IDS Medical Systems Group (idsMED Group), supported by the Fung Group and Tencent-backed We Doctor Holdings (WeDoctor), has announced the signing of a Memorandum of Understanding that will see the two companies form an intelligent medical supply chain and procurement company in China.
The idsMED Group is an integrated medical supply chain solutions company supplying medical equipment, consumables and value-added services to thousands of hospitals and care institutions across the Asia Pacific.
WeDoctor, a technology-enabled healthcare solution platform in China, has a network of 2,700 hospitals, 220,000 doctors and more than 110 million platform users in China. It uses artificial intelligence (AI) and technology to deliver healthcare services and is the leader and pioneer of Internet Hospitals in China.
The agreement will see the joint venture company, idsMED We Doctor China, connect medical device manufacturers and service providers with hospitals and care institutions in China, to centrally procure medical devices, consumables and services through WeDoctor platform.
To complement the central procurement system, the company will provide real time and optimal supply chain coordination and value-added services, including data analytics and intelligence. Additionally, the company also plans to set up state-of-the-art medical training and education academies across China to deliver medical products and clinical training as well as accredited medical training courses and education seminars for doctors and nurses, managers and administrators.
Speaking at the signing, Ben Chang, Chief Executive Officer and Founding Partner of the idsMED Group, said: "Unlike other transaction-based online platform, the company will provide a wide array of customised medical specialty care expertise, services and applications to facilitate and support manufacturers and suppliers to connect with hospitals and care institutions in the entire procurement process. WeDoctor is at the forefront of the technology that is enhancing the accessibility of quality and affordable healthcare in China. Together we have a unique opportunity to transform the complex and costly medical device distribution system in China."
Jerry Liao, Founder, Chairman and CEO of WeDoctor, said: "The combination of industry know-how and supply chain expertise from an industry leader like idsMED Group together with our extensive platform driven by big data and artificial intelligence will accelerate progress towards our goal of delivering quality and accessible healthcare to everyone."
IdsMED We Doctor China aims at transforming the currently fragmented, relationship driven and trading-nature medical device and consumables procurement practice in China. The creation of an intelligent and transparent, value-add and neutral online platform will bring about an open market procurement system that will significantly reduce costs and increase the efficiency and effectiveness of China's medical supply-chain.
This joint venture carries strategic interests for both parties. For the idsMED Group, its entry into China will significantly strengthen its business value proposition, enhancing its already strong ASEAN, Hong Kong and Taiwan presence. For WeDoctor, this partnership will see it enter the US$20-billion, fast-growing medical device and consumables market in China. It further strengthens WeDoctor's mission of providing more accessible, more affordable and better-quality healthcare to China's vast population base.