires for SHL Medicine Klinikk For Alle

Swiss-listed Israeli medtech of rumours of a takeover for Swedish private equity firm awareness and acceptance of firm SHL Telemedicine has more than a year. Litorina has acquired Klinikk the specialised and preventive confirmed that it has been The company said that it For Alle (KFA), a provider care which physical manual in discussions regarding a has been in discussion with of physical manual therapy therapy offers. As the market is possible merger or a takeover Israel-based nursing and HR treatments in Norway. very fragmented, it added, KFA transaction. specialists Danel. ‘We plan for a rapid roll-out is well-positioned as the domi- The company develops ‘At this point, the par- of clinics in Norway and inter- nant player to continue driving personal telemedicine systems ties have not yet taken any nationally, with Sweden being consolidation and development and the provision of medical decision nor entered into any the next step on this growth of the profession. call centre services, focused binding obligation with regard journey,’ said Litorina partner Litorina currently has on cardiovascular and related to the realisation of such Gustav Thott. SKr8bn (US$840m) in assets diseases, to end-users and to transaction. SHL will further Founded in 1989, it is the under management across five the healthcare community. inform the market as re- market-leader provider of phys- funds. SHL has been the subject quired,’ it said in a statement. ical manual therapy treatments in the country. It performs around 425,000 treatments per year across its 30 clinics, and with an annual turnover of Kr300m (US$33.7m). In a statement Litorina said that the market for physical manual therapy is characterised by low cyclicality and a strong growth outlook primarily driven by an ageing population, SHL Medicine’s app-driven Gustav Thott, solutions increasing obesity, lack of phys- partner, Litorina ical activity, as well as increased FRANCE Vygon takes over APD Single-use medical devic- the most critically ill hospital es group Vygon has taken patients. There are currently over Lyon-based start-up no professional tools for Advanced Perfusion Diagnos- continuous real-time monitor- tics (APD), which specialises ing of visceral microvascular in the development of mon- blood flow in shock states. itoring solutions for critical IKORUS addresses an unmet care and the operating room. need in anaesthesia and criti- Financial terms of the agree- cal care. ment have not been disclosed. It obtained CE marking in ‘This acquisition is in line June last year, enabling the with our strategy of external launch of an expanded clinical growth. APD is an ideal fit for trial phase with several lead- our vision and a start-up that ing European centres. we have been keeping an eye The APD acquisition on for some time,’ said Vygon follows the start-up’s entry chief executive Stéphane into receivership in October. Regnault. He added that The takeover of the company manufacturing of the monitor includes technology, patents would be brought in-house and the onboarding of APD’s this year. staff. APD, founded in 2014, has In October Vygon acquired developed IKORUS, a device Italian firm Pilot, which spe- that detects changes in visceral cialises in electrocardiography Stéphane Regnault, microvascular blood flow in guidance (ECG) devices. chief executive, Vygon

laingbuissonnews.com | MARCH 2020 | 9 News

NETHERLANDS Korian expands in the Netherlands

Ten months after entering It has also reached an the Dutch market, Korian agreement with Ontzorgd Group, Europe’s largest re- Wonen, the largest private tirement home operator, has operator in the Netherlands acquired two networks and to acquire five facilities close diversified into independent to Amsterdam. An additional living and rehabilitation acquisition of seven facilities centres. is currently under exclusive Korian will acquire nine discussions with the vendor. assets – three existing ones Financial terms for none of and six sites under develop- the deals have been disclosed. ment from Het Gouden Hart, In June last year, the group a family-owned company entered the market through that has specialised in care the acquisition of Stepping specialised in the care of network is expected to reach residences. The founders will Stones, which operates Alzheimer’s, from Gilde. around 25 homes by the end stay on with Korian. 14 residential facilities The Stepping Stones of 2021.

SPAIN KKR pulls out of deal with Spanish dental chain Dentix US investment firm KKR the Spanish dental company Muriel, to acquire a majority that this will continue to be has pulled out of its deal earlier in February. stake in the company. the case in this new phase with Spanish dental clinics KKR and Enrique Francia The transaction was made of growth to lead the dental operator Dentix. have resigned from entering through funds managed by business.’ The news comes short- Dentix after verifying the KKR and aimed to support In April, Dentix hired Roth- ly after KKR and Dentix real situation of the com- the growth of the dental schild to carry out a 30% announced the appointment pany during the mandatory clinic network. capital increase, with the of Enrique Francia as the due diligence, Europa Press KKR has supported Dentix goal of continuing to open new chief executive officer of reports. since 2016 when the firm clinics in order to go public in KKR said that it had been granted it a long-term loan. five years. ‘KKR and Enrique provided with erroneous Ángel Lorenzo, president Founded in 2010, Dentix Francia have resigned and/or incomplete financial and founder of Dentix, said: has a network of more than from entering Dentix information. ‘KKR has worked closely with 350 dental practices located after verifying the In December, KKR reached me since 2016 and we have throughout the UK, Spain, real situation of the an agreement with Dentix created a successful rela- Portugal, Italy, Mexico, Co- company.’ founder Angel Lorenzo tionship and I am confident lombia and Chile.

FINLAND Terveystalo buys physiotherapy centre in Varkaus Terveystalo, the country’s of wellbeing programmes largest healthcare servic- of pioneer companies has es company, has acquired increased,’ said Hanna Varkauden Fysiokeskus Oy, a Puhakka who is in charge private physiotherapy centre of Terveystalo’s well-being in Varkaus. operations. The company employs She added that five physiotherapists and Terveystalo employs more one osteopath. Last year, than 1,000 experts in this the company’s revenue field: as physiotherapists, was approximately €0.4m psychologists, psychother- (US$0.4m). apists, dieticians and more ‘People are increasing- than 100 trained mas- ly interested in their own seuses at its Rela-hierojat Varkaus, Finland wellness, and the number Terveystalo subsidiary.

10 | MARCH 2020 | HMi - LaingBuisson DOMINICAN REPUBLIC

AFRICA Fresenius Kabi expands in the Dominican Republic UKEF supports projects Fresenius Kabi, the German equipment, plasma kit as- Dominican Republic will in Ghana and Zambia group’s blood transfusion sembly lines and sterilisation increase our ability to pro- business, has opened a units that double the clean- duce and supply essential British export credit €30m (US$33m) expansion room and storage capacity. products for patients around agency UK Export Finance The site also includes a large the globe,’ said Christian of the company’s production (UKEF) has provided site in Haina, just outside warehouse. Hauer, president transfusion the Dominican Republic’s ‘Broadening our pro- medicine and cell therapies £354m (US$461m) capital and biggest city, duction activities in the division. to support healthcare Santo Domingo. projects in Ghana and Fresenius Kabi’s first Zambia. In Ghana, plant building at the Haina site, which opened in 1987, support worth £110m will covers around 18,000 square enable the upgrade and meters. The €30m expansion construction of a hospital. doubles the size of the site’s Contracta Construction newer, second plant building to around 15,000 square UK will upgrade Kumasi meters. teaching hospital, the The new space hous- main regional hospital for es advanced production the Ashanti region in south Ghana, creating 750 beds for maternity care. ‘The modernisation of Kumasi Teaching Hospital and airport terminal will bring real benefits and we are pleased to be leading on their delivery,’ said Fabio Camara, director at Contracta Construction UK. And in Zambia, a direct loan of £244m will support the design, SOUTH AFRICA construction, equipping Mediclinic finally takes over Matlosana and operation of 108 rural healthcare clinics and South African healthcare rius, chief executive officer of said denied that the proposed three hospitals by NMS. group Mediclinic Interna- Mediclinic Southern Africa. merger would have any nega- tional has finally received The acquisition includes two tive effects on competition and Each rural clinic will be approval for its proposed multi-disciplinary hospitals: argued that it would lead to a powered by solar energy, acquisition of a controlling the 185-bed Wilmed Park number of efficiencies. These ensuring renewable, share in Matlosana Medical Hospital and the 62-bed Sun- included improved costs of reliable power in remote Health Services, based in ningdale Hospital. In addition, procurement and increased areas. Klerksdorp in the North-West the acquisition includes a 51% clinical quality and patient Province of South Africa. share in the 50-bed Parkmed experience at the target ‘This high social ‘We are delighted to expand Neuro Clinic psychiatric hospitals. impact project will be our current care offering hospital. There had been concerns transformational on within the North West Province The proposed merger was that the takeover would give healthcare and the of South Africa. Mediclinic announced in September Mediclinic an almost two- remains focused on deliver- 2016. A year later, in June thirds market share in the lives of local people, ing high-quality healthcare 2017, the Competition Com- area. especially in remote services across the continuum mission recommended that The existing management areas,’ said Frederik Hsu, of care and an excellent client the merger be blocked. The team at the hospital will deputy chairman, NMS experience,’ said Koert Preto- companies appealed. They remain in place. Infrastructure.

laingbuissonnews.com | MARCH 2020 | 11 News

AFRICA 54gene launches Nigerian genetic study

African-focused healthtech genomics and AI start-up 54gene is to launch the African Centre for Transla- tional Genomics (ACTG), an initiative which will facilitate translational genomics research by African scientists. ‘Through this consortium, we aim to engage senior scientists that have made their mark in the field of cardiometabolic research in teaching hospitals across the country to ensure repre- sentativeness and quality,’ Leading members of the steering committee said Babatunde Lawal Salako, director-general of the Nigeria Institute of Med- ical Research and co-leader students. Additionally, to understand the genetic Development Agency’s Cen- of the steering committee. the initiative will facilitate basis of the highly prevalent tre for Genomics Research The establishment will precision medicine across non-Communicable Diseas- and Innovation, Abasi also re-invest in the health continental Africa. es (NCDs) in Nigeria such as Ene-Obong, chief executive ecosystem by empower- The ACTG will fund cancers, diabetes, Alzheim- of 54gene, Segun Fatumo, ing the next generation of its first study under the er’s, chronic kidney and assistant professor at the African genomic scientists Non-Communicable Diseas- sickle cell disease, among London School of Hygiene through the provision and es - Genetic Heritage Study others. and Tropical Medicine and implementation of grants, Consortium. This will see Alongside Salako, the Omolola Salako, consultant fellowships, internships over 100,000 Nigerians steering committee is made oncologist at the College and training for medical participate in the epony- up of Oyekanmi Nash, direc- of Medicine, University of researchers, trainees and mous study which will seek tor of National Biotechnology Lagos.

EGYPT MALAYSIA Speed Medical signs MoU Symphony sells down with El Dakhakhny Laboratories stake in IHH

Egyptian healthcare group period before conducting London listed strategic Symphony International Speed Medical has signed an evaluation of a potential investment company Sym- invested US$50m in a memorandum of under- acquisition. phony International has IHH’s Turkish subsidiary, standing (MoU) with El At the start of the month, sold down its stake in IHH Integrated Healthcare Dakhakhny Laboratories. the Cairo-based healthcare Healthcare, Asia’s largest Hastaneler Turkey, in Under the agreement, group announced it was healthcare company at a February 2012 that was Speed Medical’s name will looking to more than triple profit. later converted into shares be added to El Dakhakhny its capital to E£213.9m ‘Symphony International in IHH at the time of IHH’s Laboratories, the company (US$13.5m) as part of a completed another initial public offering later said in a bourse disclosure company expansion. successful exit that has the same year. on 16 January. It intends to increase its provided strong risk- Symphony has exited the The medical laboratory capital by E£142.6m during adjusted returns. The shares in IHH through a testing company’s name 2020, by selling two-for-one healthcare sector in Asia series of partial sales since will be changed to Speed El shares at E£0.20 each. No remains attractive and we 2015 that has generated Dakhakhny Laboratories, date as yet been set. will continue to explore new an annualised return of the statement added. During the first nine opportunities to strategically 11.2% over a period of Speed Medical said that it months of 2019, the build on our portfolio,’ said approximately eight years will manage El Dakhakhny company logged a 49.2% Anil Thadani, chairman of or 1.8 times the cost of Laboratories for a trial jump in profits to E£16.4m. Symphony Asia. investment.

12 | MARCH 2020 | HMi - LaingBuisson UAE UAE Aster gets government Al Hosn Hospital partners approval for 100% ownership with Spanish hospital group

Aster DM Healthcare has Azad Moopen, founder been granted 100% legal chairman and managing ownership of its business director of Aster DM, said: in Dubai by the UAE govern- ‘Dubai is a significant market ment. for us as it contributes almost The completion of the 80% to our GCC business. I transfer of 100% legal thank [the rulers of UAE] for ownership of the subsidiaries this forward-looking change in Dubai is expected to in law which will give impetus conclude by the end of the for more investments into the current financial year. country.’ Quirónsalud Barcelona Hospital Previously, as per UAE law Headquartered in Dubai, requirements, nationals of the Aster DM Healthcare is UAE were required to be the one of the largest private legal or registered owners of healthcare service providers Abu Dhabi-based Al Hosn hospitalisation. UAE companies and foreign operating in multiple GCC Hospital Surgery Center ‘This collaboration investors were only allowed to states, extending across has signed a partnership paves the way for deeper hold up to a maximum 49% nine countries in the UAE, agreement with Quironsalud, ties between Spain and the stake in a company. Oman, Qatar, Bahrain, Saudi Spain’s largest private hospi- UAE and will also help As part of recent Arabia, India as well as the tal group. achieve growth and progress developments, however, the Philippines. Under the agreement, for the medical fields of UAE government has granted As HMi reported in August, Quironsalud doctors will both nations,’ said Sheikh approval of 100% ownership Aster DM intends to expand visit Al Hosn Surgery Center, Abdulla bin Butti Al Hamed, to foreign companies in into India and open four new while Al Hosn Surgery chairman of the Department approved sectors, including multi-speciality hospitals. Center will send physicians of Health in Abu Dhabi. the healthcare sector. for short observational Quironsalud operates training in different 50 hospitals and 90 health specialities to be done in the centres across Spain. It has Quironsalud Hospitals in been owned by Germany’s Barcelona. Fresenius since 2016. It will also treat Most recently, patients referred to by Al Quironsalud has been Hosn Hospital Surgery expanding in Latin America. Center, including medical It acquired two hospitals or diagnostic tests, in Colombia and the supplementary tests, diagnostics group CediMed surgical interventions, and in November.

UAE American Hospital Dubai to launch several new technologies

American Hospital Dubai, reference site and help us to cooperate in clinical and Hospital doctors via the part of Mohamed & Obaid Al to better serve the patients scientific research. Etisalat communication Mulla Group, is set to launch from the UAE and across the The new scan machine will platform service. multiple new technologies region,’ said Sherif Beshara, be used to analyse several ‘We are consistently at its hospital. chief executive officer of conditions, including cancers, seeking Artificial Intelligence At the Arab Health 2020 Mohamed & Obaid Al Mulla heart disease and brain methods to reach as many conference in Dubai, it Group. disorders. patients as possible and signed an agreement with This will see a high- Also during Arab Health in the fastest time,’ said United Imaging, one of performance (PET/CT) scan 2020, the hospital inked Beshara. the leading companies in machine – manufactured by a telehealth service with ‘As a result, our advanced medical imaging United Imaging – installed Etisalat Digital. partnership with Etisalat and radiotherapy equipment. at American Hospital This will enable UAE Digital comprises a giant step ‘This partnership will make Dubai’s Nuclear Medicine residents to request and forward for our consultation American Hospital Dubai an Department. set up remote medical services.’ important clinical application Both companies intend consultations with American

laingbuissonnews.com | MARCH 2020 | 13 News

UAE Department of Health – Abu Dhabi partners with Dubai Health Authority Do you want to understand the The Department of Health – shared the initiatives and ambitious stage of the health with HAAD, which has Abu Dhabi (HAAD) and the plans on which they are sector and drawing the achieved a distinctive health Dubai Health Authority (DHA) currently working. features of its future,’ said model with many successful have announced a strategic HAAD presented details Sheikh Abdulla Bin Mohamed experiences, especially in global healthcare market? partnership to develop an on Malaffi, which is the Al Hamed, chairman of the comprehensive care systems. international healthcare first system of its kind Department of Health- Abu Al Qutami went onto model. in the region, launched Dhabi. ‘The next phase will say that this will directly Both parties will work for exchanging health be based on technology, contribute to reaching a together in order to form information. The new system innovation and artificial healthier future and at the a clear agenda to achieve will link more than 2,000 intelligence.’ same time reinforces all common goals. public and private health Humaid Al Qutami, efforts made to provide These goals include facilities, which provides director-general of the DHA, a distinctive healthy electronically linking health services to more than 3 said that the authority looks climate making it the ideal systems between Dubai and million people. forward to this partnership destination for medical Abu Dhabi through Malaffi Meanwhile, the and to sharing experiences tourists. and Nabidh, health insurance DHA shared its latest rules and procedures, developmental strategy, exchange of data and Salama medical electronic information related to health system and initiatives and regulation, especially the expansion plans which aim licensing process for doctors, to raise the quality of health visiting physicians, medical services provided to the education and research, people of Dubai. capacity planning and the ‘Working with one team outpatient treatment system. spirit is the basis for laying Heads from HAAD and DHA Both parties have also the foundation for the next

UAE SAUDI ARABIA American Hospital Dubai Saudi German Hospital launches robotic surgery opens in Dammam

American Hospital Dubai, It also comes as part of Hospital provider Middle East Dammam completed in June, part of Mohamed & Obaid American Hospital Dubai’s Healthcare Company has re- including the installation of Al Mulla Group, has 2020 expansion plans, ceived the final license from medical and other equipment. expanded its range of which include the opening the Saudi ministry of health The facility was built services with the launch of six new medical centres to operate its Saudi German by International Hospital Healthcare Markets international, the latest journal from business intelligence provider LaingBuisson, of robotic surgery. this year. Hospital (SGH) in Dammam. Construction Company under delivers comprehensive, reliable and independent reporting on the full range of acute and primary The hospital is the first The hospital will contin- The 150-bed hospital is a R336m ($90m) deal. The medical facility in Dubai ue to develop its services the Middle East Healthcare project was partly funded healthcare services markets operating around the world. This digital journal covers medical and to introduce the fourth along the lines of its joint Company’s sixth hospital by seven-year R200 million surgical hospitals and clinics, psychiatric hospitals, fertility, dentistry, primary healthcare and generation of the da Vinci Xi venture deal with Livio to in Saudi Arabia and began Murabaha agreement that temporary/flexible staffing. Embracing the latest business activities across the healthcare sector, HMi surgical system to conduct meet the region’s growing to receive patients from Saudi German signed with robotic surgery services. demand for fertility-related 1 February, it said in a Samba Financial Group at the delivers interviews with leading names in the sector, in-depth features and business news coverage, The launch of the service treatments and services. statement. end of July 2018. providing invaluable insight and analysis. aligns with the overarching Established in 1996, ‘All the required tests The Saudi German Hospital goals of the UAE Centennial American Hospital Dubai related to the medical systems Group established its first hos- 2071 and the recent three- is a 252-bed, acute care, construction systems availa- pital in Jeddah in 1988 and year budget cycle (2020- general medical/surgical bility of all required medical continued to expand to other SUBSCRIBE NOW 2022), which its rulers private hospital able to per- and administrative staff has areas across Saudi Arabia. hope will to make Dubai form more than 40 medical been done to enable actual The group currently operates An annual digital subscription is just £749 and (+44 (0)20 7841 0045 one of the most liveable and surgical specialities. operation of the hospital to hospitals in Aseer, Riyadh, provides you with online access to the latest market * [email protected] cities in the world. begin,’ it said. Madinah, Hail and Jeddah. intelligence, ten PDF issues and a subscription to the Construction on the SGH in 8 laingbuissonnews.com International Medical Travel Journal. REQUEST YOUR FREE TRIAL TODAY 14 | MARCH 2020 | HMi - LaingBuisson To find out more visit www.laingbuissonnews.com Do you want to understand the global healthcare market?

Healthcare Markets international, the latest journal from business intelligence provider LaingBuisson, delivers comprehensive, reliable and independent reporting on the full range of acute and primary healthcare services markets operating around the world. This digital journal covers medical and surgical hospitals and clinics, psychiatric hospitals, fertility, dentistry, primary healthcare and temporary/flexible staffing. Embracing the latest business activities across the healthcare sector, HMi delivers interviews with leading names in the sector, in-depth features and business news coverage, providing invaluable insight and analysis. SUBSCRIBE NOW An annual digital subscription is just £749 and (+44 (0)20 7841 0045 provides you with online access to the latest market * [email protected] intelligence, ten PDF issues and a subscription to the 8 laingbuissonnews.com International Medical Travel Journal. REQUEST YOUR FREE TRIAL TODAY To find out more visit www.laingbuissonnews.com laingbuissonnews.com | MARCH 2020 | 15 News “International healthcare opportunities abound, but knowing where they are and understanding them properly is the challenge” Keith Pollard, Editor in chief, IMTJ

Healthcare Intelligence

LaingBuisson has been serving clients for over 30 years with insights, data and analysis on market structures, policy and strategy across healthcare. We are the chosen provider of independent sector healthcare market data to the UK

Government’s Office for National Statistics and work globally with providers, commissioners, payors, manufacturers, Ted Townsend Liz Heath Claudia Mika Hugh Risebrow László Puczkó investors, regulators and advisors.

Elizabeth Boultbee Victor Chua Adam Scott Gonçalo Silva Chen Yen Ooi

International Healthcare Henry Elphick Stephen Collier William Laing Irving Stackpole Elizabeth Ziemba

Healthcare is increasingly a global market, with clinicians and patients crossing borders, providers operating in multiple geographies and quality and best practice internationally acknowledged. Our unique business model combining consulting with continuous market research and unique data from our consumer portals, allows our team of senior consultants to help our clients to understand their markets, make informed decisions and deliver better outcomes by providing market intelligence, consulting and patient acquisition services.

Ilan Geva Stephen Dorrell Keith Pollard Sarah Ward Tim Elsigood • Market Intelligence Medical Travel International Healthcare • Consulting Further enquiries, please contact We have particular expertise in medical travel and tourism. Countries, regions and cities around the globe are seeking to • Patient Acquisition Sarah Ward, Commercial Director become medical travel destinations, but an understanding of the long term success drivers in the sector is critical and +44 (0)1442 817817 includes: [email protected] • A well planned medical travel strategy • Delivering an outstanding international patient • Identifying profitable market niches that match the experience London – Paris – Madrid – Barcelona – Brussels – Lausanne – Lima – Lisbon – Santiago – Sâo Paulo – La Paz  +44 (0)20 7841 0045 nation’s capabilities and those of its healthcare • Creating a competitive advantage in a highly  [email protected] providers crowded market  laingbuisson.com • Fully understanding the needs of the target markets • Raising awareness and effectively communicating Chosen provider of independent sector • Developing a service to meet those needs the proposition to the target audience healthcare market data to the ONS  LaingBuisson.com LaingBuisson @LaingBuisson 16 | MARCH 2020 | HMi - LaingBuisson “International healthcare opportunities abound, but knowing where they are and understanding them SAUDI ARABIA INDIA properly is the challenge” Saudi German Hospital Vakrangee develops rural secures deal with Mayo Clinic healthcare network with Aetna

IT service management homes and offices. company Vakrangee has ‘Our partnership will help signed an agreement with us expand our reach well Aetna-owned vHealth to offer beyond urban centres and telemedicine services and into the most rural parts of access to its nationwide net- India where primary health- Saudi German Hospital, Riyadh work of hospitals and clinics. care plays an important ‘We are happy to part- role in the development and Healthcare Intelligence ner with vHealth to offer growth of these regions,’ said The Saudi German Hospital strong cooperation with our customers professional Damian Delaney, managing LaingBuisson has been serving clients for over 30 years with insights, data and analysis on market structures, policy in Riyadh has partnered international standard-or- telemedicine services in un- director of Aetna India. with US non-profit organisa- ganisations to improve the derserved rural locations in and strategy across healthcare. We are the chosen provider of independent sector healthcare market data to the UK tion Mayo Clinic to provide healthcare sector in Saudi a very cost-effective manner,’ Government’s Office for National Statistics and work globally with providers, commissioners, payors, manufacturers, Ted Townsend Liz Heath Claudia Mika Hugh Risebrow László Puczkó healthcare services in Saudi Arabia,’ it said in a statement said Dinesh Nandwana, investors, regulators and advisors. Arabia. to the Tadawul. managing director and group Critical cases will now be As HMi reported in chief executive of Vakrangee. reviewed with Mayo Clinic November, Mayo Clinic vHealth uses digital doctors and patients can partnered with Abu Dhabi technology and a network of obtain treatment without Health Services Company healthcare partners to offer having to travel abroad. to operate the Sheikh health checkups, blood tests, ‘This agreement… is in Shakhbout Medical City, a pharmacy services, dental Dinesh Nandwana, accordance with the 2030 741-bed hospital and one of and home healthcare services managing director and group vision of the Kingdom of the largest hospitals in the as it aims to bring access to chief executive, Vakrangee Saudi Arabia [and will] build UAE. care into local communities, Elizabeth Boultbee Victor Chua Adam Scott Gonçalo Silva Chen Yen Ooi

INDIA SINGAPORE Medvarsity partners with Acromec wins Singapore People Tree Hospitals General Hospital Campus

Medvarsity, India’s largest precision. This also focuses SGX-listed Acromec, which The contract is to online healthcare training on bridging the gap between designs and builds medical supply, deliver and install company, has partnered with the number of emergency and sterile cleanrooms, an air-conditioning and Henry Elphick Stephen Collier William Laing Irving Stackpole Elizabeth Ziemba People Tree Hospitals to pro- medicine healthcare profes- has won a S$19.5m mechanical ventilation International Healthcare vide healthcare professionals sionals (HCPs) in India and (US$14.3m) sub-contract system at a new 12-storey with a fellowship programme the foreseeable requirement at a new medical building health and medical care Healthcare is increasingly a global market, with clinicians and patients crossing borders, providers operating in multiple in emergency medicine. for the future. in Singapore General Hos- building in the Singapore geographies and quality and best practice internationally acknowledged. Our unique business model combining consulting ‘In India, 90% of the According to PRS pital Campus. General Hospital Campus. patients with head injuries Legislative Research, the ‘This is a sizeable and The medical building is with continuous market research and unique data from our consumer portals, allows our team of senior consultants to do not receive optimal care number of road deaths in longer duration project intended for acute care and help our clients to understand their markets, make informed decisions and deliver better outcomes by providing market during the first hour of India has remained steady at as compared to our other it will include an accident intelligence, consulting and patient acquisition services. treatment, which leads to 150,000 a year. projects which typically and emergency facility, the fatality of one out of six The blended learning runs for less than a year,’ acute medical wards, and Ilan Geva Stephen Dorrell Keith Pollard Sarah Ward Tim Elsigood • Market Intelligence victims. This is due to the programme has 240 hours said Lim Say Chin, man- isolation rooms. significant dearth of medical of learning content and 48 aging director of Acromec. The project should com- Medical Travel • Consulting professionals specialising in weeks of skill sessions which He added that the contract plete by December 2022. International Healthcare emergency care or having helps students gain compre- would provide more stability Further enquiries, please contact We have particular expertise in medical travel and tourism. Countries, regions and cities around the globe are seeking to • Patient Acquisition skill-sets required to treat the hensive coverage of the sub- and visibility to the compa- Sarah Ward, Commercial Director patients in the initial phase of ject. It also has live lectures ny’s revenue, order book become medical travel destinations, but an understanding of the long term success drivers in the sector is critical and +44 (0)1442 817817 the injury or a traumatic con- and webinars by renowned and resource planning. ‘The contract will includes: [email protected] dition,’ said Medvarsity chief clinicians. It is expected to con- provide stability executive Gerald Jaideep. Medvarsity Online is tribute positively to the and visibility to the • A well planned medical travel strategy • Delivering an outstanding international patient The prime goal of the India’s first and largest online earnings per share and net company’s revenue, • Identifying profitable market niches that match the experience fellowship programme is healthcare training company. tangible assets per share order book and London – Paris – Madrid – Barcelona – Brussels – Lausanne – Lima – Lisbon – Santiago – Sâo Paulo – La Paz to strengthen the medical To date, it has trained and of the group for FY2020, he resource planning.’ nation’s capabilities and those of its healthcare • Creating a competitive advantage in a highly practitioners to be able to certified more than 45,000 concluded. providers crowded market handle emergency cases with medical professionals. • Fully understanding the needs of the target markets • Raising awareness and effectively communicating Chosen provider of independent sector • Developing a service to meet those needs the proposition to the target audience healthcare market data to the ONS  LaingBuisson.com LaingBuisson @LaingBuisson laingbuissonnews.com | MARCH 2020 | 17 News

SINGAPORE Novena Global buys two day surgeries

Singapore-based Novena opened in Paragon Med- Global Lifecare Group has ical Centre in 2016 and bought a 55% stake in two Novaptus Surgery Centre day surgery in Singapore for was operational at Camden S$55m (US$40.8m). Medical Centre in 2019. ‘We are excited with Each has four operating this acquisition as the day theatres with cableless surgery centres further pendant systems and are complement our suite of equipped for a range of Global is one of Asia’s In July 2018, it signed medical healthcare and surgeries, including plastic, largest and fastest-growing an MoU with Korea’s Yozma aesthetic services. Day dental and eye procedures. integrated medical health- BioScience Holdings to surgery centres are known Patients are also able to care and aesthetic groups. commercialise its technology to be more cost-effective have laparoscopic surgery It delayed plans in 2018 for and make investments in as it helps patients to save and endoscopic diagnostic an IPO. The previous year it startups together. time and costs in today’s procedures carried out. announced plans to raise And last year it created escalating healthcare costs,’ In 2019, there were 20 US$150m through a listing the US$150m Sino-Singa- said Terence Loh, co-founder Ministry of Health-approved on the Taiwan Stock Ex- pore Healthcare Fund with of DORR Group which owns ambulatory surgical centres change to expand regionally private equity firms Sinop- Novena Global. in Singapore. in North Asia both organical- harm Capital and Cedarlake Aptus Surgery Centre Founded in 2010, Novena ly and through acquisitions. Capital Group.

MYANMAR NEW ZEALAND Prudential and MyanCare Cornerstone shareholder exits partner to offer free healthcare Oceania Healthcare

Life insurer Prudential officer of Prudential Myanmar is to partner with Myanmar. telemedicine company The PRUCare programme MyanCare to provide free intends to identify 5,000 healthcare consultation to teachers, nurses, social 5,000 families in Myanmar. workers, security personnel ‘PRUCare, our first and janitors across the initiative with MyanCare, country and provide will allow us to recognise them and their families people across the country with unlimited free voice who work tirelessly to and video healthcare Macquarie Group, a cor- institutional investors, support our society and consultations facilitated nerstone shareholder in and New Zealand retail communities. To reduce through the MyanCare Oceania Healthcare since investors. their stress and financial mobile application. its IPO, has completed its The deal was underwritten pressure of seeking medical The programme will be exit from New Zealand’s by Craigs Investment consultations for themselves rolled out in phases across third-largest residential aged Partners, Jarden Partners or their family members, 2020. care provider. and Macquarie Securities. we will provide quality Rath added that while this Oceania Healthcare The sale by Macquarie healthcare consultations at programme would cater to Holdings, the vehicle follows the NZ$105m that the click of a button and 5,000 families, the company through which Macquarie it raised in September 2018 fully cover the related fees aimed to extend this held its stake, raised after selling 95 million for a one-year period,’ said initiative to more families NZ$301.4m (US$197m) shares, a 15.6% stake, at Asit Rath, chief executive across the country. after it sold 251.2 million NZ$1.10 per share. shares at NZ$1.20 per Oceania Healthcare priced share. its NZ$200m initial public This was a 4% discount offering at NZ$0.79 per to the pre-deal close of share in May 2017. This NZ$1.25. was near the bottom of Oceania said that the the NZ$0.76 to NZ$1.04 transaction was fully indicative range. Macquarie underwritten with the shares Capital, Deutsche Craigs sold to a range of New and First NZ Capital Zealand and Australian managed the deal.

18 | MARCH 2020 | HMi - LaingBuisson POPULATION HEALTH MANAGEMENT

In partnership with GLOBAL MARKET REPORT

FIRST EDITION

Population Health market set for exponential What the report covers growth as global demand increases Introduction to PHM LaingBuisson has published the first edition of its new Population Health Management global Drivers of health costs market report in association with McGrigor Group, leading experts in global health insurance and Evolution of the US market health management services. With Google’s recent acquisition of Fitbit and the development of ‘Haven’ by Amazon, Berkshire Hathaway and J P Morgan, never has the issue of population Global picture for chronic disease health management been so prominent. Economic impact of chronic The report is vital reading to anyone – governments, corporates, health and life insurers and re- disease globally and by region insurers, healthcare providers, employers and other payers – who have an interest in population health management. This will be especially important as the pressures created by an ageing Economic impact of chronic population and a rise in chronic disease are felt across markets globally, not just in the West. disease on employers The report covers the key questions and solutions facing the market globally and in its main regional markets today. History of PHM Solutions: Population health management is the current favoured solution to tackling this looming crisis and has been developed over the past 30 years, with the US at the forefront. Between 2015 - Services by category and 2025, it is expected to grow at a rate of 12% per year with the US providing the greatest - Data collection and analysis tools short-term revenue opportunity with other markets, including North Asia, Europe and Latin America also showing good growth. - Prevention and education - Managed intervention The aim of population health management is to manage health by understanding the full risk and providing tailored solutions for populations holistically, creating collaborative approaches - Delivery mechanisms between all players in the market and addressing overall wellbeing rather than physical health Key lessons learned alone. As an approach, there has been a measure of trial and error in the development of population health management, underlining that it only really provides return and value on the Key consumers investment when done properly. The report looks at the top ten lessons based on best practice, Catalysts for promoting PHM from setting a clear long-term strategy to getting programme design right. Focus is also given to the future of population health management, particularly the role of prescriptive data and high- Market opportunity level technology to enable it to be used on a larger scale. This will be necessary if programmes are to be successful at national scale and move beyond those adopted by corporates, healthcare providers and health insurers. Technology developments will be fundamental in creating interconnectivity with telehealth, e-mobile approaches, big data and the new wearables and ORDER NOW sensor technology. £1,550 PRINT Printed Book Technology is also widening supplier involvement, led by employee benefits consultancies and

global assistance companies and including med-data/med-tech companies, pharmaceuticals 1 2 and pharmacy, and the sport and food sectors. This breadth of supplier involvement is facilitating £3,875 DIGITAL Printed Book + PDF consumer engagement in managing their own health which will ultimately transform health into Data in Excel an individually-led industry.

To understand more about this dynamic and growing sector, purchase this report today. 1 Plus VAT 2 Digital reports include a licence allowing multi-reader access across your organisation and the reasonable use Who is the report for of LaingBuisson data within your own reports • Corporates – CSR, CMO’s, HR • Health maintenance organisations Visit laingbuisson.com to find out • Governments • Accountable Care Organisations more and to download full contents • Health and life insurance and re-insurance • Integrated Care Partnerships companies • IGOs and figures listings • Healthcare providers • NGOs • Hospitals

ORDER NOW Chosen provider of independent sector healthcare market data to the UK Government ONS  +44 (0)20 7841 0045  [email protected]  laingbuisson.com laingbuissonnews.com | NOVEMBER 2019 | 19 Insight

Frank Tsui, senior fund manager at Value Partners in Hong Kong, explains how the Coronavirus has affected Asian markets and says normal service will resume and that growth is likely to rebound Keep calm and carry on investing

istory, from diseases to my (from 41% in 2002), is also expected growth levels resuming to normal once the economic cycles, often uncannily to take a dive as consumption levels suf- conditions are settled. effects a playback. While health fer from the curtailed movement of people Beginning on 4 February 2020, several experts believed that the world in the near term. indexes (the Hang Seng, MSCI China and Hwas statistically overdue for a global These services cover a wide range of S&P 500) showed signs of rebound after viral outbreak, no one predicted that sectors from tourism services to catering new infections began to show signs of a Coronavirus which first broke out in that is an increasingly important role deceleration. Wuhan, the capital of Hubei province, for China as spending power increases. Additionally, noticeable differences exist China in late 2019, could escalate into China’s economy grew by 6.1% in 2019, between the death rates; Covid-19 has infecting over 75,000 globally, with close according to the National Bureau of Sta- an overall fatality rate of around 2% (as of to 99% of cases confined to the mainland. tistics, and growth will certainly be under 20 February 2020), which is significantly Across China, the public and health au- pressure in the first quarter as a result of lower than the SARS mortality rate of thorities are on high alert as the respirato- the virus outbreak. about 10%. ry infection, known officially as Covid-19, Among the infected, an estimated has claimed more than 2,000 lives on the 14,000 (or nearly 19%) have survived mainland – conjuring a sense of déjà vu Rearview mirror the ordeal, and markets have reacted to the experience of 2003 severe acute Although a short-term impact is un- optimistically upon acceleration to the respiratory syndrome (SARS). With the avoidable, a long term material impact recovery cases. number of Coronavirus deaths surpassing is unlikely. In a similar vein, we noticed the SARS epidemic, investors are now as- in 2003 that initially, the magnitude of sessing its potential impact, given that the market declines was inversely related to Post-mortem notes latter had clobbered both the economy the new number of SARS cases. Thereaf- Concurrently, many unknowns to the and markets at large. ter, both the MSCI China and MSCI Hong Coronavirus (including its spread and Kong emerged from the trough when the control measures) means uncertainty number of SARS cases peaked which and market volatility are here to stay in China’s economy meant that markets reacted positively the near term. Since the impact of the unmasked upon a rate of a decline in new cases. virus disproportionally affects the Greater To put things into perspective, the MSCI China region, the overall risk premium China is the conduit of global supply China and MSCI Hong Kong recovered to China and Hong Kong markets have chains as the workshop of the world and alongside observable control to the increased. Against the uncertain market ripples would be greater in magnitude epidemic before surging further towards outlook, we expect policymakers to ignite compared to SARS as its economy is the end of 2003 – total returns were over stimulus plans on a larger scale for both much larger now than it was in 2003. The 100% and 52% respectively from the lows monetary and fiscal policy easing. Before measures to curb the spread of the virus in April 2003 after they tumbled around the virus outbreak, our portfolios had – city lockdowns, quarantines and exten- 13% from their highs in early 2003. insignificant exposures to sectors that sions to the Chinese New Year holiday The selling pressures associated with were vulnerable to lower tourism traffic season means that production schedules SARS lasted little over three months and and consumer spending appetite, namely in 20 provinces have been affected. abated even before the World Health airlines, transportation, hotels, casinos The resumption of production in these Organization lifted the travel warning for and luxury brands. These will require factories play a role in China’s first-quarter Hong Kong in May 2003. some recovery time from the dampened growth as these provinces are estimated sentiment and face challenges to their to contribute over 70% of China’s gross earnings forecasts in 2020. domestic product (GDP). Vital signs of recovery Hong Kong markets are also priced The tertiary or services sector in China If we use 2003 as a guide, the attractively, as fear-based sentiments are which grew to a 53% share of the econo- Coronavirus would be a one-off event with driving valuations similar to during the

20 | MARCH 2020 | HMi - LaingBuisson SARS PEAK COINCIDED WITH EQUITY MARKET LOWS HONG KONG AND CHINA

Index level # of new SARS cases

130 # of new SARS cases in Mainland China & HK (rhs)* 1400

125 MXCN (Rebased to 100) 1200 120 MXHK (Rebased to 100) 1000 SARS period with the Hang Seng Index 115 110 trading at 0.6 standard deviation below its 800 ten-year average price to earnings ratio. 105 600 100 Breathing room 95 400 90 In spite of the near-term volatility, we 200 continue to be driven by bottom-up stock 85 selection, favouring companies that ex- 80 0 Nov-22^ Dec-27 Jan-31 Mar-07 Apr-11 May-16 Jun-20 Jul-25 hibit solid growth over the medium to long term. Much of our conviction remains on 2002 2003 technology, consumption upgrades, and NOTES 1. DATA POINTS BEFORE 28 MAR 2003 ARE THE INCREMENTAL VALUES FROM PREVIOUS REPORTED DATES. DATA POINTS healthcare. FOR AND AFTER THE WEEK ENDING 28 MAR 2003 ARE THE WEEKLY INCREMENTAL VALUES 2. THE FIRST KNOWN CASE IN CHINA In the Greater China bond markets, OCCURRED ON 16 NOV 2002, BUT IS NOT IDENTIFIED UNTIL MUCH LATER. SOURCE FACTSET, MSCI, WORLD HEALTH ORGANIZATION, GOLDMAN SACHS GLOBAL INVESTMENT RESEARCH, AS OF 14 travel and consumer-related sectors will FEBRUARY 2020 see a benign impact as these sectors have fewer bonds outstanding. The main component to watch is property, keeping an unreasonably long duration. in mind that housing demand amongst buyers should be delayed and should resume once the epidemic is contained. Seasons in the sun The imminent impact will be on property Viruses do not last forever – many tend developers’ sales in the first quarter of to peak in the colder winter months and this year. We believe it could lead to softer die down in warmer summer weather. Sci- contracted sales guidance in 2020 from entists from Hong Kong University showed the previous growth rate expectation of that low temperatures and low humidity 10-30%. That said, while January and enabled viruses such as SARS to survive February are normally slack seasons for longer than they would in high tempera- property sales, developers are expected tures and high humidity, and the current to further postpone project launches to Coronavirus strain would slow when the cope with the situation. weather warms up. The comparisons to When it comes to developers with SARS in terms of economic fallout and landbanks in the USD bond space, we rebound above suggests that the market do not foresee a big shortfall in saleable prognosis from Covid-19 will follow a sim- Frank Tsui, senior fund manager, resources from developers to support a ilar trajectory, that is, growth will rebound Value Partners mild growth in contracted sales for the and the economy will resume normalcy. year. This is because most developers have a diversified landbank, and Hubei province (including Wuhan city) typically ROAD TO RECOVERY accounts for a single-digit percentage NUMBER OF NEW CASES (AS OF 19 FEB 2020) point of landbanking in gross floor area. On the liquidity side, amid expectation of Death Recovered slower sales in 1Q, developers are likely 2,000 to remain financially prudent to preserve liquidity. As such, land purchases and new construction project will dip. 1,500 According to ratings agency Standard and Poor’s, rated developers issued

US$74bn worth of offshore bonds in 1,000 2019. Since the beginning of 2020, more than US$17bn (investment grade: US$1.5bn; high yield: US$15.9bn) worth 500 of bonds have been issued, which already covers the majority of refinancing needs for 2020 at a total of US$23bn. 0 The credit metrics are hence manage- 23 Jan 28 Jan 2 Feb 7 Feb 12 Feb 17 Feb able unless the contagion stretches over SOURCE NATIONAL HEALTH COMMISSION OF THE PEOPLE’S REPUBLIC OF CHINA, HUBEI HEALTH COMMISSION, TENCENT NEWS

laingbuissonnews.com | MARCH 2020 | 21 Intelligence

Major international hospital groups1 March 2020

Market Revenue EBITDA Hospital Group Country Hospitals Beds ABPH2 Countries Cap $m $m margin %

Al Hammadi Saudi Arabia 782 252 3 1,328 443 1 25.2%

AMEOS Switzerland Private N/A 93 10,000 108 3 N/A

Angeles Health Mexico Private N/A 28 2,554 91 1 N/A

Apollo India 3,223 1,337 71 12,000 169 3 10.5%

Asklepios Germany Private 3,793 150 26,500 177 2 12.1%

Aster DM Healthcare India 1,147 1,177 24 3,887 162 9 11.2%

Bangkok Chain Thailand 1,243 285 13 2,245 173 1 26.6%

Bangkok Dusit Medical Services Thailand 12,839 2,632 48 8,299 173 2 20.5%

Bumrungrad Thailand 3,137 597 1 580 580 1 31.6%

CARE Hospitals India Private N/A 12 2,200 183 1 N/A

China Resources Medical Holdings China 730 270 144 23,000 160 1 27.5%

Columbia Asia India Private N/A 30 2,600 87 4 N/A

Dallah Saudi Arabia 970 331 1 448 448 1 17.6%

Dr. Soliman Fakeeh Hospital (DSFH) Saudi Arabia Private N/A 1 475 475 1 N/A

Elsan France Private 2,281 80 10,900 136 1 0.0%

Fresenius (Helios and Quiron Salud)1 Germany 29,283 9,721 136 37,126 273 2 0.0%

Georgia Healthcare Group Georgia 215 328 52 3,320 64 1 15.9%

Gruppo San Donato Italy Private N/A 19 5,532 291 1 N/A

Gruppo Villa Maria Italy Private N/A 46 3,421 74 6 N/A

Hadassah Medical Center Israel Private N/A 2 1,193 597 1 N/A

HCG India Private 136 21 1,872 89 2 12.8%

Healthscope Australia Private 1,574 43 5,100 119 2 14.7%

Humanitas Group Italy Private N/A 8 1,861 233 1 N/A

IHH Healthcare (Parkway, Acibadem, Fortis) Malaysia 12,150 3,418 80 15,000 188 10 22.7%

KPJ Healthcare Malaysia 986 836 30 3,313 110 4 3.1%

Life Healthcare South Africa 2,457 1,694 49 9,136 186 6 27.5%

Manipal Hospitals India Private 209 11 5,000 455 2 0.0%

Max Healthcare India Private N/A 14 2,500 179 1 N/A

MD Medical Group Russia 377 244 41 1,319 32 1 28.7%

Medanta India Private N/A 16 1,250 78 1 N/A

Medical Park Turkey 591 575 25 6,000 240 1 14.1%

Mediclinic (Al Noor, Hirslanden, Spire)1 South Africa 3,653 N/A 76 10,500 138 4 N/A

Medicover Sweden 1,474 860 17 2,241 132 3 12.6%

Medsi Group Russia Public 338 38 N/A N/A 1 26.1%

Meinian OneHealth China 7,826 1,270 >600 N/A N/A 1 20.1%

Mouwasat Saudi Arabia 2,211 477 6 1,200 200 1 32.1%

Narayana Health India 998 433 23 6,579 286 2 12.3%

Netcare South Africa 880 1,425 56 10,471 187 1 20.3%

NMC Abu Dhabi 2,487 2,361 51 2,186 43 19 22.2%

Paracelsus-Kliniken Germany Private N/A 14 3,794 271 1 N/A

Raffles Medical Singapore 1,325 365 1 300 300 5 19.3%

Ramsay (Capio, Generale de Sante) Australia 10,616 7,657 75 25,000 333 6 13.0%

Rhön-Klinikum Germany 1,239 1,608 7 5,370 767 1 7.9%

Sana Kliniken Germany Private 3,065 53 11,243 212 1 8.5%

Saudi German Hospitals Saudi Arabia 796 378 11 2,725 248 4 7.7%

Shalby Hospitals India 152 68 11 2,012 183 4 18.9%

Siloam International Hospitals Indonesia 776 495 31 6,300 203 1 7.5%

SingHealth Singapore Private 3,743 7 4,345 621 1 0.0%

Star Medical Mexico Private N/A 14 600 43 1 N/A

Sterling Hospitals India Private N/A 6 815 136 1 N/A

VPS Healthcare Abu Dhabi Private N/A 20 5,000 250 3 N/A

NOTES 1 EXCLUDES US 2 ABPH - AVERAGE BEDS PER HOSPITAL N/A NOT AVAILABLE SOURCE LAINGBUISSON DATA; ANNUAL REPORTS AND PUBLIC FILINGS

22 | MAYMARCH 2018 2020 | HM | HM - LaingBuissoni - LaingBuisson “This is a time of immense change and opportunity in healthcare, driven by substantial market, economic and policy challenges”

Stephen Dorrell Non-executive director, LaingBuisson

• Market Intelligence Healthcare and Social Care • Consulting • Data Solutions

Chosen provider of independent sector healthcare market data to the UK government

 +44 (0)20 7841 0045 @LaingBuisson  [email protected] laingbuissonnews.comlaingbuissonnews.com | NOVEMBER | October 2019 2017 | 23| 1  laingbuisson.com LaingBuisson Where are the opportunities in international healthcare?

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erterle INFOCUS MARCH 2020

AN EFFICIENT HEALTHCARE SYSTEM

Hong Kong leads the global healthcare efficiency index. What will it take to stay on top?

laingbuissonnews.com | MARCH 2020 | 25 Inconversation

HMi meets... Oliver Wang

A long-standing darling of the Hang Seng, Oliver Wang, chief executive of Ping An Good Doctor, talks about the challenges that the company has faced with the Coronavirus, how it is working with local authorities and his broader strategy for expansion in Asia

he annual figures from Ping An was worried about the deadly virus. US$500m Series A funding round of Good Doctor – released in late Chief executive of Ping An Good Doctor financing giving the company a value of February – were impressive. The is Oliver Wang. Named one of Jack Ma’s US$3bn. And it took a pre-IPO investment largest healthcare platform in ‘Five Tiger Generals’ in his early days at of US$400m from Masayoshi Son’s TChina, but listed in Hong Kong, reported Alibaba, as president of Alibaba Software Softbank Vision Fund in December the a 52% bump in revenues to Rmb5.065bn he oversaw the company become one of following year before listing in May 2018. (US$720m) while the company’s core China’s best-known online software opera- Cornerstone investors were a who’s business of online medical services saw tors and the SaaS vendor with the largest who of international investors: Blackrock, growth of 109% to Rmb858m. market share and most registered users Capital Group, GIC, Canada Pension Plan The company remains a stock market in the country. Investment Board, Khazanah Nasional, darling. Over the last year, its shares have In 2013, Wang joined Ping An and from Swiss Re and CP Group. returned just over 108%. March 2014 to June 2016, he served But it is a sign of how the company is But the company has won broader plau- as chairman and chief executive officer regarded that the public tranche of the dits too for the way that it has handled the of Ping An Health Insurance. At the same company’s initial public offering was over- Coronavirus problem. As an online doctor, time, Wang led a team of internet experts subscribed 658 times. it is perhaps not surprising that it saw a to create Ping An Health Cloud, where he tenfold jump in the number of new regis- was the chairman and CEO and estab- tered users every day between January lished Ping An Good Doctor – in only one The following transcript of HMi’s interview 22 and February 6. But what the company year. with Oliver Wang has been edited for brevity did then was to provide free online and The growth of Good Doctor has been and clarity. telephone consultations to a public that unstoppable. In April 2016, it raised

HMi How has Ping An Good Doctor lines and online consultations. A thousand enterprises including Baidu, WeChat Work, reacted to the Coronavirus outbreak? of our doctors voluntarily gave up their Pinduoduo, Meituan Dianping, Kuaishou, OW We believe our online medical ser- Chinese New Year vacation and worked Weibo, Moji Weather, Zhihu, Ximalaya, vices are our core business and future around the clock to provide services at Gaotie Guanjia and so on, to export 24- growth driver. During the novel Corona- the forefront of online consultations. hour online consultation services, forming virus outbreak, online consultation has We have joined hands with 56 provinc- a more extensive service network to offer become the best choice for users for med- es, municipalities and local governments help and guidance to more members of ical treatment due to the advantages of including Wuhan, Fujian, Beijing and the public. no contact and no cross-infection. Online Chongqing, to provide real-time online During the epidemic, the visits to the consultation of Ping An Good Doctor has consultation services for novel Corona- platform of Ping An Good Doctor reached also played an important role in the fight virus-infected pneumonia. The company 1.11 billion, new registered users in- against the epidemic. has set up free anti-epidemic consultation creased tenfold, the daily consultation by In tackling the epidemic, Ping An Good hotlines and have been providing consul- new users was nine times as high as usu- Doctor is fully using the advantage of its tation for novel Coronavirus-infected pneu- al, and the cumulative views of relevant online healthcare services, given that monia, as well as guidance on prevention videos exceeded 98 million. it requires no contact and face-to-face of epidemic diseases spread. Meanwhile, the epidemic has largely interaction and offers the public health In addition, Ping An Good Doctor has increased people’s acceptance of online guidance through its free consultation hot- collaborated with more than 30 leading healthcare, considerably shortening the

26 | MARCH 2020 | HMi - LaingBuisson HMi meets... Oliver Wang Chief executive officer, Ping An Good Doctor

Career Chief technology officer and vice Education Chairman and CEO, Ping An Health president, Kingsoft Software (2002- Nanjing University Insurance (2014-present) 2004) BA Computer Software (1985) Senior vice president, Alibaba Group and Chief executive officer, Skyworth Optical- Southwest Texas State University president at Alibaba Software (Shanghai) Electronic Co (2000-2002) MA Computing (1993) (2007-2014) R&D department, Microsoft (1996-2000) Vice president of technology, Alibaba Group (2004-2007)

laingbuissonnews.com | MARCH 2020 | 27 Inconversation

DIGITAL HEALTH user education cycle and accelerating Fuzhou residents can enjoy services such venture with Softbank Group, Japan’s users’ shift from offline health care to as online follow-up, prescription renewal largest telecommunications company, and UK MARKET REPORT online, in the same way that the unex- for chronic illness and medicine purchase launched an online healthcare service In partnership with pected 2003 SARS outbreak prompting and collection through the internet by log- platform in Japan at the end of the year. Chinese people to develop the habit of ging in to the platform with their registered The platform offers comprehensive servic- FIRST EDITION online shopping. The epidemic has also, social security card. This is China’s first es, covering online consultation, hospital objectively, created greater opportunities actual regional online hospital services recommendation, health mall, counselling, for our online consultation business, platform. and corporate health management. Sup- as well as for China’s online healthcare The government and industry players ported by SoftBank’s strong local network industry as a whole. are actively exploring and steadily pushing and market influence, the joint venture the development of ‘internet + health- will build a one-stop Internet healthcare HMi Would it be fair to describe you as care’ especially after the outbreak of the platform for 130 million Japanese users. a data company as much as a health- current Covid-19 epidemic. The central care company? and regional governments are scrambling HMi Over the past year you have OW Ping An Good Doctor is an online to introduce guidelines and policies to signed agreements with a number of healthcare services platform. The nature encourage online medical consultation. banks and insurance companies. Are Improve your understanding of IT What the report covers of our business determines that we hold a In its recently issued guidance, the your customers happy with that level of lot of user data. National Health Commission requested convergence? and digital support in UK healthcare Healthcare IT We attach great importance to online ‘full utilisation of the unique advantages OW In the second half of 2019, Ping An Digital Health Initiatives information safety and protecting our of online hospitals and medical consulta- Good Doctor launched Private Doctor This new LaingBuisson report provides insight and understanding of the current digital health Legacy Technology customers’ privacy. We strictly comply with tions and encourage the introduction of Membership with one-on-one private landscape in the UK and the direction in which the market is set to grow over the coming years. national laws and regulations. We have online follow-up consultations for common doctors and renowned doctors from the New Tech Innovation established a sound information security and chronic diseases and drug delivery nation’s top 100 hospitals. Private Doctor The market report looks at the key end markets and technologies used in support of the Politics and Regulation management system, sorted out the inter- service’. These policies recognise and Membership will provide users with such treatment of patients, the administration of health organisations in the UK and the general Market Divisions delivery of healthcare services. It analyses the providers of different healthcare IT systems in nal staff’s right to use customer informa- encourage the role of online healthcare all-round active medical and healthcare (Primary, Secondary, Community, tion, strengthened the monitoring of user in combating the epidemic. This majorly services as 7x24 online consultation, those markets, as well as pushing aside the hype and hyperbole to identify where future growth information usage behaviour within the benefits Ping An Good Doctor as it brings second-round consultation by renowned and innovation is truly set to come from. Mental Health) company, and protected customer data more cooperation opportunities for our doctors, offline clinical arrangement, Investors In doing so LaingBuisson considers the legacy technology embedded in UK healthcare (first from being leaked. online medical business. health management, chronic disease generation), the current landscape of technologies and suppliers (second generation), and how Market Potential management and so on. Our stringent data protection is also healthcare providers in the UK, mainly the NHS organisations, can adopt the new technologies HMi recognised by [stock market index You have traditionally focused Meanwhile, Ping An Good Doctor has which are currently coming on stream (third generation). At the same time, the report looks at Appendices provider] MSCI. Ping An Good Doctor was on the domestic market, but you have entered into strategic partnership with how healthcare can make best use of more traditional technologies, which may themselves not Glossary awarded its first ESG rating by MSCI. The rolled out your doctor’s AI assistant in 29 leading players: China Mobile, BAIC yet be fully embedded, while starting to gain benefit from the new wave of health technology Regulators rating result was BBB, which was at the Singapore and have launched a video Group, China CITIC Bank, Wyeth Nutrition, solutions. same level as Ping An Group, Alibaba and consultation service with BDMS in Thai- China Everbright Bank, Minsheng Life, Trade Bodies Tencent. MSCI considered that compared land. What is your strategy for Asia? Pearl River Life, PKU Founder Life to name Despite a wealth of headlines covering an assumed digital revolution in accessing NHS and Provider Profiles with its industry peers, Ping An Good Doc- OW The world is facing a shortage of just a few of them. private healthcare services, the report shows that while clearly a growing area of digital health, tor implemented stronger measures for high-quality healthcare resources. The The 29 enterprises operate in such online appointments/consultations/wearables, AI and app-led services remain a tiny slice of Financial Appendix data privacy and safety and could better offline public healthcare system cannot industries as banking, insurance, auto- the market when put next to the existing, large IT systems at work regulatory manage risks related to the meet people’s growing demand for health- mobile, communications and maternity. across the NHS. safety of its information. care services. We believe that internet In the future, the users of these strategic healthcare is an effective solution to this partners will be able to enjoy Private This work analyses primary, secondary, mental health, community HMi You have signed a number of deals problem. Therefore, while focusing on Doctor Membership’s all-round high-qual- and specialist care systems covering Patient Administration Systems ORDER NOW with cities like Quzhou and Guangxi to domestic markets, we export our techno- ity and one-stop medical and healthcare (PAS); Electronic Patient Records (EPR); ePMA (Electronic Prescribing and Medicines Administration), document management and much £1,200 PRINT help provide healthcare services. How logical strengths and internet healthcare service. Printed Book does your ‘internet+healthcare’ model experience to overseas markets, working After its launch, Private Doctor Member- more. work with local authorities? with local partners to provide local resi- ship received wide positive response from 1 2 The report explores the latest technologies and new providers DIGITAL OW On one hand, Ping An Good Doctor dents with efficient and high-quality online users. According to Ping An Good Doctor’s £3,000 emerging to potentially disrupt existing supplier markets and models Printed Book + PDF combines the advantages of our services healthcare services. 2019 annual report, the feedback from Data in Excel of care, and move healthcare provision toward a Digital First offering. such as our online platform, online med- Our joint venture with Grab, the largest users of Private Doctor Membership was ical consultations and AI-based medical online-to-offline internet company in much higher than the average, reaching a 1 Plus VAT system with the government’s offline Southeast Asia, officially launched an user satisfaction rate of 99.85%. 2 Digital reports include a licence allowing multi-reader Who is the report for access across your organisation and the reasonable use health resources to build online hospital online healthcare service platform in Its average monthly consultation volume of LaingBuisson data within your own reports service platforms, resolving people’s Indonesia in the fourth quarter of last is three times that of ordinary users and • Investors • Healthcare vendor C-Suite difficulties and troubles relating to seeking year, promising to serve nearly 300 million the participation rate for health courses • Banks • Hospital and clinical C-Suite professionals Visit laingbuisson.com to find out medical diagnosis and consultations. Indonesian users with services such as is four times that of ordinary users. For • Private Equity • Specialist acute medical care providers more and to download full contents For example, in December 2019, we online diagnosis, drug delivery, online users, their doctors have turned from • Think Tanks • Private medical insurance groups. and figures listings collaborated with the health commission health mall, and offline appointment to random strangers to acquaintances with • Lawyers • Clinical Commissioners of Fuzhou, Fujian Province to develop an create the largest internet healthcare a long-term, stable relationship, which is • Management Consultants • NHS Foundation Trusts online hospital service platform for Fuzhou ecosystem in Southeast Asia. the reason for users’ recognition of Private • Central and Local government • Property Developers and consultants

City. Since the platform was launched, In 2019, we established another joint Doctor Membership services. i ORDER NOW Chosen provider of independent sector 28 MARCH 2020 HMi - LaingBuisson | |  +44 (0)20 7841 0045  [email protected]  laingbuisson.com healthcare market data to the UK Government ONS DIGITAL HEALTH UK MARKET REPORT In partnership with

FIRST EDITION

Improve your understanding of IT What the report covers and digital support in UK healthcare Healthcare IT Digital Health Initiatives This new LaingBuisson report provides insight and understanding of the current digital health Legacy Technology landscape in the UK and the direction in which the market is set to grow over the coming years. New Tech Innovation The market report looks at the key end markets and technologies used in support of the Politics and Regulation treatment of patients, the administration of health organisations in the UK and the general Market Divisions delivery of healthcare services. It analyses the providers of different healthcare IT systems in those markets, as well as pushing aside the hype and hyperbole to identify where future growth (Primary, Secondary, Community, and innovation is truly set to come from. Mental Health) Investors In doing so LaingBuisson considers the legacy technology embedded in UK healthcare (first generation), the current landscape of technologies and suppliers (second generation), and how Market Potential healthcare providers in the UK, mainly the NHS organisations, can adopt the new technologies which are currently coming on stream (third generation). At the same time, the report looks at Appendices how healthcare can make best use of more traditional technologies, which may themselves not Glossary yet be fully embedded, while starting to gain benefit from the new wave of health technology Regulators solutions. Trade Bodies Despite a wealth of headlines covering an assumed digital revolution in accessing NHS and Provider Profiles private healthcare services, the report shows that while clearly a growing area of digital health, online appointments/consultations/wearables, AI and app-led services remain a tiny slice of Financial Appendix the market when put next to the existing, large IT systems at work across the NHS.

This work analyses primary, secondary, mental health, community and specialist care systems covering Patient Administration Systems ORDER NOW (PAS); Electronic Patient Records (EPR); ePMA (Electronic Prescribing and Medicines Administration), document management and much £1,200 PRINT Printed Book more.

1 2 The report explores the latest technologies and new providers £3,000 DIGITAL emerging to potentially disrupt existing supplier markets and models Printed Book + PDF Data in Excel of care, and move healthcare provision toward a Digital First offering.

1 Plus VAT 2 Digital reports include a licence allowing multi-reader Who is the report for access across your organisation and the reasonable use of LaingBuisson data within your own reports • Investors • Healthcare vendor C-Suite • Banks • Hospital and clinical C-Suite professionals • Private Equity • Specialist acute medical care providers Visit laingbuisson.com to find out • Think Tanks • Private medical insurance groups. more and to download full contents • Lawyers • Clinical Commissioners and figures listings • Management Consultants • NHS Foundation Trusts • Central and Local government • Property Developers and consultants

ORDER NOW Chosen provider of independent sector laingbuissonnews.com NOVEMBER 2019 29  +44 (0)20 7841 0045  [email protected]  laingbuisson.com healthcare market| data to the UK Government| ONS Infocus

SR Dinesh, vice president and business head of healthcare at Frost & Sullivan, Asia Pacific, explains why private-public partnerships, especially in primary care, are critical for Hong Kong An efficient healthcare system

ong Kong is described as a proportion of people aged 65 and above strategic advisor on health issues. DH place where East meets West will double from 17% to 34%. operates the centre of health protection due to its Chinese roots and the The fundamental principle of ‘no one (CHP), which looks into the prevention of culture brought by the British is denied adequate medical treatment communicable and non-communicable Hcolonisation. It is also a major trading due to lack of means’ guides Hong Kong diseases. It also operates specialised and services centre – In 2018 it was the healthcare system. clinics such as elderly health, dental, seventh-largest merchandise trading en- The public and private healthcare pro- drug treatment, maternal and child health tity and the world’s sixth-largest banking viders service the Hong Kong healthcare services. centre. system, the government being the primary The Hospital Authority (HA) in Hong Over the past two decades, Hong payer through general tax revenue and Kong is a statutory body under the Hospi- Kong’s economy has grown by an average provider of inpatient services while the tal Authority Ordinance and has been re- of 3.7% per annum while its GDP has private sector focuses on the ambulatory sponsible for managing the public hospital grown by 3.1% in real terms. care or outpatient services. services since 1991. It manages around The country’s healthcare spend stood 43 hospitals and institutions with around at 6.2% of the GDP in 2018 as compared 28,000 beds, 40 specialised outpatient to an OECD average of 8.8% in 2017 out clinics, and 73 general outpatient clinics. of which public healthcare spend was THE FUNDAMENTAL The private healthcare sector comple- 50.8% and private spend was 49.2%. The ments the public sector through oper- total healthcare spending as a percentage PRINCIPAL OF ‘NO ations of 88 registered clinics and 12 of GDP has increased from 3.6% in 1989- private hospitals that provide inpatient 1990 to 6.2% in 2017-2018. ONE IS DENIED and outpatient (general and specialised) As per Food and Health Bureau (FHB) services. estimates in 2008, the total healthcare ADEQUATE expenditure is expected to increase an Challenges at annual average of 1.5% from 2004 MEDICAL through 2033 constituting 27.3% of total Though recognised as one of the most government spending. TREATMENT efficient healthcare systems in the world, Hong Kong’s healthcare system is Hong Kong’s public health system seems ranked as the most efficient in the world DUE TO LACK OF to be plagued by its own challenges. according to the Bloomberg Healthcare The primary challenge is the lack of efficiency index. MEANS’ GUIDES doctors in the public health system. The doctors to 1,000 population ratio THE HONG KONG is around 1.9 in Hong Kong, which is An ageing people lower than the OECD average of 3.4, and The system, however, is facing formi- HEALTHCARE Singapore too, which was at 2.3 doctors in dable challenges due to the growing and 2015. The supply of doctors has not kept ageing population. This is attributed to the SYSTEM pace with the changing demographics and low birth rate of 7.3 per 1,000 population the demands of the ageing population as compared to the OECD index of 12 and an increasing population of chronic births, and the higher life expectancy of The public health system is under the diseases. 82 -87 years. The birth rate has been Food and Health Bureau (FHB) of Hong The public hospitals provide services projected to decrease further by 3.2% be- Kong SAR and provides services such as to 90% of the inpatients while it employs tween 2016-2066. The latest demograph- inpatient care; healthcare protection, pre- only 51% of the local doctors. ic projection reveals that Hong Kong’s vention services, community and social This is also aggravated by the fact that population will increase from 7.4 million in care services. The department of health the public health system loses doctors 2018 to 8.22 million in 2043 in which the (DH) under FHB is the government’s regularly to the private sector that promis-

30 | MAYMARCH 2018 2020 | HM | HM - LaingBuissoni - LaingBuisson Inpatient/outpatient es better pay, working hours and conditions. A Food and Health Bureau report WITH AN Hong Kong’s healthcare system is projected a shortfall of 1,007 doctors by oriented more towards inpatient services 2030 if Hong Kong maintains its current INCREASING than outpatient services with hospitals level of service. dominating the funding and utilisation of Non-communicable diseases contribut- NUMBER OF services. ed to around 50% of the deaths in Hong Lack of focus on primary care is evident Kong in 2016. Of the 44,662 registered PATIENTS WITH from the fact that more than two-thirds deaths, more than half were attributed to of outpatients are treated by the private cancer, heart diseases, stroke, chronic CHRONIC sector while just under a third were treat- respiratory diseases and diabetes. ed by the public health services in 2017. With an increasing number of patients DISEASES, THE This trend along with the current funding with chronic diseases, the stress on pattern leads to fragmented care within public healthcare services is expected to STRESS ON PUBLIC the healthcare system as patients move increase over time. between public and private health clinics For patients with at least one chron- HEALTHCARE IS for continuous care. ic condition, 81.6% of patients seek The rise in an aged population, chronic outpatient services in the public sector EXPECTED TO diseases, lack of doctors and the focus compared to only 59% in the private on acute care by the public health system sector, while 44.7% seek care in both the INCREASE OVER has made it imperative for Hong Kong to sectors. look again at its healthcare system that Also, the outpatient care is oriented TIME focuses largely on integrated and contin- towards episodic illness that does not uous care, primary and social care and support continuous care and hence lack preventative care. of control of chronic diseases. The Hong Kong government has

laingbuissonnews.com | MARCH 2020 | 31 Infocus

earmarked $470bn for two ten-year between hospitals and primary care pro- to a more preventative care model that hospital development plans that involve viders that can help design personalised/ encourages self-management and control 35 projects to deliver 14,000 additional patient-centric care pathways and plans of chronic diseases and outcome-based beds and other facilities to meet up the for patients. payment models. demand for service in 2036. To ensure that there are more doc- The department of health drew up a The immediate focus of the system, tors enrolled in the system, the Hospital comprehensive plan titled Towards 2025: however, is to accelerate the build-up of Authority has set up a locum office to Strategy and Action Plan to Prevent and the primary care market that provides enhance flexibility and efficiency in Control Noncommunicable Diseases continuous care to patients and to ensure attracting and recruiting part-time doctors (NCD) in Hong Kong in 2018 to reduce that it is integrated across the healthcare and nurses. Hong Kong needs to recruit non-communicable disease burden in system. specialists trained at medical schools in Hong Kong by 2025. other countries to work in Hong Kong with- The strategic action plan focuses on out having to sit for the licensing exams. four non-communicable diseases and four Self-managed conditions Singapore, which also faces the shortage shared behavioural risk factors that have Doctors have to be encouraged and of doctors, has adopted a similar plan. a significant impact on population health incentivised to help patients manage their It allows graduates from international and prevention of non-communicable chronic diseases other than just tending medical schools to apply for conditional diseases. One of the key elements of the to patients with regular ailments such as registration that lets them work under the action plan is to empower people and cold, fever and so on. supervision of a registered medical prac- communities to gain control over deci- To provide integrated care, it is nec- titioner. The conditional registration can sions and actions that influence health. essary to integrate the electronic health be converted into a full registration after Digital technologies can play an impor- records across the healthcare systems so completing a specified period of condition- tant role in helping patients and doctors that patients and doctors have access to al registration. manage chronic diseases. While technol- it and are able to provide continuous care The current care model is more ogies for diseases such as cancer are to the patients. disease-based, a fee-for-service-based still prohibitive in terms of costs, diseases There have to be stronger linkages conventional model that needs to change such as diabetes and cardiovascular diseases can be diagnosed and monitored using digital technologies as evident from countries such as the US. This will not only help bring down the cost of chronic disease management but also enable continuous care and self-management.

Private opportunities While the public healthcare system drives acute care services, private services have a critical role to play in moving towards preventative health. Private-public partnerships, especially in primary care and a bigger role of primary care professionals to help manage population health, is critical for Hong Kong to move towards health from healthcare. Having achieved the distinction of being the most efficient healthcare system in the world, Hong Kong now has to shift its service models to make the system fit for changing population demographics. Though the healthcare spend is below some of its comparable peers, it has to devise ways of reducing the increasing burden of healthcare costs. With its well-developed healthcare infrastructure delivering enviable healthcare benefits to the population, changes will enable Hong Kong healthcare system to be integrated, efficient and sustainable in the decades to come and hopefully retain its numero uno position in the global healthcare efficiency index.

32 | MAYMARCH 2018 2020 | HM | HM - LaingBuissoni - LaingBuisson UK HEALTHCARE In partnership with MARKET REVIEW THIRTY-FIRST EDITION

Industry-leading UK Healthcare What the report covers Healthcare expenditure in context Market Review now in its 31st edition Private acute healthcare Health cover In 2017 the UK’s total expenditure on healthcare was £197 billion, up almost 3% on the 2016 Care homes for older people total of £192 billion. Almost 80% of this expenditure is accounted for by public spending, Adult specialist care but LaingBuisson figures demonstrate how the independent sector, whether as a provider of Homecare and supported living services directly to private payers or as a partner to local authority and public health services Mental health hospitals in delivering health and social care services, continues to play a vital role in our healthcare Children’s residential care economy. Foster care New for 2019, the Review looks in more detail at UK healthcare spending benchmarked Special education against international comparators from the EU, G7 and OECD in the context of trends in global Dentistry healthcare. As chosen provider of data on the UK independent healthcare sector to the Office Primary care for National Statistics, LaingBuisson contributes market data that is in turn submitted to the Occupational health OECD, WHO and Eurostat who combine it with their international datasets to benchmark UK Community health services spending against other nations. In Vitro Fertilisation Politics and regulation This makes LaingBuisson’s UK Healthcare Market Review vital reading not only for those Private equity in healthcare independent providers but also commissioners, advisors and investors in the sector CareDirectory access LaingBuisson’s UK Healthcare Market Review gives a valuable overview of the operating landscape for health and social care service providers across all parts of the market. It looks at current market values and capacity, recent trends, market concentration, leading players and funding sources as well as at key issues for the future. It also covers UK healthcare expenditure in context – benchmarking per capita spending in the UK against other EU and G7 countries and OECD comparators.

Subscribers to the Review will also get access to a fully searchable, cloud-based curated CareDirectory, through our iLaingBuisson portal suite. This enables online, real-time searches of independent healthcare and social care providers across all segments of the market, including ORDER NOW details of their management team, locations and five year financials with 1 2 full adjusted profit and loss, balance sheet and cash flow. This database £850 DIGITAL is updated in real time and is an invaluable business development tool. Printed Book + PDF Data in Excel

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ORDER NOW Chosen provider of independent sector  +44 (0)20 7841 0045  [email protected]  laingbuisson.com laingbuissonnews.comhealthcare market | dataNOVEMBER to the UK2019 Government | 33 ONS Inlaw

Peter Rudd-Clarke, legal director at RPC, explains why the Coronavirus illustrates the litigation risks for manufacturers and healthcare providers when responding to an epidemic or pandemic

Coronavirus and the risk of an outbreak of litigation

Coronavirus serves as a reminder that in developing an effective response to theless, in cases where failure leads to the scientific community has been Coronavirus. Facemasks are ubiqui- cases of infection, hospital staff and consistent in warning that it is a matter tous in Asia, although the scientific members of the public could bring of ‘when’, not ‘if’, the next epidemic community is split over their effec- claims against manufacturers if the or pandemic emerges. A new virus tiveness. Surgical facemasks are in equipment was poorly designed or the presents challenges to companies in demand by hospitals. Kits are being manuals accompanying the equipment the healthcare sector. If they make mis- developed to speed up the diagnosis were not fit for purpose. Importers takes, they could be sued by patients, of Coronavirus, in recognition of the or distributors could also face claims, members of the public or their families. fact that laboratory testing is relative- particularly if they assume responsibil- Businesses and hospitals will benefit in ly slow and expensive. Public officials ity for the effectiveness of equipment, the long run by taking the opportunity are using hazmat suits when decon- or if claimants consider them to be the to stress-test their responses to the taminating areas or interacting with easiest target to sue. threat of emerging and little under- people suspected of carrying the virus. Manufacturers should ensure that stood contagious diseases. the limitations of protective equipment and diagnostic devices are 21st-century problems properly explained. They should also INNOVATIVE prepare training materials that are Every time a new virus emerges, easily understood by users. whether SARS, Ebola or now Coro- COMPANIES THAT Hospitals might not escape liability navirus, there is an increased risk that if protective equipment failed because the virus could spread further and CAN RESPOND they did not provide adequate training faster than the last outbreak. Path- to their staff, or if they failed to warn ogens such as Coronavirus thrive in QUICKLY COULD patients or staff of the risks associat- 21st-century conditions. Cities are ed with such equipment. Litigation, increasingly crowded, the world’s PROFIT FROM AN where equipment fails, is, there- population is ageing and international fore, likely to focus on the chain of air travel is becoming more common. INCREASED NEED causation to pinpoint where failures These conditions increase the pros- occurred and who was to blame. pect of a new virus emerging in one FOR PROTECTION Healthcare providers should stress- part of the world and soon presenting test the guidance and disclaimers that problems elsewhere. We have seen accompany the equipment. These well-documented examples of Coro- documents need to be updated to en- navirus spreading quickly between sure that they are easy to understand, continents. When a new and little Innovative companies that can track the current state of knowledge understood virus appears in a new respond quickly to demand could on the ways that Coronavirus can be country, the authorities must scramble profit from an increased need for transmitted and guarded against, and to respond to its challenges. Inevitably, protective equipment. Experience clearly spell out how the equipment is this puts pressure on manufacturers suggests, however, that manufacturers to be used. to provide equipment and new drugs. need to exercise caution in responding Hospitals must be prepared for an to frantic demands for products to be influx of patients. brought to the market more quickly Pharmaceutical than normal. manufacturers Protective equipment or diagnostic Equipment manufacturers kits can fail for any number of rea- In normal circumstances, vaccines Although it is early days, medical sons, sometimes due to user error or can take years to develop. Often, it equipment is proving to be a key part unforeseeable circumstances. Never- can take around 12 years for a new

34 | MAYMARCH 2018 2020 | HM | HM - LaingBuissoni - LaingBuisson medicine to be developed from its serves as a warning that healthcare care agencies must adhere to are not research phase through to marketing workers elsewhere may contract the clear-cut, particularly where difficult authorisation being granted. However, disease if an outbreak of the virus triage decisions need to be taken. in the case of Coronavirus, experi- occurs in their countries. Equally, Extraordinary circumstances can mental drugs are being developed at a failures in hospital systems could lead make determining whether defendants much greater speed. to avoidable cases of Coronavirus in were in breach of their duty of care Clinical trials are needed to test patients or members of the public. difficult to resolve. whether new medicines are safe and Fast-moving circumstances, where effective. Industry guidelines provide the authorities lack a full understand- for compensation for patients in the ing of a disease, increase the risks of If not now, when? event of injury sustained due to clini- litigation. Ultimately, it is hoped that the cal trials. The agencies and companies If there are claims, the claimant current outbreak of Coronavirus will involved in clinical trials will need to population could include members of be contained and businesses, and the ensure that the risks of participation the public, patients and hospital em- public in general, will be spared the in clinical trials for a Coronavirus vac- ployees. Where a member of the public consequences of a ‘worst case’ sce- cine are made clear to trial subjects, visiting a hospital, or a nurse treating nario that could lead to litigation. By particularly regarding unknown side a patient, is infected, claimant lawyers appreciating where liability risks lie, effects, and that all patients involved may see opportunities to bring claims however, manufacturers and hospitals receive a high standard of care. against hospitals, doctors and health can put in place policies to reduce the Ebola provides an interesting coun- agencies. Hospitals could be sued if risk of being sued where errors over terpoint to Coronavirus. Urgent re- they do not train staff to respond to a treatment or use of medical products search and manufacturing of a vaccine Coronavirus case. Individual doctors could cause infection, injury or loss for Ebola proved effective. In the case who do not spot symptoms could also of life. of Ebola, the urgency was sparked by face claims. What is certain is that there will be statistics showing that the fatality rate If there is litigation, it may be diffi- further challenges, even after Corona- was around 70%. The fatality rate cult to resolve due to the unique chal- virus is contained. associated with Coronavirus is much lenges presented by Coronavirus. A In September 2019, just weeks lower (believed to be around 2%). hospital has a duty of care to protect before the current outbreak, the World Pharmaceutical companies may, there- its staff, patients it treats, and poten- Health Organization warned that the fore, take a more cautious approach tially, members of the public who visit world was facing ‘an acute risk of to rushing production of a vaccine, the hospital. devasting disease pandemics’ which at least until the side effects of a new A claim against a hospital or doctor would kill millions. drug are better understood. will hinge upon determining whether Coronavirus is a reminder that the defendant was in breach of that robust policies to cater for the risk duty of care. Determining the standard of infectious diseases should be kept Hospitals and doctors of care, however, could prove diffi- under constant review. Hospitals may be particularly cult as healthcare agencies across the exposed to litigation. Healthcare world continually update their pro- workers in China have contracted the tocols for dealing with the disease. In disease after treating patients. This the initial stages, the standards health-

laingbuissonnews.com | MARCH 2020 | 35 Inlaw

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INDEX

Baring Private Equity 40 OncoDNA 42 Basma 40 Peijia Medcial 38 China Dental Medical Group 40 Saudia Medical Services 38 Hemsö 41 Selfapy 43 Humania 39 Thomson Medical 39 Innovaccer 42 Top Glove 39 Iora Health 43 Vezeeta 43 Loop+ 41 Okadoc 41

laingbuissonnews.com | MARCH 2020 | 37 INBUSINESS

SAUDI ARABIA Saudi Arabia completes first healthcare privatisation The privatisation of Saudia Medical Services Company (SMS), a subsidiary of Saudi Arabian Airlines, has been completed through the sale of a majority stake in SMS to Dr Soliman Abdel Kader Fakeeh Hospital Company. The transaction is the first privatisation of a government-owned healthcare entity. ‘SMS was established in 1970 to provide medical care to the employees of Saudi Airlines and their dependents,’ said Mohammed Hashim Bafaqeeh, chief executive officer of SMS. Jadwa Investment acted as the financial advisor, providing advisory services Saudi Arabian Airlines into ‘We are proud to have healthcare entity under on several key aspects of the an independent, commercially worked with Saudia and SMS the government’s privati- transaction, including the managed healthcare entity on this landmark initiative, sation programme,’ said corporatisation and restruc- which will provide healthcare and towards completing the Tariq Al-Sudairy, managing turing of SMS from a cost services to the beneficiaries of first privatisation transac- director and CEO of Jadwa centre that was operated by Saudi Arabian Airlines. tion of a government-owned Investment.

HONG KONG More healthcare listings for Hong Kong In the run-up to Chinese Peijia posted a loss of New Year, two healthcare Rmb241.9m (US$35m) for companies filed plans the first three quarters of last to list on the Hong Kong year. Stock Exchange. It last raised US$100m The larger company is Series C funding in November Hillhouse Capital-backed last year, one of the largest medical device company rounds for the med-tech Peijia Medical. Although it sector. The round was led by has not given any details on Hillhouse Capital, CCT Fund timing or size, market rumour and Grand Flight Investment, has it that it is looking to as well as existing investors raise around US$200m. Matrix Partners China and Founded in 2012, Peijia Lilly Asia Ventures. is a leading domestic player Joint sponsors for the IPO in each of the transcatheter are Morgan Stanley and Peijia Medical facility valve therapeutic medical Huatai International. device market and the neu- Raily Aesthetic Medicine, ro-interventional procedural an aesthetic medical service medical device market in provider in Zhejiang Province, minimally invasive aesthetic three quarters of last year of China. In 2018, the company has also filed plans to list. services, primarily injection Rmb17.1m on revenues of merged with Achieva Medical, It specialises in aesthetic procedures; and aesthetic Rmb137.8m. a company focused on neu- medical services to various dermatology services. Sole sponsor on the deal is ro-interventional devices. parts of the face or body; It posted profits for the first Innovax Capital.

38 | MARCH 2020 | HMi - LaingBuisson MARCH 2020 i Saudia Medical; Peijia Medical; Top Glove; Thomson Medical; Humania

MALAYSIA Top Glove sets up M$3bn perpetual Sukuk programme

Top Glove, the world’s Wakalah shall be Shariah- largest manufacturer of compliant,’ it added. medical rubber gloves, is to CIMB and Hong Leong set up a M$3bn (US$739m) are the joint principal perpetual Sukuk pro- advisers and joint lead gramme to raise proceeds arrangers. CIMB is also the for refinancing and working Sukuk programme’s shariah capital. adviser. The Sukuk is guided un- The Malaysia Rating der the Shariah principle of Corporation Berhad Wakalah Bi-Al Istithmar. (MARC) has given the pro- ‘The perpetual Sukuk gramme an initial rating of programme provides [Top AA- rating. Glove] with the flexibility This is one notch lower to issue unsecured and sub- than MARC’s AA rating of ‘The strong credit ratings commitment to strengthen- ordinated perpetual Sukuk Top Glove itself. The com- assigned by the two rating ing its financial profile,’ Top from time to time,’ the pany has the same rating agencies reflect their con- Glove’s executive chairman group said in a statement. from RAM Rating. Both the fidence in the solid busi- Lim Wee Chai said. ‘All utilisation of proceeds AA and AA-ratings carry a ness fundamentals of Top raised under the Sukuk stable outlook. Glove and the company’s

MALAYSIA MENA Thomson Medical IFC supports Humania pushes out curve with US$125m package

Thomson Medical Group, a S$225m three-year bond IFC, a member of the World Development, and the IFC Singapore’s second-larg- that priced at 4.8%. Since Bank Group, is the lead Managed Co-Lending Portfo- est healthcare group, has then, that bond has traded arranger for an Islamic lio Program (MCPP). pushed out its debt curve up and was last seen at a financing package of up to MCPP is a syndications with the sale of S$175m bid/ask of 3.50%/3.28%. US$125m to Humania, a platform that offers institu- (US$130m) five-year paper. Both bonds were printed private healthcare compa- tional investors the ability to The oversubscribed off the group’s S$500m ny, to help expand health participate passively in IFC’s bonds came in 30 basis multi-currency debt pro- services and improve future senior loan portfolio. points from initial price gramme that it set up last medical care in Morocco The financing will help guidance of 4.35% to price year. and Egypt. Humania develop a network at 4.05%. DBS was sole global ‘Healthcare and devel- of multispecialty hospitals Proceeds will be used coordinator for both bonds, opment are inextricably and healthcare assets in to refinance existing loan though Maybank Kim Eng linked,’ said Sobhi Batterjee, Egypt and Morocco. The facilities. and Standard Chartered chairman of Humania. ‘Our first phase of its investment In July last year, the joined as bookrunners for partnership with IFC will al- program includes three hos- company made its debut the 2025s. low us to provide world-class pitals and a medical tower in the bond markets with healthcare to more patients with nearly 600 inpatient in Egypt and Morocco, and beds and 240 outpatient thus play a role in improving clinics. The company’s the healthcare systems and growth is considered key in well-being of the communi- both countries, where there ties in these countries.’ are shortages of doctors and IFC will provide Humania hospital beds. with a US$35m Islamic fa- Egypt’s healthcare sector cility for its own account and needs US$60bn in invest- is the lead arranger for the ment by 2050 to meet rest of the financing from the rising demand for medical Finnish Fund for Industrial services, while Morocco Cooperation Ltd (Finnfund), is also facing a need to OPEC Fund for International improve healthcare delivery, Thomsons Hospital’s Development, European especially for women and Kota Damansara facility Bank for Reconstruction and young children.

laingbuissonnews.com | MARCH 2020 | 39 INBUSINESS

HONG KONG LEBANON Basma raises US$1.2m China Dental in seed funding Medical Group IPO Beirut-based digital dental startup Basma has raised China Dental Medical US$1.2m in seed funding to help it open up access to Group, the largest simple and affordable ortho- private dental service dontics in the MENA region. provider in Wenzhou, The round was led by Bei- rut-based venture capital is planning an initial firms B&Y Venture Partners public offering on and Cedar Mundi Ventures, the Hong Kong Stock with joint participation from iSME and various business Basma senior team Exchange. angels. Founded in ‘Seven out of ten people in the Arab world can benefit 2011, the group from straighter teeth. But we It says that it was founded aligner industry is only owns four private think that everyone deserves on the belief that affordable getting started here,’ said dental hospitals in to smile confidently,’ said dental care should be accessi- Bassel Attieh, chairman and founder and chief executive ble to everyone. managing partner of Cedar Wenzhou: Wenzhou Cherif Massoud. ‘We see much appetite for Mundi Ventures. Hospital and Basma is a direct-to-con- HealthTech and cosmetics Funds raised will be used Lucheng Hospital sumer healthcare brand that services in the Middle East, to push Basma’s tech base wants to give customers both from consumers and and for expansion in the in Wenzhou City straighter and brighter teeth. professionals. And the teeth MENA region. Area, Rui’an Branch Hospital in Rui’an City and Cangnan ASIA Hospital in Longgang Baring Private Equity Asia City. closes new fund at US$6.5bn The group had profits of Rmb16.6m Baring Private Equity Asia superior returns to investors has closed its seventh in the coming years.’ (US$2.4m) for the private equity fund – The The fund will focus on first nine months of Baring Asia Private Equity mid- and large-cap buy- last year on revenues Fund VII –at a hard cap of outs across the Asia-Pacific US$6.5bn. region. Target sectors include of Rmb63.2m. ‘We are extremely grateful healthcare, education, IT The company intends to our investors who have services & software, business to use IPO proceeds entrusted us with their capi- services, financial services, tal,’ said chief executive Jean consumer, and advanced for strategic Eric Salata. ‘During our his- manufacturing. acquisitions as well tory of investing in Asia over Fund VII, which is more the last 23 years we have than 60% larger than its Jean Eric Salata, for expansion – it seen a transformation in the predecessor fund, received chief executive, Baring Private Equity Asia intends to establish scale and quality of business- strong support from existing a couple of new es in the region and Asian investors and attracted a private equity now operates large number of new global wealth funds in the Asia dental hospitals in on a global scale. We have institutions. The majority of Pacific region. Wenzhou. the conviction that the higher the capital was raised from Campbell Lutyens acted as Innovax Capital is rates of growth in the region pension funds and sover- global placement agent and and maturing market oppor- eign wealth funds, including Debevoise & Plimpton acted managing the deal. tunity will continue to offer many of the largest sovereign as legal counsel.

40 | MARCH 2020 | HMi - LaingBuisson MARCH 2020 i China Dental; Basma; Baring Private Equity; Hemsö; Loop+; Okadoc

SWEDEN AUSTRALIA Hemsö sells US$110m Loop+ raises A$3m in sustainable debt seed funding

Loop+, an early stage health prevalent pressure-related technology enterprise based conditions for wheelchair us- in Australia developing a ers,’ said George Kellerman, pressure and movement chief executive and managing tracking device for wheel- director of YMVSV. chair-bound patients, has The Loop+ platform raised A$3m (US$2m) seed features a wheelchair funding. sensor mat that continuously The oversubscribed seed measures pressure, position, funding round was led by environmental conditions like Yamaha Motor Ventures & humidity, and general activity Laboratory Silicon Valley (YM- throughout the day. This alerts VSV), the strategic business healthcare professionals to Hemsö, an owner of prop- development and investment potential risks like pressure erties for public use in 0.53% and €55m (US$59.6m) arm of Yamaha Motor Co, with wounds allowing for early Sweden, has sold more than 10-year debt at 0.47%. additional investments from intervention and prevention US$110m debt within its In 2016 Hemsö issued the Giant Leap Fund, Eleanor as well as to promote healthy framework for sustainable first sustainable bond in the Venture and other investors wheelchair habits and reduce bonds. Nordic region and it has, since based in Australia. the acceleration of scoliosis ‘Our sustainable financing then, obtained sustainable ‘Yamaha Motor is actively and respiratory issues. is diversifying the company’s and green financing from supporting innovation in the funding and supports Hemsö’s the Nordic Investment Bank health tech sector to help sustainable work with a focus and the European Investment bring technology to the market on energy efficiency and social Bank. to address challenges and infrastructure,’ said group The company said that leverage opportunities for treasurer Jonas Rosengren. proceeds will be allocated to better patient care. Loop+ is It sold SKr500m sustainable and green assets one such company, taking a (US$51.5m) five years debt according to Hemsö’s frame- preventative health approach at the Stockholm Interbank work for sustainable bonds to help avoid suffering and George Kellerman, chief executive Offered Rate (STIBOR) plus established in 2018. lower costs associated with and managing director, YM-VSV

UAE Healthtech company secures US$10m Series A funding

Dubai-based healthcare tech- follows a US$2.3m seed nology company Okadoc has round in 2018. closed a US$10m (D36.7m) Okadoc is a healthcare Series A round of funding. app where patients can find This is the largest Series doctors, book appointments A funding secured by a online and receive reminders healthtech firm in the MENA for upcoming appointments. region. More than 100 doctors based Okadoc will use the fund- in Dubai Healthcare City ing to launch telemedicine (DHCC) doctors from 32 spe- Fodhil Benturquia, founder services in the UAE, allowing cialities and 11 hospitals and and chief executive officer of Okadoc doctors to offer remote virtual clinics are bookable online. consultations to their patients. More of Okadoc’s featured Institutional and private providers include Medcare, ‘We are fixing the broken executive officer of Okadoc. investors participated in the Aster Hospitals and Emirates patient experience that exists ‘This funding round and our Series A round, including Healthcare Group. today, while at the same continued rapid growth will Abu Dhabi Investment Office The company plans to time improving operation- help us achieve our goal of (ADIO) and Ithmar Capital expand operations into Saudi al efficiency for payors hitting 30% market penetra- Partners. Arabia and enter more Gulf and providers,’ said Fodhil tion in the UAE by the end of This latest round of funding countries next year. Benturquia, founder and chief 2021.’

laingbuissonnews.com | MARCH 2020 | 41 INBUSINESS

INDIA Innovaccer raises US$70m Series C India and US-based healthtech company Innovaccer has raised US$70m in Series C funding round from Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and Microsoft’s Venture Fund M12. Founded in 2014, Innovaccer uses artificial Kanav Hasija, Sandeep Gupta and Abhinav Shashank, intelligence and analytics to founders at Innovaccer automate routine work- flows and reduce manual overhead to facilitate more healthcare make it difficult Platform has helped its cus- team members through its patient-centred care. to deliver patient-centred tomers unify more than 3.8 platform over the next few ‘Despite technology care. The fragmented na- million patient records and years. growing steadily, the ture of the current health- generate savings of more The company said that it deep-rooted inefficiencies in care system is the biggest than US$400m. plans to use the latest funds challenge we have to ad- The company has to improve existing process- dress in enabling healthcare streamlined data from es that digitise healthcare ‘The fragmented to care as one and make health plans, primary care for providers, payers and nature of the current care delivery substantially providers, pharmacies, labs patients by strengthening its healthcare system is more efficient,’ said Kanav and hospitals, and made Data Activation Platform. the biggest challenge Hasija, co-founder and it available to more than This brings the to- we have to address in chief customer success 25,000 providers. Its aim tal capital raised by the enabling healthcare to officer. is to generate 100 million company to US$124.1m care.’ To date, Innovaccer says unified patient records in five rounds according to that its Data Activation accessible to 500,000 care Crunchbase.

BELGIUM OncoDNA raises €19m Series B

Gosselies-based healthtech participated. countries and is collaborating 2016. company OncoDNA has OncoDNA is a private, with a sub-contracted laborato- The new funding will support raised €19m (US$20m) oncology-focused healthcare ry of 300 collaborators. rapid international growth, ac- Series B funding led by technology company that OncoDNA closed its €8m Se- celerate software development Vesalius Biocapital III and combines comprehensive ries A fundraising in September and hiring initiatives. Swisscanto Invest by Zürch- testing of all clinically relevant er Kantonalbank. cancer biomarkers (DNA, RNA ‘We are delighted to have and protein profiles) from both successfully raised sufficient solid and liquid biopsies with new capital from such quality a proprietary cancer treatment investors who will enable us to knowledge database. grow and increase our support The company says that this to oncologists and cancer one-stop-shop analysis and patients with our data-driven interpretation service gives solutions,’ said founder and oncologists actionable results CEO Jean-Pol Detiffe. to enable the selection of treat- There was also significant ments tailored to the individual support from SFPI-FPIM. Histor- patient’s cancer profile. ical shareholders together with It employs 50 employees in CPH Bank, Inventures, Sam- four countries, works with an brinvest, Sofinim (Ackermans international network of 35 dis- Jean-Pol Detiffe, CEO, OncoDNA & Van Haaren) and SRIW also tributors covering approx. 50

42 | MARCH 2020 | HMi - LaingBuisson MARCH 2020 i Innovaccer; OncoDNA; Iora; Selfapy; Vezeeta

INDIA Iora Health closes US$126m Series F funding

Boston-based primary care serve is impressive and we’re provider network Iora Health most excited about the future has closed its US$126m Se- development and growth that ries F funding led by India’s will lead to making even larger Premji Invest, the billion-dol- impact on both people and the lar investment group of bottom line.’ Wipro chairman Azim Premji. Iora Health was founded Existing investors Cox to transform healthcare. Enterprises, Temasek F-Prime With a two-year compound Capital, Devonshire Investors, annual growth rate of more .406 Ventures, Flare Capital than 70%, the company has Partners, Polaris Partners, and 48 practices across the US Khosla Ventures also joined serving thousands of Medicare Azim Premji, the round. beneficiaries. Iora patients av- chairman, Wipro ‘At Premji Invest, we see eraged over four visits in 2019 the dire need – and ripe with twice as many electronic opportunity – for innovation interactions with their care is increasing its investment new features are the capabil- in healthcare,’ said Dhiraj teams. The model has driven a in its proprietary collabora- ity to generate and consume Malkani, partner at Premji steep decrease of over 40% in tive care platform, Chirp, to standardized electronic patient Invest. ‘The team at Iora is at hospitalisations. deliver new and improved information, and the ability to the forefront of this trans- Iora will use the Series F features to be certified as a share such information to spe- formation. The impact they funding to accelerate growth Medicare Certified Electronic cialists and non-Iora providers have already made on the and refine and optimize their Health Records (EHR) system. via a standard encrypted mes- thousands of patients they care model. Additionally, Iora Two of the most important saging protocol called Direct.

GERMANY EGYPT SHS invests in Selfapy Vezeeta secures US$40M

Online mental health Selfapy is the country’s Egypt’s digital healthcare generates 4 million appoint- treatment company Selfapy leading supplier of online booking platform, Vezee- ments every year. has raised €6m (US$6.6m) therapies for psychological ta, has secured US$40m This year, the company funding led by German stress. (E£627.7m) in a Series D plans to roll out new servic- healthcare investor SHS Ge- Sufferers can take part in round led by the Middle East’s es, including pharmacy and sellschaft für Beteiligungs- its online therapy pro- largest alternative asset man- telehealth across the markets management. grammes – that are based agement firm Gulf Capital. where it operates, as well as in It is the fourth round of on cognitive behavioural The round had strong new locations. funding for the company. therapy – anonymously, support from existing investor, Since its launch in 2012, As well as SHS, existing flexibly, and accompanied Saudi Technology Ventures Vezeeta has raised more than investors Think.Health, VC by psychologists. (STV), which led Vezeeta’s US$63m in funds, attracting Fonds Kreativwirtschaft The company targets Series C round in September other high-profile investors Berlin and High-Tech individuals with stress 2018, allowing the digital including BECO Capital, Gründerfonds also symptoms, depression, and healthcare platform to bolster Silicon Badia, Vostok New participated. anxiety and eating disor- its expansion plans primarily Ventures, Crescent Enterprises’ ‘With its 16 already ders. It said that it aims to in Saudi Arabia. CE-Ventures and Endeavour existing cooperations with close a gap in care and fits This latest growth capital Catalyst. health insurance funds, optimally to the traditional funding is Gulf Capital’s sixth ‘Building a global healthcare Selfapy has proven itself healthcare system. investment in the technology powerhouse requires a strong to be at the forefront of The company currently sector. investor base to support and the latest digital healthcare cooperates with 16 health Cairo-based Vezeeta, which drive continuous innovation models,’ said SHS man- insurance funds in Germany operates in the Middle East and disruptive solutions,’ aging partner Hubertus and Switzerland. and Africa, allows patients said Amir Barsoum, founder Leonhardt. Funds raised will be used to search, book and review and chief executive officer of ‘We are expecting further for national and interna- doctor and medical services Vezeeta. ‘Gulf Capital provides tailwind for Selfapy thanks tional growth, further devel- online. us with the perfect synergy for to the positive changes in opment and further clinical It operates in 50 cities our future plans to diversify the area of reimbursement,’ validation of Selfapy’s across Egypt, Saudi Arabia, and expand our product port- he added. online therapy platform. Jordan and Lebanon and folio on a global scale.’

laingbuissonnews.com | MARCH 2020 | 43 Intelligence

Markets international Index i Healthcare March 2020 76.6x PE DA EV/ EBIT- Valuation 0.7x 8.6x 28.5x 4.6x 13.9x 31.4x 8.7x 26.9x 34.5x EV/ Sales Cash Cash Cash DA Net EBIT- Debt/ DA gin Mar- EBIT- DA EBIT- Sales 845 1,255 99 7.9% 480 55 18 32.4% 711 155 51 32.9% EV 9 526 104 43 41.3% 0.2x 5.1x 12.3x 26.9x 1 171 42 12 29.3% 0.1x 4.0x 13.8x 23.0x 9 111 94 7 7.4% 1.4x 1.2x 16.0x 29.1x 288 1,467 672 85 12.6% 3.4x 2.2x 17.3x 61.0x 166 458 411 36 8.6% 4.7x 1.1x 12.9x 589 2,526 1,336 367 27.5% 1.6x 1.9x 6.9x 28.4x 671 1,254 783 98 12.6% 6.8x 1.6x 12.7x 33.0x 137 735 192 48 25.2% 2.8x 3.8x 15.2x 34.5x 261 2,776 1,043 110 10.5% 2.4x 2.7x 25.3x 98.2x 900 1,591 936 133 14.2% 6.8x 1.7x 12.0x 107.0x 516 1,411 918 103 11.2% 5.0x 1.5x 13.7x 24.6x 287 551 581 52 9.0% 5.5x 0.9x 10.5x 17.4x 507 894 451 71 15.8% 7.1x 2.0x 12.6x 21.1x 371 3,257 634 155 24.4% 2.4x 5.1x 21.1x 40.7x 146 312 250 40 15.9% 3.7x 1.2x 7.8x 4.5x 263 744 467 66 14.1% 4.0x 1.6x 11.3x 0.0x Cash Cash Cash TTM Fundamentals (GBPTTM £m) Fundamentals Net Debt Net 967 518 292 505 1,083 1,589 931 116 12.5% 9.3x 1.7x 13.6x 42.0x 170 582 597 691 895 264 388 518 736 167 102 481 1,180 1,933 1,111 3,042 1,826 406 22.2% 2.7x 1.7x 7.5x 7.1x 2,515 1,937 8,312 2,814 11,125 5,995 781 13.0% 3.6x 1.9x 14.2x 29.9x 2,886 3,059 2,689 5,749 2,927 438 15.0% 6.1x 2.0x 13.1x 30.2x 9,619 1,164 10,783 2,706 614 22.7% 1.9x 4.0x 17.6x 52.5x 6,648 4,721 11,369 3,022 662 21.9% 7.1x 3.8x 17.2x 34.6x 2,844 2,480 5,324 3,060 514 16.8% 4.8x 1.7x 10.4x 22.7x Cap Market Market 7.1% 22,860 21,444 44,304 29,480 5,092 17.3% 4.2x 1.5x 8.7x 14.3x YTD (%) Technical 87.6% 8.4% 87.9% 2.3% 97.2% 5.7% 97.2% 5.4% 87.7% (1.6)% 47.4% (45.8)% 97.3% 2.3% 99.3% 43.1% 99.8% 38.3% 99.5% 51.7% 92.8% 40.5% 79.3% (21.2)% 31.1% -64.0% 90.0% 0.6% 63.5% (24.4)% 98.6% 14.7% 18,704 10,314 29,018 14,512 2,986 20.6% 3.5x 2.0x 9.7x 17.3x 93.9% (3.4)% 92.7% 60.8% (28.2)% 95.0% 29.2% 98.1% 32.8% 93.8% 3.0% 86.7% 30.1% 92.9% 28.0% 93.5% 40.2% 94.3% 38.0% % of High 52-Week 52-Week 3,697 ₺ 3,697 ₹ 82,504 ₹ 231,863 Market Market Cap (m) SEK 3,299.99 SEK 7,276.28 SEK 8,634.37 SEK 1,270.06 SEK 14,740.82 £9.3 £1,933 £1.3 £505 £1.5 £170 $4.5 $671 £1.3 £167 £3.9 £2,844 R 0.3 R 37,220 $79.3 $16,021 £19.3 £518 £11.6 £736 € 17.1 € 1,146 € 47.3 € 459 17.8 ₺ 17.8 € 72.8 € 22,163 € 15.3 € 347 € 43.8 € 3,625 100.0% 42.4% € 64.3 € 3,419 € 48.6 € 27,089 RM5.8 RM5.8 RM50,626 ₹ 163.3 Local Currency € 121.9 € 7,877 100.0% 41.3% Price Share Share ₹ 1,665.8 SEK 108.60 Germany UK UK Turkey Sub Sector HQ Hospitals Sweden Hospitals Australia Ambulatory ClinicsAmbulatory Germany Hospitals UK Hospitals Germany Diagnostics UK Hospitals Finland Hospitals UK Diagnostics UK Hospitals South Africa Elderly CareElderly Sweden SEK 76.90 Hospitals Saudi Arabia SAR 24.1 SAR 2,897 Elderly CareElderly Sweden SEK 53.50 Hospitals India Hospitals India Elderly CareElderly Sweden SEK 62.10 Elderly CareElderly France Elderly CareElderly France Elderly CareElderly France HCIT HCIT HCIT Hospitals Germany Hospitals Georgia Hospitals Sweden SEK 18.60 Hospitals Malaysian Hospitals Hospitals UK 1 amsay Health Care Health amsay Company R Fresenius Medical Care Fresenius NMC Health Rhoen-Klinikum Integrated Diagnostics Integrated Pihlajalinna Spire Healthcare Spire Medica Life Healthcare Life Ambea Al Hammadi Attendo Apollo Aster DM Healthcare Aster Humana Korian Le Noble Age Noble Le Orpea CompuGroup Craneware EMIS Fresenius Georgia Healthcare Georgia GHP SpecialtyGHP Care IHH Healthcare Medical Park Hospitals Medical Park Mediclinic International Mediclinic Medicover

44 | MARCH 2020 | HMi - LaingBuisson Markets international Index i Healthcare March 2020 36.7x PE DA EV/ EBIT- Valuation 2.0x 7.3x 13.2x 5.0x 15.8x 25.6x 1.6x 20.7x 189.2x 2.2x 11.5x 34.6x EV/ Sales Cash Cash Cash Cash DA Net EBIT- Debt/ DA gin Mar- EBIT- DA EBIT- Sales 597 384 29 7.5% 424 210 58 27.5% 115 53 10 18.9% 2,333 2,333 466 147 31.6% EV 191,658 81 2,011 1,004 120 10.9% 0.7x 1.8x 16.8x 33.5x 50 347 190 55 28.7% 0.9x 1.8x 6.4x 4.3x 75 854 338 41 12.3% 1.8x 2.5x 20.6x 120.4x 17 1,058 286 55 19.3% 0.3x 3.7x 19.1x 27.1x 297 1,080 634 99 17.3% 2.4x 2.0x 13.6x 28.5x 109 1,080 223 59 26.6% 1.8x 4.9x 18.2x 33.2x 401 10,432 2,056 422 20.5% 1.0x 5.1x 24.7x 27.2x 306 856 395 84 21.3% 3.6x 2.2x 10.2x 27.2x 195 936 253 45 17.6% 4.4x 3.7x 21.0x 38.0x 180 961 662 107 16.2% 1.7x 1.5x 9.0x 23.5x 658 6,750 988 198 20.1% 3.3x 6.8x 34.0x 66.8x 110 1,799 364 117 32.1% 0.9x 4.9x 15.4x 21.8x 266 960 1,123 228 20.3% 1.2x 0.9x 4.2x 5.4x 167 775 289 37 12.8% 4.5x 2.7x 20.9x 32.7x Cash Cash Cash Cash TTM Fundamentals (GBPTTM £m) Fundamentals Net Debt Net 971 602 550 568 781 741 781 295 779 694 608 119 2,280 2,351 4,631 2,374 401 16.9% 5.9x 2.0x 11.5x 16.7x 2,451 2,793 1,521 4,078 2,025 355 18.9% 2.7x 2.7x 14.5x 1,932 8,670 2,947 11,617 8,688 1,249 14.4% 2.4x 1.3x 9.3x 14.3x 1,689 1,041 6,092 131,261 Cap Market Market CURRENT SHARE PRICE DIVIDED BY NON-FULLY DILUTED EARNINGS PER-SHARE EARNINGS DILUTED NON-FULLY BY DIVIDED PRICE SHARE CURRENT 7.6% 10,031 YTD (%) YIELD-TO-DATE PE YIELD-TO-DATE Technical 89.9% 5.5% 69.6% (19.3)% 95.3% 24.4% 92.7% 27.2% 70.6% (25.6)% 89.6% 20.7% 94.4% 99.9% 82.4% 86.8% (5.4)% 85.5% 2.1% 88.0% 95.9% 31.1% (64.0)% 94.0% 12.5% 65.0% (23.9)% 88.1% (11.1)% 86.3% 1.6% 88.5% (5.0)% 93.5% 5.7% 277.8% 10.2% % of High IS THE EUROPEAN PUBLIC REAL ESTATE ASSOCIATION, THE INDUSTRY BODY FOR EUROPEAN REITS. EUROPEAN FOR BODY INDUSTRY THE ASSOCIATION, REAL PUBLIC ESTATE EUROPEAN IS THE 52-Week 52-Week $2,948 ₹ 71,833 ₹ 10,963 ฿ 38,844 ฿ 98,029 ฿ 401,223 Market Market Cap (m) Rp10,635,750 £7.7 £1,932 $4.4 $5,707 £4.9 £550 100.0% 47.5% € 4.7 € 349 R 9.3 R 13,337 $140 $11,213 $33.3 ¥14.0 ¥54,958 ฿ 15.6 ฿ 25.3 ₹ 351.5 ₹ 101.5 Local Currency ฿ 134.5 Price Share Share USA USA Sub Sector HQ Hospitals Thailand Mental Health Mental Health Hospitals Thailand Pharma ServicesPharma UK Specialist Care UK Hospitals Saudi Arabia SAR 47.9 SAR 3,593 106.6% -10.2% Hospitals Malaysia RM0.96 RM4,109 Hospitals Russia Hospitals China Hospitals Saudi Arabia SAR 81.9 SAR 8,190 Hospitals India Hospitals South Africa Hospitals Singapore SGD 1.0 SGD 1,867 Hospitals Saudi Arabia SAR 32.0 SAR 2,950 Hospitals India OTAL MEAN T MEDIAN IS THE IFRS PROFIT AFTER TAXATION ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY EXCLUDING INVESTMENT AND DEVELOPMENT PROPERTY REVALUATIONS, GAINS/LOSSES ON INVESTING AND TRADING PROPERTY DISPOSALS, CHANGES IN THE FAIR FAIR IN THE DISPOSALS, CHANGES AND TRADING PROPERTY ON INVESTING GAINS/LOSSES REVALUATIONS, PROPERTY AND DEVELOPMENT INVESTMENT EXCLUDING COMPANY OF THE SHAREHOLDERS TO ATTRIBUTABLE AFTER TAXATION EARNINGS PROFIT IFRS IS THE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION YTD AND AMORTISATION DEPRECIATION TAXES, INTEREST, BEFORE EARNINGS EBITDA MONTHS TRAILING TWELVE Company EPRA EPRA TAXATION. RELATED AND THEIR COSTS CLOSE-OUT AND ASSOCIATED INSTRUMENTS OF FINANCIAL VALUE AS BONDS CONVERTIBLE ON THE MARK-TO-MARKET THE ADJUSTMENTS, DEBT AND RELATED ON DERIVATIVES NET MARK-TO-MARKET THE IFRS ASSETS THE EXCLUDING REPRESENTING MEASURE, CONSOLIDATED EPRA NET ASSET (EPRAIS A PROPORTIONALLY VALUE NAV) BETWEEN IS NET IFRS ASSETS AND EPRA NAV A RECONCILIATION OPTIONS. OF SHARE IMPACT DILUTIVE THE FOR AND IS ADJUSTED ON TRADING PROPERTIES SURPLUS VALUATION THE INCLUDES IT VALUATIONS. AND DERIVATIVE ON PROPERTY TAXATION AS DEFERRED WELL DISCLOSURES. SUPPLEMENTARY THE B WITHIN IN TABLE INCLUDED 2020 AS CORRECT OF 10 FEBRUARY IN DATA IS LISTED STOCK THE THAT CURRENCY THE TO REFERS CURRENCY LOCAL Bangkok Chain Bangkok MEDICOVER’S MARKET CAP INCLUDES ALL OUTSTANDING SHARES AND NOT ONLY THE ONES LISTED ON THE NASDAQ NORDIC NASDAQ ON THE LISTED ONES THE ONLY AND NOT SHARES ALL OUTSTANDING CAP INCLUDES MARKET NOTES 1 MEDICOVER’S TTM Bangkok Dusit Medical ServicesBangkok Hospitals Thailand Acadia Healthcare Acadia Universal Health Services Health Universal Bumrungrad UDG Healthcare China Resources Phoenix Healthcare Phoenix China Resources Hospitals China CareTech Dallah KPJ Healthcare KPJ MD Medical Meinian OneHealth Mouwasat Mouwasat Narayana Hrudayalaya Narayana Netcare Raffles Medical Raffles Saudi German Hospitals Saudi German Shalby Hospitals Shalby Siloam International Hospitals International Siloam Hospitals Indonesia Rp6,525.0

laingbuissonnews.com | MARCH 2020 | 45 Intelligence

Global healthcare and social care expenditure, as % of GDP 2020

Social Care Healthcare 35.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

Chile Italy Israel JapanKorea Latvia Spain Turk ey AustriaBelgiumCanada Esto niaFinlandF rance Greece IcelandIreland Mexico NorwayPo land Sweden Australia De nm ark Ge rm a ny Hungary Lithuania Portug al Slo ve ni a Switzerland Luxe mbo urg NetherlandsNew Zealand United States Czech Republic Slovak Republic United Kingdom

SOURCE OECD.STAT DATA EXTRACTED 17 APRIL 2019

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DAC.BEA.188.19 Health Investor Ad March 19 A4 v2 AW.indd 1 12/03/2019 17:10 48 | NOVEMBER 2019 | HMi - LaingBuisson Intelligence

Selected recent international healthcare private equity deals

Deal Value Date Company Country Sector Sub Sector Buyer GBP(m)

Adult Specialist Feb 2020 Ascent Behavioral Health USA Healthcare Services Veronis Suhler Stevenson N/A Care West Dermatology (Enhanced Feb 2020 USA Healthcare Services Cosmetics Sun Capital Partners, Inc. N/A Healthcare Partners) Feb 2020 Doctopsy France Medtech Telemedicine Qare (Kamet) N/A Vanguard Healthcare Solutions Feb 2020 Young Medical Netherlands Healthcare Services Other N/A (Livingbridge) Feb 2020 Adonia Medical Group United Kingdom Healthcare Services Cosmetics sk:n (TriSpan) N/A Mears Group (domicilliary care Feb 2020 United Kingdom Healthcare Services Care Services Cera Care 4 business) Jan 2020 RIEMSER Pharma Germany Pharma Drug development Esteve Pharmaceuticals N/A

Jan 2020 Oxford Nanopore Technologies United Kingdom Healthcare Services Medical equipment Undisclosed bidder 108

Dec 2019 BMI Healthcare United Kingdom Healthcare Services Hospitals Circle Health N/A

Dec 2019 Harvest Healthcare United Kingdom Healthcare Services Equipment Prism UK Medical N/A

Dec 2019 Proliva Sweden Healthcare Services Hospitals Aleris N/A

Dec 2019 Nescure Germany Healthcare Services Hospitals Oberberg N/A

Nov 2019 The Harley Medical Group United Kingdom Healthcare Services Hospitals Lasercare Clinics (Harrogate) N/A

Nov 2019 Tannlegesenteret Norway Healthcare Services Hospitals Oral Care N/A Investor Consortium led by Nov 2019 LGC United Kingdom Medtech Cinven Partners and Astorg 2,943 Partners Nov 2019 Tomma Diagnostyka Obrazowa Poland Healthcare Services Hospitals PZU Zdrowie N/A

Nov 2019 Takeda Pharmaceutical Russia Pharma Drug development STADA Arzneimittel 499

Nov 2019 Walmark Czech Republic Pharma Drug development STADA Arzneimittel N/A

Oct 2019 MDM Italy Pharma Drug development Neopharmed Gentili N/A

Medical equipment Oct 2019 Bemasce Tecnica Spain Healthcare Services Palex Medical N/A & services

Mediko Pflege- und Oct 2019 Germany Healthcare Services Hospitals Schones Leben Gruppe N/A Gesundheitszentren

Oct 2019 Creta InterClinic Greece Healthcare Services Hospitals Hellenic Healthcare N/A

Oct 2019 Medidental Italy Healthcare Services Hospitals Primo Group N/A

Oct 2019 Takeda Pharmaceutical Ukraine Pharma Drug development Acino International 152

Oct 2019 Nova Vita Kliinik Estonia Healthcare Services Hospitals FutureLife N/A

Novo A/S; Wellington Partners; Sept 2019 STipe Therapeutics Denmark Medtech Sunstone Life Science Ventures 17 A/S; Arix Bioscience

LGT Group; Escala Capital; Cambridge Innovation Capital; Sept 2019 CMR Surgical United Kingdom Medtech 185 Watrium; Zhejiang Silk Road Fund Medical equipment Sept 2019 Healthcare 21 Group Ireland (Republic) Healthcare Services Lucid Group Communications N/A & services

Sept 2019 Panorama Fachklinik Germany Healthcare Services Hospitals Oberberg N/A

Medical equipment Sept 2019 Sineldent Spain Healthcare Services Phibo Dental Solutions N/A & services

Medical equipment Aug 2019 Silmaasema Oy (67.61% Stake) Finland Healthcare Services Coronaria Oy 92 & services

Aug 2019 Eyescan Netherlands Healthcare Services Hospitals Ober Scharrer Gruppe N/A

Centro Medico Virgen De La Aug 2019 Practiser Spain Healthcare Services Hospitals N/A Caridad

Medical equipment Aug 2019 cytena Germany Healthcare Services Cellink 23 & services

SOURCE LAINGBUISSON DATABASE; COMPANY WEBSITES

laingbuissonnews.com | MARCH 2020 | 49 TM MEDICAL TRAVEL NEWS

WELLNESS Hotels now compete with spas and gyms

Hotel group Accor has It also explores the eco- published a white paper nomic and social factors that dedicated to wellness in the are driving the rise of well- hospitality industry. It claims ness around the world, such that hotels now compete as the ageing population. with spas and gyms for well- This is affecting the industry, ness market share. as rising healthcare costs It’s A Wellness World: The associated with an ageing Global Shift Shaking Up Our population are driving an Business explores the belief increased focus on preven- that being healthy is achiev- tion through lifestyle changes able in the mainstream hotel to promote wellbeing into industry, beyond the walls old age. of spas and gyms. Accor de- Emlyn Brown of Accor scribes it as a major societal explained: ‘By investing in shift. holistic wellness experiences The paper highlights the that help our guests feel good brands are embracing the designed to enhance sleep, opportunities the wellness throughout the customer challenge of continuously counter jet lag and promote movement provides for hotel- journey, we are establishing surprising our guests with digestive health. The com- iers, and some of the unique a model for strong reve- new ways to achieve health pany also offers guests sleep ways the Accor brands will nue growth through return and wellbeing during their rituals with aromatherapy deepen their commitments bookings, word-of-mouth travels, inspiring them to and luxury sleep masks. in this area throughout 2020 referrals, and positive social choose our hotels again and Accor is also seeking to en- and beyond. media presence, contributing again,’ he added. ergise the company’s wellness The report states that 77% to a steady and sustainable The report showcases teams globally, enhancing of consumers take steps business for years to come. examples of how Accor’s the five key pillars that guide in their daily lives to stay ‘At Accor, our goal is to leading hotel brands are Accor’s overall approach to healthy and active, make have guests experience a evolving with the wellness wellbeing – active nutrition, informed food choices and sense of wellbeing during movement. Raffles Hotels holistic design, bodies in manage stress, while 56% their stay and that they leave and Resorts employ feng movement, leveraging spa of affluent travellers place feeling better than when they shui and biophilia techniques and embracing mindfulness. a top priority on the state- arrived; better rested, more to bring peace and balance ment, ‘I’m striving to become nourished and in a happier to its interior spaces, while healthier in the coming year’. state of mind. Our hotel the company’s menus are

HUNGARY Plans for free IVF for Hungarians

According to BioNews, hopes to ‘make what happens exemptions-for-life for couples also considering the income Hungarian prime minister, to the fertilised eggs fully with four or more children, and tax exemption to include Viktor Orban has announced transparent during the entire certain loans being voided for single women who have three that Hungary will provide process. The government has couples with three or more children. free IVF to couples to com- decided that from 1 February children. The government is bat the country’s declining medications used in fertili- birth rate. This could reduce ty treatment will be free of outbound fertility travel. charge [and] IVF treatment will The article states that Hun- no longer be market-based,’ gary’s population has been he said. progressively declining for four The article says that it is decades due to Hungarians currently unclear as to the having fewer children and eligibility criteria for receiving a rise in the emigration of a free cycle and whether it working-age people to other will be restricted to certain EU nations. demographics. In December 2019 the gov- Other measures have also ernment acquired six fertility been launched to encourage clinics. By bringing fertility clin- Hungarians to have more Hungarian prime minister Viktor Orban ics under state control, Orban children, including income tax

50 | MARCH 2020 | HMi - LaingBuisson MARCH 2020 Global wellness; Hungarian IVF; Ukrainian medical tourists; Sri Lankan regulation

UKRAINE Visa cancellation helps medical travel from Ukraine

According to an article in The article quotes various saying that the number of receives around US$10bn Interfax-Ukraine, in 2019, medical travel agencies and Ukrainian patients visiting from medical tourists from Ukraine patients still clinics claiming the number Polish clinics had tripled 165 countries. Around 1 preferred to travel abroad of Ukraine patients to both in 2019, to around 10,000 million foreign medical for oncology and cardiac Germany and Poland have people. The article did state, tourists annually visit Turkey, treatments, including to increased. however, that this is mainly of which 45,000 were Poland, Germany and Turkey. It includes an interview due to an increase in the Ukrainians in 2019. The The flow in Europe has been with the director-general number of Ukrainian mi- number of Ukrainian patients improved with the cancel- of medical tourism promo- grants in Poland. in Turkey is growing annual- lation of visa requirements tion foundation, Proturmed The article also mentions ly by 10-15%. The majority between the EU and Ukraine. Mariusz Arent in Poland the Institute of Research and of Ukrainian patients travel Development of Medical to Turkey for treatment of Tourism (Poland), which oncology diseases and for states that the total number paediatric rehabilitation. of medical tourists in Poland The article also states that was around 182,000 people the Ukrainian Association of in 2018. Ukrainian patients Medical Tourism (UAMT) apparently travel to Poland claims that around 160,000 for treatment of oncology, patients left Ukraine for orthopaedic surgery, cardiac treatment in 2018. Germany, diseases and rehabilitation Israel and Turkey were the after injuries. most popular destinations The article quotes the for medical tourism from board chairman of the Ukraine. During the same Turkish Association of time, UAMT says, around Emin Çakmak, board chairman, Medical Tourism Emin 65,000 foreign patients came Turkish Association of Medical Tourism Çakmak (Turkey), who for treatment to Ukrainian said that in general Turkey clinics.

SRI LANKA Plans to regulate wellness tourism in Sri Lanka

An article in the Sunday Ob- to develop national Sri Lanka Wellness Tourism server describes the ongoing standards/regulations for Association (SLWTA). ‘A pilot project to set work, led by the Sri Lanka Ayurveda Private Healthcare The article explains that up wellness centres is Export Development Board Institutions to regulate the EDB has identified the health currently underway to (EDB), to develop standards industry. According to this sector as a prominent export promote the sector in a and regulation for the well- process, the Department of sector, and in 2017, the regulated environment.’ ness tourism sector in the Ayurveda has now devel- sector was selected as the key country. Within this sector, oped the ‘Draft Rules and focus sector in the National the EDB includes ayurveda, Regulations on Traditional Export Strategy (NES). The the Western medical sector, Medicine (Medical Tourism) Wellness Tourism Strategy The second objective yoga, meditation, spa and Institutions’ (under Section was developed as part of focuses on regulation and relaxation activities. 10 of the Ayurveda Act, No. the NES of Sri Lanka with quality assurance through The article states that the 31 of 1961). three main objectives with standardisation, licensing of Department of Ayurveda has The article quotes deputy development and promotion- activities and recognition of drafted regulations to ensure director, technical-medical, al activities in collaboration traditional healing in target quality, standards and safety. Ministry of Health, Nutrition with the ayurveda, Western markets and streamlining of There will also be accred- and Indigenous Medicine, T. medical and tourism sector institutional procedures. itation and guidelines for Weerarathna. A pilot project stakeholders. The third objective focuses ayurvedic practitioners. With to set up wellness centres is The first objective con- on gathering more informa- a view to ensuring credibility currently underway to pro- centrates on sector coordi- tion on the sector through a of service, an Act will soon mote the sector in a regulated nation and cohesion. The more effective collection of be introduced with specific environment, he said. traditional wellness and the statistics and sharing sector rules and regulations. The article also says that western medicine segments information, to the local The EDB is working practitioners in the wellness need clusters to organise and population and to foreigners in collaboration with the tourism industry have en- improve cooperation among in target markets. Department of Ayurveda dorsed the formation of the stakeholders.

laingbuissonnews.com | MARCH 2020 | 51 MEDICAL TRAVEL AND TOURISM

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SECOND EDITION

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52 | MARCH 2020 | HMi - LaingBuisson Chosen provider of independent sector  +44 (0)20 7841 0045  [email protected]  laingbuisson.com healthcare market data to the UK Government ONS Inpost

MEDICAL TRAVEL AND TOURISM WHO appoints directors for Africa and Europe In partnership with GLOBAL MARKET REPORT The World Health Organi- zation executive board has SECOND EDITION re-appointed Matshidiso Moeti for a second term as WHO regional director for Africa and Hans Kluge as regional director for Europe in his first term. ‘I am greatly honoured to have been appointed to serve a second term as the WHO regional director for Africa and I Global oversight of an international What the report covers would like to thank you for the • Overview trust you have shown,’ said market Moeti. ‘As Africa increasingly The second edition of LaingBuisson’s Medical Travel and Tourism global market • International medical tourism faces the double burden of global figures report is essential reading if you wish to make more informed decisions and deliver a diseases, the next five years Reappointment of AFRO regional director Matshidiso Moeti better return on your investment when targeting the international patient. in public health will be crucial (WHO/Pierre Albouy) • Top 50 medical tourism destinations in laying a strong foundation This report will help you to understand the competition in terms of which countries to reverse this burden.’ have the highest number of incoming medical travellers and the US$ earned, and • Top 45 outbound sources Moeti, who is from Botswa- identify which countries have significant outgoing medical travel flows. It will give you na, said she will accelerate policies to tackle tobacco use, tion of 900 million people. He ‘As Africa increasingly • Top 40 health and wellness action towards attaining vaccines for cervical cancer said that his vision for health faces the double the benefit of an impartial, un-hyped view of what is happening now and what the destinations universal health coverage and malaria prevention as well in the European region is for burden of diseases, the future trends may be. as joint initiatives to procure no one to be left behind and so that everyone can ac- next five years in public • International, regional and medicines affordably. that major government poli- health will be crucial cess care without financial Monitoring the ever-changing world of medical tourism is a challenge for every domestic market commentary As the first woman WHO cies should include health for in laying a strong hardship. Despite significant destination and healthcare provider involved in the international patient business. • Agencies and facilitators regional director for Africa, people-centred and financially foundation to reverse Organisations must adapt their medical tourism health challenges in the Moeti was elected as WHO sustainable healthcare and this burden.’ strategy in response to a changing market. To do that, • Customer profiles African region, which serves regional director for Africa in public health services, includ- 47 countries, progress is they need to know which countries are doing well or February 2015. ing affordable medicines. • Products and services being made in strengthening In his new role as regional Over the past decade at tion, and in 2018, pushing badly, who is going where, the treatments they are health systems, combating director for Europe, Hans WHO/Europe, Kluge helped forward commitments adopt- seeking, why they are going there, and how political, • Insurance diseases and improving peo- Kluge will direct international introduce community-based ed at the Global Conference economic, social and technological changes are health work across the 53 primary healthcare in Greece on Primary Health Care in • EU cross-border healthcare ple’s health. Recent efforts impacting the medical tourism market. by member states include countries of the WHO Europe- during the financial crisis, the Astana, Kazakhstan. • Also included Access to IMTJ’s an region, serving a popula- Tallinn Charter implementa- The Medical Travel and Tourism global market report, online Country Profiles and a second edition provides extensive insight into what is 12-month subscription to IMTJ happening now, and what the future trends may be. SOG appoints Eric Choo as CEO Purchase includes online access to IMTJ Country ORDER NOW Profiles and a 12-month subscription to IMTJ. Eric Choo has been appoint- Choo has a history with as an auditor in Singapore 1 2 £1,350 DIGITAL ed chief executive officer of the women’s healthcare and the US. Before joining the Printed Book + PDF Data in Excel Singapore O&G (SOG). He re- specialist. Although he comes healthcare industry, he was Who is the report for places Ivan Lau who stepped from Eagle Eye Centre where audit senior manager with • Professionals working in healthcare markets • Governments and policy-makers 1 Plus VAT down in November last year. he was chief financial officer, KPMG where he provided around the world • Travel and tourism organisations 2 Digital reports include a licence allowing multi-reader ‘Together with his strong he used to be CFO of Sin- audit and assurance services • Hospital and clinic groups operating • Banks and other financial institutions access across your organisation and the reasonable use internationally • Investors and private equity firms of LaingBuisson data within your own reports background in the healthcare gapore O&G. He was with to public companies listed • International patient departments • Lawyers and finance industries, we the company between 2014 on the Singapore Exchange • Medical tourism facilitators and agencies • Policy advisors Visit laingbuisson.com to find out look forward to his leader- and 2018 and spearheaded and stock exchanges in the • Medical travel destinations, associations and • Think tanks more and to download full contents ship and steering SOG to the the company’s initial public US. During his tenure with clusters • Management consultants and figures listings • International insurers next phase of growth,’ said offering in 2015. KPMG, he was also involved Eric Choo, chief executive officer, SOG executive chairman Beh He also served close to 10 in several sustainability advi- Singapore O&G Suan Tiong. years in the finance industry, sory and assurance projects. ORDER NOW

Chosen provider of independent sector laingbuissonnews.com | MARCH 2020 | 53  +44 (0)20 7841 0045  [email protected]  laingbuisson.com healthcare market data to the UK Government ONS Inpost

Aedifica strengthens team Maria Maieli steps in Germany down at Ellex Belgian healthcare REIT Ae- tive Stefaan Gielens. Previously, he worked Maria Maieli has difica has recruited Heinz Beekmann has several for more than 19 years for Beekmann to strengthen years of experience in Anheuser-Busch InBev and stepped down its German team as country the healthcare sector: he held various international as interim chief manager. He will supervise worked within the Armo- positions. executive officer of the management of the nea Group as CEO of the German portfolio and the German branch and, in May Australian ophthalmic group’s growth in the Ger- last year, he also took on laser specialists Ellex man market, and lead the the position of CEO Armo- Medical Lasers. German team in place from nea Belgium. She was appointed in mid-April. He was also a member ‘Heinz’s experience in of the non-executive board July last year. the healthcare sector as an of Lebenshilfe Syke, a Ellex’s current executive officer of a major non-profit organisation for executive chairman, care home operator is a persons with disabilities Victor Previn said: great added value for Ae- that operates residential difica’s team in Germany,’ homes, family support ‘On behalf of Ellex said Aedifica chief execu- services and schools. Heinz Beekmann, we wish Maria all the country manager, Aedifica best into the future and thank her for her service over a number of years at Dalal named COO of Sahyadri Hospitals Ellex including as Sahyadri Hospitals, Maha- chief financial officer, rashtra’s largest chain of company secretary multi-speciality hospitals, and more recently as has named Abrarali Dalal as interim CEO during its chief operating officer. He is a healthcare and this very important telecom industry veteran time for the company.’ who was pivotal in building Previn will assume North India’s first private children’s hospital in his management previous role as group COO responsibilities with of Rainbow Children’s Hos- Keith Byrne, Ellex’s pitals. Earlier, he was facility current vice-president director at Fortis Healthcare, New Delhi. of global operations. ‘With his rich and diverse Maieli’s resignation experience, Dalal will take comes less than two the Sahyadri Group towards months after the sale the next level of growth and help achieve our aim to of the company’s increase the bed count and lasers and ultrasound revenue significantly in five business to France’s years,’ said Charudutt Apte, Abrarali Dalal, chief operating officer, founder and chairman of Sahyadri Hospitals Lumibird for A$100m Sahyadri Hospitals. (US$66.9m). In October 2019, health- The new Ellex care investor The Everstone adri Hospitals currently Gymkhana, Nagar Road, will focus on the Group acquired a controlling operates five tertiary care Kothrud, Bibwewadi, Kasba stake in Sahyadri Hospitals. and three secondary care Peth and Hadapsar), Nashik glaucoma surgery Founded in 1994, the hospitals with 750 beds and Karad. device market. Pune-headquartered Sahy- across Pune (Deccan

54 | MARCH 2020 | HMi - LaingBuisson Nordic Capital names Daniel Berglund partner

Private equity group Nor- company interaction. He has acquisitions and exits over dic Capital has promoted admirable business skills and the years, including Bambora, Daniel Berglund to partner. is also a very strong repre- Trustly, ArisGlobal and ERT. He joined the group in 2010 sentative of our collaborative He currently serves on and has, since then, focused and team-spirited culture,’ the boards of five of Nordic particularly on investments said Kristoffer Melinder, Capital’s portfolio companies in healthcare IT. managing partner, Nordic and has previously been a ‘Daniel has been a formi- Capital Advisors. board member of a further dable deal generator since Berglund has been instru- six companies. Daniel Berglund, partner, early on at Nordic Capital mental in advising on several Nordic Capital and is excellent at portfolio of Nordic Capital’s major

Unilabs appoints new general Cofinimmo expands team in manager in Switzerland the Netherlands

Swiss diagnostic services strength.’ Belgian real estate provider Unilabs has appoint- Keller joins Unilabs from company Cofinimmo has ed Alessandre Keller as Nestlé, the world’s largest expanded its team in the general manager Unilabs food company, where he was Netherlands. Kees Zacha- Switzerland, effective imme- Global Business Head for riasse has been appointed diately. Maternal, Infant & Toddler managing director Neth- In a statement, the company Health & Nutrition solutions. erlands at Superstone, a said that Martin Schlatter, subsidiary of Cofinimmo. Unilabs’ group regional direc- He will manage, together tor centre and chief commer- with a team of four, the cial officer, who has also been healthcare portfolio. He started his career in Swiss GM, will support Keller Zachariasse has worked 1988 in audit and cor- to ensure continuity. as a real estate partner at porate finance at Arthur ‘Switzerland is a key market Deloitte Financial Advisory Andersen. for Unilabs and we are de- Services since 2002, where Zachariasse will take lighted Alessandre has joined he advised clients on the over the responsibilities the team,’ said Schlatter. ‘His purchase or sale of real previously carried out by international experience and estate properties, portfolios Wim Van De Velde under operational expertise will be a Alessandre Keller, or equity interests in real the supervision of Sébast- huge asset as Unilabs con- general manager, Unilabs estate companies and on ien Berden, chief operating tinues to go from strength to (re)financing of real estate. officer of healthcare. DAC Beachcroft boosts Spanish presence In a move which boosts DAC lawyers focused on the health- Beachcroft’s Madrid office, care segment of the insurance the international law firm market, has joined DAC has joined forces with Span- Beachcroft. ish law firm and healthcare DAC Beachcroft’s expansion law specialists Asjusa. in Madrid follows on from its ‘This move sends a clear launch in Paris and expansion message to the market about in Dublin during 2019, as well our continued focus on being as its recent domestic growth, the law firm of choice for the having launched an office in global insurance industry,’ said Belfast and welcoming a new DAC Beachcroft managing five-partner team in Glasgow. partner David Pollitt. The firm is also a founding As part of the integration member of Legalign Global, a of the two businesses, a closely integrated alliance of three-partner and 20-strong four multi-national law firms specialised team of profes- with 60 offices across the DAC Beachcroft’s new sional liability and insurance globe. Spanish team

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