In 2019, Galen Growth’s year-end report stated that the total funding for healthtech in the Asia Pacific region rose to $5 billion USD covering 340 deals. With China, India, and South Korea occupying the top 3 spots, Vietnam’s market share of 1% seems small fish. However, the number of healthtech startups in Vietnam was increasing and had a funding injection of $7 million USD during this period.
In the past months, the rapid rise of the coronavirus presented challenges for the current healthcare systems in trying to manage social distancing, thus broadening the landscape for healthtech startups in Southeast Asia and globally. New technologies are making it easier for doctors to connect with patients safely, and many platforms offer convenient medicine delivery, without the need for direct contact.
As healthtech in Southeast Asia continues to flourish, we look at five emerging healthtech startups in Vietnam to see what they are offering.
eDoctor
Thanks to eDoctor, you don’t need to sit in the waiting room, as this healthcare platform lets you book a nurse to come to your door. Besides a general physical examination, eDoctor offers an extensive array of tests like liver and thyroid function, cancer screening, and even one to check the overall health status of a man before he gets married.
Clients can view the examination results at any time on their profile, ask questions online and benefit from a free advisory service. This healthtech startup in Vietnam is also taking root within the business community and provides regular health checks for companies like FedEx, Toyota, and Honda. Earlier this year, they secured an undisclosed amount as funding from CyberAgent Capital, Genesia Ventures, Bon Angels and Nextrans.
Mosia
While most healthtech startups focus on physical care, Mosia offers the first platform in Vietnam with mental health as its priority. Using a peer-to-peer model to connect users, it enables them to express their thoughts and emotions in a safe space. This focus on mental health is very welcome in a country where 15% of people are suffering from stress-related illness.
During the COVID-19 lockdown, loneliness became a major challenge, and mental wellbeing is often a forgotten health problem. While clients can share their everyday challenges with other customers and find support, for expert advice, they can also connect with a qualified counsellor to overcome any mental issue, giving a rounded mental health experience and real assistance for those that need it most.
Jio Health
A very comprehensive healthcare startup, Jio Health goes beyond merely booking a doctor for a home visit or teleconsultation. Through the app, customers can request repeat prescriptions, lab tests and order any other necessary medication in the online pharmacy.
For companies, Jio Health offers employee health check-ups on-site at the office, and they even provide employer health insurance options. All the company’s medical records can be securely accessed when needed.
With a Jio Premium plan clients have unlimited healthcare for the whole family. The annual fee covers home doctor visits, free pharmacy delivery, and multispeciality care. Additionally, the team has licensed psychiatrists available for any mental health support needed.
BuyMed
BuyMed was launched in 2018 with a mission to simplify the pharmaceutical distribution industry in Vietnam and across Southeast Asia. With their eCommerce portal thuocsi.vn that specializes in healthcare and medicine distribution, they are currently supplying medicine to over 2000 clinics and pharmacies mainly across the southern part of the country.
They are soon planning to expand their reach in the Hanoi market with a mission to double their supply chain and help people get easy access to medical supplies.
Bsgiadinh.vn
A family doctor centre in Ho Chi Minh City, Bsgiadinh moved online to provide a booking system for home visits. The assigned doctor can dispense general health care and treatment. Bsgiadinh also provides nursing services to take care of wounds, change bandages, or provide infusion therapy at home.
It is one of the few healthtech platforms who list physiotherapy and rehabilitation services as well as home-based oriental medicine techniques. Bsgiadinh provides a wide gamut of home tests such as an insulin analysis, a complete T4 test, DNA resistance, and ovarian cancer screening. Thanks to their branch system spread throughout the different city districts; their client service is excellent.
Healthtech startups in Southeast Asia were booming before any of us even heard of COVID-19. Besides providing general health care, this ever-evolving technology can assist in combating mental health problems and overcoming loneliness, something which has been on the rise since the pandemic entered our lives.
Vietnam has always strived to make quality healthcare accessible for every citizen. The current crisis will undoubtedly accelerate the usage of technology in achieving this goal. As healthtech platforms overcome the need to go to a clinic, it ensures social distancing and prevents further transmission of the virus. Healthtech looks destined to become a part of everyday life in Vietnam, now and in the future.
How I can invest in this start ups ?