The International Finance Corporation (IFC) and Asia Pacific Mitsui have recently signed a deal to invest $60 million in MiCare HealthTEC, a medical claims administrator and subsidiary of Zuellig Pharma, according to the media. Zuellig Pharma will continue to remain the largest shareholder of MiCare, and the firm will be led by Moses Hee, founder and chief executive officer.
Singapore-based MiCare is a managed care organisation (MCO) that administers, processes and oversees medical claims of policyholders and members on behalf of insurance companies and self-insured corporate clients. The strategic investment of $60 million by IFC and Mitsui is planned to fund the expansion of MiCare in key Southeast Asian markets, Indonesia and Vietnam included. The firm is planning to set up a new regional headquarters in Singapore.
MiCare also builds applications that link vital players in the healthcare sector like doctors, hospitals, clinics, pharmacies and patients to facilitate the efficient management of medical claims. It has about 13 million members in Malaysia, Thailand and the Philippines and is planning to continue the growth and expansion.
Moses Hee stated in the media that the investment would help MiCare continue enhancing its client offerings by strengthening its digital capabilities and enabling them to provide innovative solutions through partnerships with healthcare ecosystem players like pharma and telemedicine companies. It aligns with the company’s aim to help manage the escalating medical costs and improve the affordability of healthcare and outcomes for patients. MiCare has plans to expand into new geographies in ASEAN to reach the underserved communities in Indonesia and Vietnam and make medical care accessible.