To provide effective employee healthcare services in India, Singapore-based healthtech startup MyDoc has formed a joint venture with India based tech solutions company UST Global.
Through this joint venture, the company has established direct partnerships with healthcare providers, pharmaceutical companies and diagnostic laboratories to launch MyDoc’s digital care model in Bangalore and Mumbai.
The main purpose of the joint venture is to address the rising cost of healthcare and the prevalence of lifestyle-related chronic diseases in India.
Initially, the first patients will be UST Global’s 14,000 employees spread across India. The company will also deliver healthcare services to banking and technology multinational corporations.
MyDoc, backed by UST Global tech, will identify individual patient health profiles through an integration of objective clinical lab test results and subjective health data from both lifestyle and clinical-grade wearables.
The technology will help physicians deliver prognoses and treat patients with greater accuracy and confidence while being freed from administrative tasks and silos.
Notably, MyDoc is a digital platform for healthcare communications and care management. It provides medical providers and patients with a secure platform for virtual consultations by voice, video or text; peer-to-peer messaging with e-referrals; virtual appointment scheduling; and personal health diaries with diagnostics and personal health device integration.
“The traditional healthcare market in India is led by hospital-based groups and prices in the sector have increased beyond reach for the middle class,” said Snehal Patel, CEO and co-founder of MyDoc.
He added that the average annual increase in healthcare premiums borne by employers have been growing by as much as 50 per cent since 2005 with premium ratios rising over 110 per cent.