KUALA LUMPUR (May 21): Electronic prescription telemedicine provider DOC2US aims to raise between US$8 million to US$10 million which will be utilised for research and development (R&D) in its e-pharmacy model, data analytics and human resources.
In an exclusive email interview, DOC2US CEO Dr Raymond Choy told theedgemarkets.com that the funds will help the firm to increase its reach through market expansion across Southeast Asia.
“We have already made our first step in Myanmar and we are looking forward to crossing more international borders in the future,” he said.
On its funding thus far, Choy said that so far, DOC2US has been bootstrapping itself since day one through funding and investment from its founders, who share the same faith and passion in the business.
“We have also achieved self-sustenance through a healthy revenue stream and positive cash flow,” he said.
Cornerstone
To a question if any cornerstone investors were on board, Choy said DOC2US has not yet secured cornerstone funders at the moment, and has been self-sustaining through a healthy revenue stream and positive cash flow.
“We are happy to invite and welcome potential investors who are keen on sharing the same vision of a digitally savvy healthcare ecosystem across Asia Pacific with us,” he added.
“We are in the midst of discussions with some institutional funders who align with what we are trying to accomplish and have shown support for our values,” Choy said.
Technical aspects
On a more technical front, Choy said DOC2US is also seeking to expand beyond the conventional telehealth services by improving accessibility across different platforms beginning with its partnership with Huawei, whereby the application is not only available in Huawei AppGallery, but has also been integrated with its Vision S Smart TV, and ready for further development in the ecosystem of its smart devices.
“This is an indicator that DOC2US will be a multi-reaching digital health service application that can be found not only on smartphones but wearable technology, televisions and internet of things,” he said.
Challenges
Choy explained that the biggest challenge has always been the adoption and acceptance of technology in the healthcare field by service providers and patients.
He said payor readiness is also a challenge as many are still sceptical about technology and are unprepared to financially commit to the services.
“However, there is positive growth in the medical education sector in welcoming digital adoption in healthcare.
On its current expansion plans, Choy highlighted that DOC2US has inked a strategic regional partnership with Watsons Malaysia to provide virtual health services through a comprehensive system handshake.
In a joint statement on Wednesday (May 18), the firms said the collaboration is expected to usher in further seamless integration between pharmacies and medical practitioners across the region.