Fortis Healthcare has global ambitions. In October they agreed to buy the healthcare assets of Hong Kong-based Quality HealthCare Asia and had previously tried to buy Singapore hospital operator Parkway but lost out to Malaysian state investor Khazanah after a bidding war.
Fortis Healthcare has global ambitions. In October they agreed to buy the healthcare assets of Hong Kong-based Quality HealthCare Asia and had previously tried to buy Singapore hospital operator Parkway but lost out to Malaysian state investor Khazanah after a bidding war.
Quality HealthCare is a physician led provider group offering an integrated range of healthcare services with a network of more than 580 Western and Chinese medical centres and clinics, and 47 dental and physiotherapy centres in Hong Kong, for residents and medical tourists. The group is likely to be renamed with Fortis added to the title.
In December, it bought a 30% stake in Dental Corp, Australia and New Zealand’s largest operator of dental practices with 135 practices located across Australia and New Zealand. Fortis’ latest acquisition, marks an important step in achieving the Singh family’s vision of creating a premier global healthcare group outside India.Malvinder Mohan Singh of Fortis Global Healthcare said, ‘Their model of business partnership with principal dentists is a significant point of differentiation driving the success of the business and its rapid growth, while being the most effective way to manage high performing professionals. We believe there are tremendous opportunities for Dental Corporation’s expansion, both in Australia and beyond.”
Fortis Healthcare in India has launched national stand-alone speciality medical centres, to concentrate on the cure of metabolic diseases, diabetes and hormonal disorders. Fortis now has 48 hospitals in India, with ten more in the pipeline, still plans to buy more, and is expanding into IVF treatment and medical spas.
Fortis has tied-up with RAK Hospital in Dubai and Regency Medical Centre (RMC), Dar-Es-Salaam, Tanzania through one of its subsidiary, Fortis Escorts Heart Institute (FEHI). FEHI will set up a pediatric interventional cardiac unit at RAK Hospital in Dubai. The emirates located hospital; RAK is set to extend its portfolio of cardiac care services by adding an array of cardiac surgeries. Ashish Bhatia of Fortis Healthcare said, “This association is in line with our vision to become a global healthcare service provider. As we move ahead, our focus is to set new standards in medical excellence and compassionate patient care, not just in India but also beyond. We look forward to serving the patients of Emirates & Africa. “RAK Hospital will establish Ras Al Khaimah as a destination of choice for medical value travel. “
Indian companies are hungry for overseas assets and have many overseas mergers and acquisitions in the past few months across Europe, America and Asia. Last year, cross border deals in and out of India were five times the total value of 2009.India is the world’s fastest growing large economy after China. Indian companies want access to European domestic and business consumers.
Fortis has been recognized as the ‘Best Healthcare Service Provider Company’ at the Frost & Sullivan 2010 India Excellence Awards. These awards seek to recognize companies that have pushed the boundaries of excellence, rising above the competition and demonstrating outstanding performance across South Asia.
The high level of deals on healthcare from Indian, Thai and Malaysian companies is partly fueled by the view that within a few years, across Asia, healthcare and medical tourism will mainly be controlled by large groups with the muscle to spend on investment in services and marketing. Another deal driver is that South-east Asian countries have agreed to form a free-trade zone by 2015. It will be hard for small players to survive after then. The bitter battle between Malaysia’s Khazanah and India’s Fortis Healthcare for Parkway, Asia’s biggest listed hospital operator, last year, shows the increased competition in healthcare.
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