Singapore-based private specialty healthcare group, TE Asia Healthcare Partners plans to invest US$90m over the next 18 months to support plans to expand its offering in Singapore, Malaysia and Indonesia in response to increasing demand for oncology, cardiology and orthopaedics.
TE Asia is backed by US private equity group TPG Capital. To date, it has invested around US$170m.
Group CEO Eng Aik Meng said specialty healthcare will drive the next wave of growth in Southeast Asia. “We are seeing a rise in chronic diseases in Southeast Asia’s population ages. This has fuelled demand at specialty hospitals and centres where doctors and staff are able to provide high quality care by leveraging their expertise to deliver focused solutions.”
A breast cancer centre will be established in Singapore, a cardiovascular hospital in Jakarta, an orthopaedic hospital in Kuala Lumpur (KL) and a second cardiac hospital outside of KL.
TE Asia was jointly founded in 2014 by Eng and TPG. It holds the majority stake in all its investment but leaves key decisions involving clinical care, hospital design and operations to its doctor-partners.
Within its portfolio of companies there are over 900 doctors, nurses and other support staff in oncology through Integrated Oncology Centre (IOC) in Hong Kong, Indonesia, Malaysia and Vietnam, over 400 in Cardiac Vascular Sentral in KL and its Heartology Cardiovascular Centre in Jakarta, and nearly 200 employees in orthopaedic in the repurposed HSC Medical Centre in KL. The biggest contributor to TE Asia’s annual revenues is IOC with US$150m.