Fullerton Healthcare receives $121mn in funding from Ping An Capital
Singaporean health company Fullerton Health has received over $100mn investment from Ping An Capital, part of Ping An Insurance in China. The investment will see it expand its operations into mainland China and cement its position across Asia.
Amidst Asia’s transformation surrounding the delivery of its healthcare services, the move will see both companies support the need for increased accessible and affordable healthcare across the region. This also covers increased medical spend, building capacity at grassroots level and gradually increasing focus on supply side reform, reducing costs and improving efficiencies across the board.
The decision also reflects on Ping An Capital’s commitment to invest in both the health and fintech sector.
"This partnership is an important milestone for Fullerton Health in China,” commented David Sin, Deputy Chairman of Fullerton Health. With the investment, Ping An Capital and its related parties have become Fullerton's second largest shareholder.
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The partnership offers a broad platform for Fullerton Health to expand our presence in the growing Chinese enterprise healthcare market."
Market demand for both public and private healthcare is set to grow exponentially as a result of a booming economy and population growth. In a press release, a 2016 Frost & Sullivan research report has stated that China's market for enterprise healthcare management will grow from $5.7bn in 2010 to $21.1bn in 2020.
“In addition to capital investment, Ping An Capital will leverage healthcare resources from Ping An of China, including Ping An health insurance, Ping An Good Doctor and Ping An Wanjia Healthcare to help boost Fullerton Health's business expansion in mainland China," added Liu Dong, Principal Partner of Ping An Capital
Advances in health "must ensure self-sovereign identity"
The UK government has announced that from September onwards COVID-19 vaccine passports will be necessary to gain entry into places with large crowds, such as nightclubs.
This has reignited the debate between those who believe having proof of vaccinations will enable people to gather in public places and travel safely, and those who view the digital certificates as an attack on personal freedom.
The arguments have increased in intensity since the recent announcement to drop COVID-19 restrictions in England, in a move to reopen the economy that has attracted fierce criticism both domestically and overseas.
Cross-party ministers are set to defy the government’s latest plans to introduce vaccine passports over civil liberties concerns. A number of MPs have already signed the Big Brother Watch declaration against “Covid status certification to deny individuals access to general services, businesses or jobs” in recent months.
However Mark Shaw, CEO of Tento Applied Sciences, says the Big Brother Watch campaign is based on false assumptions. “Big Brother Watch puts forward a compelling argument based around civil liberties, but some of the assumptions they make are simply incorrect” he says.
“For example, the BBW campaign claims that all Covid passes are discriminatory, counterproductive and would lead to British citizens having to share personal health information with anyone in authority, from bouncers to bosses. However, there are already privacy-first digital wallets that give individuals the freedom to store and share anonymised medical documents, work credentials and other types of documentation quickly, simply, and securely.
“I wholeheartedly agree that individuals should not be required to share their own personal health information with unknown third parties or with anyone in authority who demands it" Shaw adds. "But I strongly disagree with the suggestion that ‘events and businesses are either safe to open for everyone, or no one’. It creates a false dichotomy that either everyone is safe, or nobody is safe. If employers or event organisers don’t take action to properly manage workplace or venue safety, then they risk curtailing the safety and freedom of movement for the majority."
The subject of personal health data is under scrutiny in the UK at the moment, following controversial plans for the NHS to share patient data with third parties. These have been put on hold following public criticism.
Meanwhile a new report has found that the majority of the British public is willing to embrace digital healthcare tools such as apps and digital therapies prescribed by a trusted healthcare professional.
Shaw adds: “The vital point to make is this: innovations in health technology must ensure self-sovereign identity. This means the data held about an individual is owned by the individual and stored on their device. And, in the case of medical data, that data can be delivered from healthcare professionals to the device in an encrypted format, and the user chooses how they share their information."