Latest equity investment by Luye Medical Group in top-tier healthcare service providers in Singapore, as it continues to expand into high growth medical specialty areas across Asia
Based in the heart of Singapore’s premier medical hub, Novena Heart Centre is one of the largest and fastest growing multi-disciplinary cardiology group practices in Singapore with plans to set up more clinics
SINGAPORE, 10 April 2018 – Luye Medical Group (the “Company”), a leading pan-Asian healthcare services provider, announced that it has recently completed a majority equity investment in Novena Heart Centre (“NHC”), as part of the Company’s expansion strategy into the high growth specialty areas and integrated services in Asia’s healthcare sector.
This latest move marks Luye Medical Group’s latest equity investment in top-tier healthcare service providers in Singapore, including OncoCare Cancer Centre and AsiaMedic, as the Company continues to expand its presence in Singapore and Southeast Asia.
Located in Mount Elizabeth Novena Hospital, NHC is one of the largest and fastest growing multi-disciplinary cardiology group practices in Singapore providing comprehensive cardiac healthcare for local and foreign patients. Notably, it houses five major cardiology disciplines – coronary intervention, heart rhythm management, heart failure, cardiac imaging, and cardio thoracic surgery – under one roof. In the near term, NHC plans to expand its suite of one-stop cardiac healthcare solutions into other private hospitals in Singapore.
Commenting on the acquisition, Mr Charles Wang, Group CEO of Luye Medical Group, said, “The acquisition of Novena Heart Centre not only strengthens our presence in Singapore, but also underscores Luye Medical Group’s strategy to focus on high growth medical speciality areas and integrated services. Besides elevating our core competencies across cardiovascular treatments, it will also enable us to leverage NHC’s expertise in this medical field as we continue to expand into the regional markets.”
Over the past few years, Luye Medical Group has been actively expanding its healthcare business through acquisitions and organic growth in Asia Pacific, and now owns 53 healthcare facilities across 26 cities in the key medical hubs of Singapore, Australia, South Korea and China to cater to the rising demand for quality, value-based healthcare services.
In particular, the acquisition of NHC will enable Luye Medical Group to cater to the rising demand for cardiovascular treatment as incidences of cardiovascular diseases continue to rise in Singapore and globally.
According to the World Health Organisation (“WHO”), cardiovascular diseases (CVDs) are the number one cause of deaths globally and an estimated 17.7 million people die from CVDs each year (31% worldwide) in 2015. WHO estimates that by 2030, 23.6 million people will die from CVDs, mainly from heart disease and stroke.
In Singapore, it is estimated that 16 people die from CVDs (heart diseases and stroke) per day, and CVDs accounted for 29.5% of all deaths in 2016. This means that nearly 1 out of 3 deaths in Singapore, is due to heart diseases or stroke.
On NHC’s plans to strengthen its cardiovascular treatment capabilities, Dr Hsu Li Fern, Co-CEO and Consultant Cardiologist, NHC, said, “With the support of Luye Medical Group, NHC aims to set up more clinics in the major private hospitals in Singapore to enhance accessibility for patients, as well as expand our one-stop integrated treatment and diagnosis centre. Being part of a bigger medical group will also allow us to leverage Luye Medical Group’s capabilities and further enhance our suite of cardiac healthcare solutions, bringing greater value to our patients.”
Underpinning NHC’s solid reputation has been an exemplary record of medical excellence – this includes several notable achievements such as being the first in Singapore and Asia to do a left ventricular assist device (LVAD) procedure for a patient as destination therapy in 2011; being the first to do Coronary Artery Disease Risk Assessment (CADRA) testing in collaboration with National University of Singapore in 2011; and subsequently offering genetic resistance for Plavix resistance in 2012.
Further afield, in the mid-term, Luye Medical Group intends to expand NHC’s cardiology practice into China.
“We will tap the Company’s strong local network in China to bring NHC’s cardiology practice to the country. Our foray into the key Chinese cities will be aligned with the upcoming hospitals under the Luye Medical Group’s umbrella of healthcare assets in China. Our overarching aim is to deliver world-class clinical outcomes and value-based healthcare to our patients,” added Mr Wang.
About Novena Heart Centre
Founded in 2007, Novena Heart Centre (“NHC”) is one of the largest and fastest growing multi-disciplinary cardiology group practices in Singapore. With specialists in coronary intervention, heart rhythm management, heart failure, cardiac imaging, and cardio thoracic surgery, NHC offers patients collaborative expertise within the same practice which ensures the best possible care and outcome for patients. NHC’s practice is currently based in Mount Elizabeth Novena Hospital with plans to expand operations to other hospitals in the near future.
About Luye Medical Group
Luye Medical Group (the “Company”) is a Pan-Asian healthcare services company with regional presence and operations in multiple countries globally. Since its establishment in 2015, Luye Medical Group has been gaining a strong foothold in the healthcare sector across Asia-Pacific through strategic acquisitions and partnerships with leading healthcare organisations.
The Company currently owns and operates more than 50 healthcare facilities through its subsidiaries and partners such as Healthe Care (Australia), AsiaMedic Limited (Singapore), OncoCare Cancer Centre (Singapore) and LuyeEllium Healthcare (South Korea and China).
With approximately 10,000 employees worldwide, Luye Medical Group is committed to its vision of being recognised as a global leader in providing innovative, value-based healthcare services and delivering outcomes which matter to patients in care settings that respect their dignity.
Luye Medical Group is part of the larger Luye Life Sciences Group which also owns Luye Pharma Group Ltd., a Hong Kong-listed pharmaceutical company, and Luye Investment.