KonsultaMD’s rise, with a little help from its friends

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There’s nothing wrong with having a leg up in life, as long as you acknowledge your privilege.

Nobody can choose their background, so there’s no shame in getting a head start from your family or connections. Where disingenuity or shame comes in is when someone refuses to admit that they’ve had at least a slight advantage over their peers. See Musk, Elon.

Being blind to how you got where you are could also impede you from making good decisions about moving forward. If you think all your successes were entirely of your own doing, why would you ever question any of your choices?

Philippines-based KonsultaMD knows it got an “unfair” boost, thanks to backing from major local firms Globe Telecom and Ayala Corporation. But crucially, the healthtech firm’s leaders recognize and have used that edge to help it become a leading player in the industry.

Today we look at:

• How KonsultaMD is tapping its big-name backers for healthtech success
• SaaS startup Bannerbear puts an end to live revenue updates amid downturn
• Other newsy highlights such as Temasek cashing out on an investment for US$290 million and fintech player Nium taking a step towards expanding in India.

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Bill of good health for KonsultaMD

Image credit: Timmy Loen

KonsultaMD began life in 2015 as a teleconsultation platform but has since grown into a super app that provides medicine delivery and a marketplace of healthcare providers.

Backing from telecoms major Globe and property developer Ayala gave insurance companies, health maintenance organizations (HMOs), and healthcare providers the confidence to partner with KonsultaMD, CEO Susana Beatriz Latay tells Tech in Asia.

• App, app, and away: The new KonsultaMD app was launched in May 2023 after a merger between HealthNow, a medicine delivery service firm, and Aide, a homecare and diagnostic services provider. KonsultaMD allows patients to speak to a primary care doctor, obtain a prescription, and get medicine delivered to their door. It also offers a marketplace of healthcare providers for post-consultation care, such as home blood tests, for example. The app was the most downloaded in the Philippines’ healthtech sector last year, according to data intelligence platform Data.ai.
• Better together: Bundling its services with Globe’s mobile plans has helped KonsultaMD, reach new users. Roughly 56% of KonsultaMD users are Globe subscribers, according to Latay.
• Healthcare gaps: Affordability of healthcare remains a key issue for Filipinos. Despite a universal healthcare act that was signed into law in 2019, experts say universal coverage is many years away. Amid inadequate healthcare facilities and exorbitant medical fees, the private sector plays an important role in supplementing the government’s coverage.

Read more: KonsultaMD tapped an ‘unfair advantage’ to grow. Can it become a leading healthtech player?

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