Ex-Fortis CEO Vishal Bali launches healthcare delivery venture
Medwell Ventures plans to invest $15-20 million in the next three-five years
Mumbai: Vishal Bali, former chief executive officer (CEO) of Fortis Healthcare Ltd, and three investors have launched Medwell Ventures Pvt. Ltd, which will focus on various innovative forms of delivering healthcare services, including at a patient’s home.
The new venture, which plans to invest $15-20 million in the next three-five years, said on Wednesday that it has acquired Bangalore-based Nightingales Home Health Services for an undisclosed amount.
Bali’s fellow investors in Medwell are also the promoters of Cytespace Research Pvt. Ltd, a research company.
Medwell aims to establish a healthcare delivery network in 10 Indian cities, serving over one million families in the coming years, it said in a statement.
It will also be supported by a cloud-based technology platform. Medwell will offer services such as remote health monitoring, tele-health, diagnostics, rehabilitation and wellness therapeutics.
“India’s challenges in healthcare delivery need innovative answers," Bali said in the statement.
More than 40 million Indians lose their lives to chronic diseases each year, Bali said. One-quarter of this is people below the age of 60.
An ageing population, shortage of hospital beds and the need for continuity of pre- and post-hospitalization care have created a strong demand for professionally driven specialty home healthcare services in the country, Bali said.
Medwell’s plans, built around a core of innovation, also involve acquisitions, organic investments to build new capabilities, and alliances with various medical technology partners. Nightingales provides nursing services to 53,000 patients and has more than 5,000 families subscribing to its annual care plans.
The acquisition of Nightingales positions Medwell as one of the largest home healthcare providers in India, said Lalit Pai, CEO, Medwell Ventures.
“India’s home healthcare market, which is currently estimated at $2 billion, is expected to grow exponentially with the economic progress and changing lifestyle in the country," said a healthcare leader with a foreign consultancy firm, who didn’t want to be identified.
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