Fischer Medical Ventures’ Subsidiary and RiteMED Forge Healthcare Partnership

On June 25, 2024, Fischer Medical Ventures Ltd announced via stock exchanges that it has established itself as a pioneer in India through its wholly owned subsidiary, Time Medical International Ventures (India) Private Limited, by locally manufacturing advanced, high-quality Magnetic Resonance Imaging (MRI) systems. Fischer MVL not only focuses on medical imaging device manufacturing but also strategically invests in cutting-edge diagnostic solutions, including DigiHealth Specialists Inc. (DigiHealth), a subsidiary in the Philippines.

DigiHealth is a disruptive provider of digital healthcare technology aimed at transforming primary healthcare by enhancing its sophistication, affordability, and accessibility. Recently, the company entered into a Memorandum of Agreement (MOA) with RiteMED Philippines, Inc., a prominent player in generic medicines. This collaboration supports the Philippines’ Universal Health Care (UHC) program. The partnership aims to deploy DigiHealth’s Automated Telehealth Machine (ATM) to address the gap in accessible quality healthcare by facilitating primary care screenings, simplifying doctor consultations, and streamlining laboratory procedures. This initiative particularly targets underserved remote areas where access to reliable healthcare remains challenging.

DigiHealth’s ATM is a comprehensive health screening machine that performs over 60 clinical tests in just seven (7) minutes. It assesses basic vital signs, calculates BMI, checks sugar levels, measures haemoglobin and cholesterol, conducts vision tests, rapid tests for infectious diseases, mental health assessments, and ECGs. All results are consolidated into the patient’s Electronic Health Record and can be displayed directly on WhatsApp or printed from the machine. This user-friendly interface provides personalised lifestyle and dietary recommendations.

The ATM also offers teleconsultation with registered doctors, ensuring rapid delivery of lab results for faster diagnosis and medical prescriptions. DigiHealth’s ATM enhances healthcare accessibility at a low cost, significantly supporting the implementation of the Universal Health Care program in the Philippines by efficiently alleviating the shortage of healthcare workers.

DigiHealth has forged a partnership with RiteMED, established in 2002 by United Laboratories Inc (Unilab). The company has grown to become the foremost uni-branded generic company and highly trusted pharmaceutical firm in the Philippines.

The company stated that this strategic partnership with RiteMED marks a significant landmark in Fischer MVL’s journey towards expanding its global sales and enhancing its medical imaging and diagnostics solutions offerings. The company is currently exploring local partners to distribute its innovative DigiHealth ATM diagnostic kiosk worldwide.

Atty. Jose Maria A. Ochave, President of RiteMED, emphasised the company’s commitment to the Universal Health Care (UHC) program and its relevance in enhancing healthcare services for Filipinos. He stated that RiteMED collaborates with partners like DigiHealth to implement technology-driven solutions aimed at delivering faster, more efficient, and affordable healthcare outcomes.

Commenting on this partnership, the Executive Chairman and MD of Fischer MVL, Mr Ravindran Govindan, said, “Our commitment is to make advanced healthcare technologies available and affordable to developing countries like the Philippines. Our vision is to lead the digital healthcare landscape with our proprietary [Multi Spectral Diagnostic Intelligent platform] developed in-house that allows any medical modality to connect to our AI diagnostic platform, to offer high-quality yet affordable healthcare to Filipinos. We consider this partnership with RiteMED a significant milestone in the country’s healthcare industry.”

Ms Joyce Socao, Managing Director and CEO of DigiHealth, emphasised that the DigiHealth ATM integrates state-of-the-art technologies, including AI-assisted ECG readings and mental health scanners compliant with World Health Organization (WHO) standards and HIPAA regulations.

She further added that this advanced health kiosk is set to be deployed in RiteMED pharmacies nationwide in the Philippines, supported by real-time analytics and electronic health records, with a particular focus on underserved provinces. At a national level, DigiHealth aims to distribute at least 10,000 units to reach the target population, especially in geographically isolated and disadvantaged communities, aligning with the Universal Health Care initiative being rolled out in the country this year.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.