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 kpmg.co.uk/midlandscorporatefinance © 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 © 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 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 CONTACT US [email protected] laingbuissonnews.com Oliver Wang, Ping An Good Doctor, Hong Kong efficiency in healthcare, EDITOR p26 p30 Adrian Murdoch [email protected] +44 (0)20 7923 5340 REPORTER Kelsey Rees Features [email protected] +44 (0)20 7923 5346 IMTJ EDITOR Jenny Jenkins 26 Intelligence [email protected] Inconversation 22 Major hospital groups +44 (0)1442 817817 Ping An Good Doctor chief 44 HMi Index RESEARCH AND DATA executive Oliver Wang 45 Global health expenditure [email protected] 49 Recent sector deals +44 (0)20 7923 5395 SUBSCRIPTION SERVICES 30 Janet Brown Infocus [email protected] An efficient healthcare system DISPLAY ADVERTISING SR Dinesh, vice president and [email protected] +44 (0)20 7841 0045 business head of healthcare at Frost & Sullivan, on the DESIGN AND LAYOUT Adored Words&Pictures challenges facing Hong Kong adoredwordsandpictures.com Events JOIN US! Visit laingbuissonevents.com to find details of forthcoming LaingBuisson health and care conferences, seminars and report launches SUBSCRIBE NOW Annual subscription Online & Digital PDF US$975 +44 (0)20 7923 5390 HMi Conference HMi Conference Chosen provider of independent sector healthcare market data to the ONS Private Healthcare Summit Medical Travel Summit The voice of Tuesday 23 June Tuesday 22 - Thursday 24 professional publishers QEII Centre September ISSN 2632-4989 HMi is published ten times a year by LaingBuisson Ltd, 29 London Madrid Angel Gate, City Road, EC1V 2PT. +44 (0)20 7923 5390 Printed by Rapidity, Citybridge House, 235-245 Goswell United Kingdom Spain Road, London, EC1V 7JD ©LaingBuisson Limited 2020. No responsibility can be taken by the publisher or contributors for action taken as a result of information provided in this publication. All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the publisher or a licence permitting restricted copying issued in the UK by REGISTER NOW +44 (0)20 7841 0045 [email protected] laingbuissonevents.com the Copyright Licensing Agency Ltd and in the USA by the Copyright Clearance Center Inc. laingbuissonnews.com | MARCH 2020 | 5 News 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 com- pany 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’.