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EDBI, Philips to co-invest in high-potential digital health firms

SINGAPORE — In line with Singapore’s focus to strengthen its position as a leading digital health hub, government investment vehicle EDBI and Dutch consumer technology giant Royal Philips said on Monday (March 6) they will accelerate their joint investment alliance and co-invest in high-potential digital health companies.

Logo of a Philips store. Photo: Reuters

Logo of a Philips store. Photo: Reuters

SINGAPORE — In line with Singapore’s focus to strengthen its position as a leading digital health hub, government investment vehicle EDBI and Dutch consumer technology giant Royal Philips said on Monday (March 6) they will accelerate their joint investment alliance and co-invest in high-potential digital health companies.

CXA Group, Asia’s leading employee benefits and wellness marketplace platform, is the first of such innovative companies to receive funding from the joint alliance, the investors said on Monday. 

Through its digital health solutions, the Singapore-based CXA enables employers to control healthcare costs by applying analytics and providing targeted personalised wellness intervention programmes for employees. This will help employers make more efficient use of employee benefits as well as improve employee health and productivity. 

“We are delighted that CXA will be the first beneficiary of our digital health investment alliance. As a company, they embody the leading innovation and ambition that we want to champion through this partnership with EDBI. And we are now looking to accelerate and get more high-potential companies on board, to deliver better health outcomes in Singapore, (and) support the Committee for Future Economy’s priorities for economic growth,” said Ms

Caroline Clarke, chief executive of Philips Asean Pacific.

CXA will benefit from access to Philips’ health technology solutions and business partners across the healthcare continuum, from healthy living and prevention to diagnosis, treatment and home care. CXA will be able to integrate Philips’ health monitoring solutions and services to track employees’ vital signs and provide them with targeted guidance aided by clinical algorithms, to help them prevent and manage chronic conditions. 

“EDBI is heartened that our alliance with Philips has made headway in achieving our joint objective of supporting innovative digital health solutions,” said Mr Choo Heng Tong, executive vice-president, Investments, EDBI. 

“While there is significant value in harnessing data as a digital asset to better personalise health and wellness decisions for individuals, the Asian healthcare sector operates differently from the West where digital health solutions have taken root. We will continue to identify key game changers which are capable of transforming Singapore’s healthcare sector with their disruptive technologies,” he added.

EDBI and Philips had last year unveiled plans for their joint investment partnership to drive the creation and commercialisation of connected health solutions targeted at the fast-growing Asian healthcare market. The alliance aims to help high-potential digital health companies build technological capabilities to innovate, scale up and expand regionally and globally to help meet the pressing healthcare needs of an ageing Asian population.

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