Qualitas Medical Group is to grow its Southeast Asian footprint by expanding into Vietnam.The Malaysian-based primary healthcare provider said that it is in the process of finalising an acquisition of a medical centre in Ho Chi Minh City.
“When assessing new potential markets, we take into consideration countries with an emerging middle-class population and rising healthcare expenditure such as Vietnam, specifically in cities like Ho Chi Minh City, Hanoi and Da Nang. We target to own several medical centres at the general and expatriate population in Vietnam over the next five years,” said Qualitas founder, managing director and chairman Noorul Ameen Bin Mohamed Ishack at a business briefing session.
He added that Qualitas is also looking at a vertical growth of its range of healthcare services, expanding further into integrated primary care facilities.
Over the past decade years, Vietnam has recorded steady economic growth, leading to a growing demand for healthcare services in the country. In 2017, healthcare expenditure accounted for 7.5% of the GDP, and is predicted to grow at 12.5% a year up to 2021.
Qualitas’ plan is to add an additional 200 clinics over the next three years bringing its total to 500 clinics by 2022. It says that it intends to predominantly focus on Southeast Asia markets specifically Myanmar, Indonesia and Bangladesh.
No mention has been made of an IPO. The group has teased stock markets twice with a floatation. It was listed on Singapore’s Catalist board in 2008 and taken private in 2011 for US$36m. Again in Singapore, although pricing had been set on the deal and cornerstone investors had been signed up, it pulled an IPO in the autumn of 2015. It did the same again in April last year citing market volatility.
Qualitas currently manages a network of 276 GP clinics, one ambulatory care centre, 13 dental clinics and 11 medical imaging centres in Malaysia, Australia and Singapore.
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