Digital solutions platform Globe said Friday the healthcare business of wholly-owned corporate venture builder 917Ventures has the potential to become the country’s next unicorn, or startup with at least $1 billion in valuation.
Globe president and chief executive Ernest Cu was referring to telehealth service KonsultaMD which is undergoing a major transformation.
“I think the potential relates to the size of the problem that we are trying to address, and that has to do with healthcare. So I would have to say that the biggest potential would be in the healthcare business, which is KonsultaMD,” said Cu.
About 47 percent of Philippine barangays do not have health centers. KonsultaMD addresses the problem by providing people access to various medical services simply by calling the hotline or logging on to the app.
“KonsultaMD may fulfill our shared vision of providing healthcare for all. We think this can be the healthcare Super App that Filipinos will use around the country for services, diagnostics and medicine delivery,” Cu said.
917Ventures is building an all-in-one digital healthcare solution and is looking into more elaborate types of consultations, remote monitoring of chronic diseases, and referrals to brick-and-mortar laboratories and hospitals.
This comes with the consolidation of KonsultaMD with HealthNow and AIDE, creating the largest health tech play in the Philippines and representing the largest user base of over 2 million. The move unifies the market leaders in teleconsults, medicine delivery, labs, and home care under one roof.
Synergies among the three health providers are expected to be fully unlocked when KonsultaMD launches its super app in the first quarter of 2023 to bring a complete, holistic and seamless experience to its members.
“We are bringing together these three market-leading telehealth platforms to provide better services to more Filipinos. This is a major step towards reaching our goal of providing healthcare for all,” KonsultaMD chief executive Cholo Tagaysay said.
KonsultaMD took center stage during the pandemic as people opted to consult with doctors remotely to keep safe from the virus and prevent its spread. Since then, many Filipinos have benefited from the convenience and affordability of the service.
Its rise is seen to follow the trajectory of GCash, the country’s leader in financial technology which earlier attained a double-unicorn status.