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US pharma giant Merck backs healthcare marketplace HD in Southeast Asia
US pharma giant Merck has invested $7.8 million in Thai healthcare startup HD, which operates HDmall to digitize the Southeast Asian healthcare market. HD helps users find healthcare services, offering price transparency and payment options. The funding marks Merck's first healthcare investment in Asia Pacific, enabling HD to enhance its AI capabilities and expand its marketplace to more healthcare providers and patients.
Key points
- Merck Sharp & Dohme invested $7.8 million in HD, a Thailand-based healthcare startup.
- HD operates HDmall, a platform aimed at digitizing healthcare services in Southeast Asia.
- The marketplace connects users with over 2,500 healthcare providers, offering 30,000 SKUs and serving 400,000 customers.
- HD raised a total of $18 million, with funding intended for AI enhancement and marketplace growth.
- The startup's AI chatbot, Jib AI, improves customer service efficiency, handling 60% of interactions.
- HD plans to expand into Vietnam and Myanmar, targeting 5,000 providers and 600,000 patients by 2025.
Why it matters
- Big Tech and pharma are increasingly leveraging AI in healthcare, as seen with AWS and GE Healthcare's generative AI for medical use.
- Post-pandemic telehealth models are losing popularity in Southeast Asia, creating a space for integrated healthcare solutions like HD.
- The rise of self-empowerment in healthcare decision-making aligns with HD’s approach to providing transparent options to consumers.
Merck's investment in HD is a significant step in reshaping Southeast Asia's fragmented healthcare market, as HD's platform empowers consumers and addresses cost transparency, signaling a trend towards AI-enhanced healthcare solutions in the region.