Luye Medical Group looks towards a Singapore IPO
Backed by Chinese entrepreneur Liu Dianbo, Singaporean based healthcare company Luye Medical Group is set to launch its Singapore IPO, with plans to raise up to $500mn, Bloomberg has reported.
The IPO would be one of the most significant healthcare focused offerings in the country to date, where the company is looking to further extend its international presence.
Last year, Luye Life Sciences Group opened its second global R&D facility in the US, following on from establishing a facility in New Jersey. The new Woburn R&D centre will help further the company’s divisions, Luye Pharma, Luye Medical and Luye Diagnostics, with an emphasis on furthering the research within a number of disease areas.
"R&D innovation is a core engine of our globalisation strategy," stated Rongbing Yang, President of Luye Pharma Group. "This R&D Centre allows us to further integrate our R&D resources across the world, speed up the introduction of new drugs to China, and bring our originally-developed drugs to overseas markets in order to benefit more patients worldwide."
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"Through this globalised platform, we look forward to building close connections with local universities, research institutes, the industry, and the financial sector," added Liu. "We believe these connections will allow us to seamlessly integrate our global R&D resources with those of new partners in order to streamline innovation and realise the commercialisation of high-quality biopharmaceutical products.”
However, within its new IPO, the company will seek to look at proposals from investment banks, but it has been stated that Credit Suisse Group AG, UBS Group AG and Bank of America Corp have been selected. All parties have yet to confirm the claims.
In 2017, Luye Medical acquired Pulse Health in an A$155mn deal, securing its position as one of the leading private hospital organisations in the country, but will also open doors to the New Zealand Market. The company also partnered with Yantai Yuhuangding Hospital, where it will develop a new cooperation model between the private corporation and the public hospital, sharing knowledge and best practices.
NHSX releases new data plans, experts call for transparency
Patients in England will get "greater control" over their health and care data according to new proposals set out by the government.
In a new draft strategy called "Data saves lives: reshaping health and social care with data", Health and Social Care Secretary Matt Hancock says that more effective use of data will deliver better patient-focused care. "This strategy seeks to put people in control of their own data, while supporting the NHS in creating a modernised system fit for the 21st century which puts patients and staff in pole position."
Under the new plans people will be able to access their medical records from different parts of the health system through different applications, to access test results, medication lists, procedures and care plans.
The strategy, published by NHSX, the government department that sets policies for the use of technology within the NHS, follows delays to the creation of a central database of patient records amid concerns over data sharing and a lack of transparency, with critics saying that only a small proportion of the public were made aware of the plans and the choice to opt out.
Kevin Curran, senior member of The Institute of Electrical and Electronics Engineers (IEEE) and Professor of Cybersecurity at the University of Ulster, says that moving health records online raises concerns. "The move to an online app does seem like a natural progression, however there is a difference between having computerised records within our healthcare IT infrastructure and having those records reside on a public facing server.
"Having records inhouse limits the range and type of access – it's far more difficult for remote hackers" Curran said. "There are techniques that healthcare organisations can use to reduce the risk of future data breaches. One way is to make it ‘opt in’, so patients have the choice to decide whether their medical information is moved to a public facing service so that they can access it.
"However, those who do not opt in or download the app instead should have their records hosted in a non-public-facing cloud service. This way, if a data breach does occur, those who never used the app, or not wanted to, will not have had their details released."
The new strategy has been welcomed by some, with an emphasis on the need for transparency. Adam Steventon, Director of Data Analytics at the Health Foundation, said: "Health data has played a critical role in the last year – from tracking COVID-19 outbreaks and developing treatments, to getting people booked in for their vaccines. It is critical that the use of data is accelerated if the NHS is to tackle the backlog of care and address the massive health challenges facing the country.
"It is particularly positive that the government has committed to building analytical and data science capability in the NHS and to improving data on social care. To ensure the full potential of data can be realised, the government must ensure transparency on how it will be used and the rights and options people have, as well as engaging with the public and health care professionals to build trust and show people how their data can improve the NHS and save lives."