EDBI, the dedicated corporate investment arm of the Singapore Economic Development Board, and Royal Philips announced on March 6, 2017 they are starting to co-invest in high-potential digital health companies.
CXA, Asia’s employee benefits and wellness marketplace platform, is the first of these innovative eHealth companies to be supported by the partners.
This project is in line with Singapore’s goal to strengthen its position as one of Asia’s leading digital health hubs.
Helping CXA to monitor patients’ health in order to better prevent chronic diseases
Founded in 2013, CXA has now grown into a $100-million company (€ 93,962).
The startup, based in Singapore, develops digital health solutions which enable employers to better control healthcare costs. The group provides them with targeted personalized wellness intervention programs for employees.
Results: employees’ health and therefore their productivity are improved, claims and insurance premiums are reduced, employers can make more efficient use of employee benefits dollars.
With the support of both partners CXA will be able:
- to access to health technological solutions developed by Philips and Dutch group’s business partners across the healthcare continuum, from prevention to diagnosis, treatment and home care.
- to leverage Philips’ digital health platform to analyze data and integrate Philip’s health monitoring devices and services to track employees’ vital signs and provide them with targeted guidance by the use of clinical algorithms, to help them prevent and manage chronic diseases.
« [CXA embodies] the leading innovation and ambition that we want to champion through this partnership with EDBI. 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 [but also] continuing on our Philips journey to achieve our ambition to improve the lives of three billion people a year by 2025, » said Caroline Clarke, chief executive officer, Philips ASEAN-Pacific.
Philips and EDBI: an alliance to help the industry meet the pressing healthcare needs
EDBI and Philips unveiled in 2016 the details of their joint investment partnership to stimulate the creation and commercialization of connected health solutions in the fast-growing Asian healthcare market.
The purpose of the alliance is to help promising digital health companies to boost their technological capabilities to innovate, evolve and expand regionally and globally to help them meet the pressing healthcare needs for an aging Asian population.