Singapore is popular for its world-class healthcare landscape, ranking among the top players in innovation and successful research outcomes. As such, healthtech startups in Singapore are leveraging the favourable ecosystem to develop new products that give the public more access to healthcare.
The COVID-19 pandemic also increased the adoption of healthtech in Singapore with limited access to doctors amidst lockdowns and movement restrictions. Experts believe that healthtech will become more relevant during the post-pandemic era because of its transformation to healthcare delivery.
Fabio la Mola from LEK Consulting discusses the long overdue digital disruption in healthcare
Here are the top 5 healthtech startups that are making waves in Singapore.
Doctor Anywhere is a digital platform where patients consult with doctors through video conferencing. The startup enables patients to book appointments to address various health issues, including aesthetics, medical, and newborn care, after which they receive recommendations and prescriptions from doctors.
In March 2020, Doctor Anywhere secured a $27 million USD venture capital investment in a Series B funding round led by EDBI, IHH Healthcare, and Square Peg. Other participants include Kamet Capital and Temasek-owned Pavilion Capital.
According to the startup’s founder and CEO, Lim Wai Mun, the company will channel the funds towards its regional expansion to the Philippines and Malaysia while also deepening its operations in Singapore.
In October 2020, the company launched a mental health awareness campaign known as #NotAnExpert in partnership with marketing consultancy agency, GERMS. The campaign aims to reduce the stigma against mental ailments and create awareness about the importance of tackling mental health issues experienced by people in their everyday lives.
The Holmusk platform leverages big data to combat chronic diseases and deliver positive health results. It is majorly driven by a prediction engine that utilises users’ data to recommend lifestyle changes in order to correct a condition before it worsens. Holmusk aims to reimagine behavioural health and improve lifestyles using real-world data and digital innovation.
According to a Crunchbase publication, the Singapore-based healthtech startup received $21.5 million USD in Series-A funding round in 2020, which it planned to use to hire more experts and expand its operations to different countries worldwide. This funding round was led by Health Catalyst Capital and Optum Ventures, followed by Heritas Capital and other angel investors.
In April 2021, Holmusk acquired Otsuka Health Solutions, a mental health analytics provider, to expand its operations in the United Kingdom. This acquisition adds Otsuka’s cutting-edge innovation known as the Management and Supervision Tool (MaST) to Holmusk’s digital solutions collection that enhances behavioural health.
The medical robotics startup has developed an AI-driven surgical system that incorporates slightly invasive endoscopic procedures into robotic-assisted surgery. This innovation changes the face of endoscopic surgery by enabling surgeons to conduct incision-less surgeries, which were initially performed using laparoscopic or open surgical methods.
EndoMaster, which was built by Prof. Ho Khek Yu from the National University of Singapore and A/Prof. Phee Louis from Nanyang Technological University secured funding from different research institutes and grant schemes. Additionally, the startup secured a $20.5 million USD venture capital investment in March 2017, which was channelled towards scaling up the technology.
Numerous healthcare providers are leveraging EndoMaster’s innovation to shorten surgical procedures and healing time, while also reducing the risk of complications. The robot’s ease of use also enables less experienced surgeons to perform procedures successfully.
Doc Doc is an AI-powered platform that connects patients to doctors. The platform leverages an AI-driven search engine known as HOPE to find doctors based on a patient’s medical needs. Users of the platform can find information about doctors and their clinics, physical locations, sub-specialties, clinic interests, and available procedures, compare clinics, and book appointments.
The startup partnered with SpesNet in November 2020 to provide digital claims processing solutions for insurance companies. This partnership will benefit healthcare providers by mitigating risks for providers and validating benefits for claimers. It will also improve healthcare delivery by allowing patients to receive quality care at a reduced cost.
The Singapore-based startup is reputed to be the largest professional network of doctors in Southeast Asia. Docquity provides patients with a network to interact with doctors, peers, and colleagues, get up-to-date news about their profession, and share experiences.
In July 2020, Novartis went into partnership with Docquity to deliver comprehensible knowledge to support doctors in seven Asian countries, including Indonesia, Malaysia, Philippines, Vietnam, Bangladesh, Pakistan, and Thailand. Both parties plan to deliver the information using the Docquity platform.
As the COVID-19 pandemic continuously changes how the health industry operates by propelling digitisation, healthtech startups in Singapore are making moves to stay in the forefront so as to leverage the opportunities that will arise during the post-pandemic era.
Owing to the increased adoption of telehealth services, healthtech in Singapore has a bright future and the aforementioned top 5 healthtech startups are developing groundbreaking innovations to stay ahead in the global health industry.