ASIA PAC HEALTHTECH INVESTMENT LANDSCAPE · safety which should, in our view, strongly favour digital health. In this Q1 report, we also take a deep dive into the role digital health

• Asia Pacific Insights • Our Point of View• HealthTech & COVID-19

ASIA PACHEALTHTECHINVESTMENTLANDSCAPEQ1 2020 COVID-19 Special

©2020 by Galen Growth Asia - All rights reserved.

JULIEN DE SALABERRY

CEO & FounderGalen Growth

We are delighted to share, with you, our Q1 2020 Asia Pac HealthTech Landscape report. In addition to our bi-annual go-to-reference reports, we publish thematic Q1 and Q3 reports to enable investors, corporations and startups to navigate the ecosystem.Q1 2020’s theme, you have no doubt already guessed, is COVID-19The measures taken by many countries to contain the pandemic are significantly impacting their population, patients, HCPs, and the delivery of healthcare not to mention the entire economy.There is no real precedent to guide any of the stakeholders so this uncertainty is already manifesting itself in a substantial loss of investment momentum in Q1 2020 which closed at US$700M invested, approximatively half of Q1 2019, across only 68 deals.Although the impact is already striking, we are yet to experience the full impact and so we are not yet able to properly ascertain the extent of capital’s flight to safety which should, in our view, strongly favour digital health.In this Q1 report, we also take a deep dive into the role digital health should and will play in the fight against this pandemic. Galen Growth, believes that COVID-19 will accelerate the adoption of digital health within the private and public healthcare sectors. To give you a flavour of this new normal, we explore the major shift in the regulators’ stance on digital health across the region and the birth of a new HealthTech category.All our reports are powered by HealthTech Alpha, a Galen Growth solution, the leading digital health intelligence and analytics platform.

“

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WHO ARE WEGalen Growth is the leading market intelligence, analytics and matchmaking firm in HealthTech, empowering Fortune 500 companies and institutional investors to fast track their growth strategies

Founded in late 2015 by HealthTech innovators

Innovation is an external game for corporations and investors which are increasingly using specialized platforms

The only trusted expert dedicated to digital health innovation across the entire value chain of healthcare: from R&D to health insurance

Proven products, designed for this new decade, to fast track the business impact of digital health strategies

International coverage, and unmatched data, driven by proprietary analytics

The leading market intelligence, analytics and advisory firm in HealthTech in Asia and Europe

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5

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OUR CORE FAST TRACK SOLUTIONS

NEXT GEN SCOUTING

Real-time unmatched data,

analytics and news at your fingertips

Empowering enterprise

innovation teams to fast track and win

Scouting, pinpointing and

profiling enabled by advanced analytics

and insights

HEALTHTECH ALPHA

INNOVATION COUNCIL

SCOUT | SELECT | PROFILE MONITOR | IDENTIFY | TRACK DESIGN | MOBILISE | BUILD

ASIA PACIFICINVESTMENTTRENDS

IN Q1 2020,ASIA PAC HEALTHTECH

TOTAL FUNDING DEPLOYED WAS

$ 703 MILLIONACROSS

68 DEALS


$3,1

00

$703

$7,400

$5,167

$ (4 ,50 0. 00 )

$ (2 ,50 0. 00 )

$ (5 00 .00 )

$ 1,5 00 .0 0

$ 3,5 00 .0 0

$ 5,5 00 .0 0

$ 7,5 00 .0 0

$ -

$ 1,0 00

$ 2,0 00

$ 3,0 00

$ 4,0 00

$ 5,0 00

$ 6,0 00

$ 7,0 00

$ 8,0 00

Q1

US 2020 APAC 2020 US 2019 APAC 2019

$1.0 B

$1.6 B

$3.1 B

$0.7 B

USA

Asia Pac

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ASIA PAC VS USAUnlike the USA, the reality of the pandemic struck Asia in January, which implemented measures earlier and significantly impacted its digital health funding momentum, resulting in a 56% reduction vs. Q1 2019

Source: USA funding sourced from Rock HealthNote: Funding in $M if not indicated differently

Q1

2019

Q1

2019

Q1

2020

Q1

2020


30%

-55%-66% -72% -78%

-100%

-75%

-50%

-25%

0%

25%

50%

75%

100%

IndiaNEA

Asia Pac

ific SEA RoAChina

Winners and losers to date although it is still far too early to ascertain the extent of the impact of the pandemic on digital health funding in the region

8

Q1 2020 ASIA FUNDING VARIANCE

3.35x

Note: NEA refers to North East Asia, SEA to South East Asia, RoA to Rest of Asia

©2020 by Galen Growth Asia - All rights reserved. 9

ASIA PAC HEALTHTECH FUNDING HISTORY

Cumulative Deal Volume by QuarterQ1 Q2 Q3 Q4

2017 118 261 387 5232018 138 282 423 5582019 102 203 298 3872020 68

Cumulative Deal Value by Quarter

• Q1 2020 HealthTech funding closed at $703 M, down 56% vs Q1 2019 and down 12% vs Q1 2018

• Q1 2020 had a total of 2 mega deals (>$100M), one in China and one in India, representing 36% of all funding, down 4% as compared to Q1 2019

• Excluding these mega deals, total funding value in Q1 crashed to a significantly lower share of value to 53% YoY

• Average deal value slipped by 31% to $10.6M likely reflecting the inevitable global downward trend in valuations

• IPO & M&A activities accounted for a total volume share of 6%, down 4% compared to Q1 2019

$779

$1,6

07

$3,5

38

$4,9

35

$799

$3,6

80

$5,4

46

$6,9

07

$1,5

76

$3,4

72

$4,0

80

$5,1

67

$703

Q1 Q2 Q3 Q4

2017 Investments ($M) 2018 Investments ($M)2019 Investments ($M) 2020 Investments ($M)


$778

.64

$828

.46

$1,9

31.3

5

$1,3

96.8

0

$798

.63

$2,8

81.2

6

$1,7

66.4

4

$1,4

60.9

2

$1,5

75.5

7

$1,8

96.6

2

$607

.67

$1,0

87.3

0

$703

.16

118

143

126136 138

144 141135

102 10195

89

68

$ -

$ 20 0.0 0

$ 40 0.0 0

$ 60 0.0 0

$ 80 0.0 0

$ 1,0 00 .0 0

$ 1,2 00 .0 0

$ 1,4 00 .0 0

$ 1,6 00 .0 0

$ 1,8 00 .0 0

$ 2,0 00 .0 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q10

2 0

4 0

6 0

8 0

1 00

1 20

1 40

1 60

Investment in $M Deals

• Whilst the deal count trend continued to shrink in Q1 2020, closing at 68 deals only, total deal value mirrored and closed just above $700M to record its second-lowest quarter since 2017

• Under these growing economic uncertainties, Q1 marks the 7th

consecutive volume decline quarter across the region:

• Deal count in Q1 2020 was down 33% YoY

• Whereas deal count was down 24% QoQ

• On a positive note, cumulative deal value since 2017 passes $17.7B and total deal count exceeded 1530

10

QOQ ASIA PAC HEALTHTECH FUNDING HISTORY

2017 2018 2019 2020


50%

55%

50%

46% 47%

42%

35%

41%

34%

28%

42%

30% 29%31%28%

25%24%

22%

32% 32%

27% 27%29% 29% 30%

24%

10%12% 12%

15%

18%

13%

18%

15% 15%

18% 17%

24%22%

5%3% 4% 5%

9%

6% 6%

9%11% 10%

9%

5%7%

3%0%

3%5%

1%4% 4%

1%4%

8%

0%

6%

10%

2% 2%

6% 4%2%

3%5%

7%10%

5%2%

7% 7%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Early Series A Series B Series C Series D & Beyond Exit

• Quick Facts on Q1 2020 deal volume share:

• 29% at Early stage, down by 15% or 5 percentage points compared to Q1 2019

• 53% at Growth stage up by 2% or 1 percentage points compared to Q1 2019

• 10% at Late stage, up 2.5x or 6 percentage points compared to Q1 2019

• Exits include 3 M&A and 1 IPO in Q1 2020, compared to 6 M&A and 4 IPO in Q1 2019

• Series B and Series D funding continues to increase on a YoY comparison

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QOQ ASIA PAC HEALTHTECH DEAL VOLUME SHARE BY STAGE

Note: Deals data exclude unspecific funding stage, Exits include M&A, IPOs and Post-IPO rounds

2017 2018 2019 2020

Note: For definitions see slide 29


Q1 2020 HEALTHTECH ECOSYSTEM LEADERBOARD

South Korea and Japan account for 41% of all

deals by volume, up 43% YoY


Medical Diagnostics Patient Solutions Wellness

Health Management Solutions

Remote Monitoring

Online Marketplace

Category attractiveness, defined by deal volume ranking leaves Medical Diagnostics in pole whilst Health Management Solutions looses its 2nd position to Patient Solutions, likely reflecting investment lag

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HEALTHTECH CATEGORY SHARE BY DEAL VOLUME

19 Deals 9 Deals 8 Deals 5 Deals7 Deals

5 Deals

Largest Investment:

3D Medicine (思路迪)

$40M (Series F1)

Largest Investment:

ZY Health (智云健康)

$143M (Series D)

Largest Investment:

Cure.fit

$110M (Series D2)

Largest Investment:

Yitu Technologies (依图科技)

$30M (Series D1)

Largest Investment:

Homage

$10M (Series B)

Largest Investment:

Mamaearth

$18M (Series B)


FUNDING VOLUME DISTRIBUTION BY THERAPEUTIC FOCUS

• One-third of all deals in Q1 2020 targeted disease agnostic ventures

• The Disease Agnostic category recorded the highest deal dollar total, closing above $230M

• Deals into disease-specific solutions focused primarily on Chronic Diseases (17%: CV, Diabetes), Oncology (11%), Preventive Health (8%)

• By total deal value, disease agnostic accounted for 28%, followed by Diabetes at 23% and Preventive Health at 20%

• By average deal value, Diabetes recorded $31.5M, followed by Preventive Health at $27.6M and Oncology at $11.9M

Oncology11%

CV9%

Preventive Health8%

Diabetes8%

Neurology5%

Other27%

Agnostic32%

Deal Distribution by

Category


Investor Country Q1 2020 HealthTech Deals

Total Number of HealthTech Deals since 2012 Latest Participated Investment Amount Raised

China, India, United States 5 65

NuanwaTechnology (暖哇科技)

$14.3 MSeries A

South Korea 4 7 Ichrogene(아이크로진)

$0.9 MPre-A

Singapore 2 5 Doctor Anywhere

$27.0 MSeries B

South Korea 2 16 Lunit(루닛)

$25.9 MSeries C

United States 2 13 ZY Health(智云健康)

$143.0 MSeries D

Q1 2020 recorded participation of 141 individual investors across 68 deals, versus 182 individual investors in Q1 2019

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Q1 2020 ASIA PAC MOST ACTIVE INVESTORS

THEMATICCOVID-19 NEW NORMAL


NOVEL CORONAVIRUSPOV SUMMARY

Galen Growth31st March 2020

The outbreak of novel coronavirus aka COVID-19 will have a substantial economic impact on existing business models accelerating the creation of a new normal.Digital health solutions are ideally suited to enable patient access to treatment and can significantly reduce the burden on the healthcare infrastructure both during and after the pandemic.COVID-19 is already impacting top line and patients making the development and adoption of patient-centric digital health solutions a high priority imperative to address the conditions, for both the public and private health sectors.The shaping of healthcare’s new normal has begun and is accelerating.Governments across the region are fast-tracking the introduction or modification of regulations to accelerate the adoption of digital health solutions.We have also witnessed the birth of a new HealthTech category with governments introducing applications to track and trace contaminated population.In addition to repairing their top line, corporations have a social responsibility to expedite the implementation of digital health solutions to support health systems, healthcare professionals and patients.But we are only at the early stages of this pandemic’s impact and the very beginning of the paradigm shift. With the unravelling of Q2 2020 just beginning, Galen Growth’s Half Year 2020 report will, without a doubt, be most revealing.

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CREATIVE DESTRUCTIONThe outbreak of novel coronavirus will have a substantial economic impact on existing business models accelerating the creation of a new normal and leaving many to no doubt underestimate its implications

• COVID-19 response has created an environment of social isolation, which is impacting the delivery of healthcare

• Containment and confinement measures will very likely be in place for 3 to 6 months

• The economic impact will be felt across all the healthcare industry for 6 to 12 months and potentially beyond

• Patient attitude will persist driven by fear and misinformation

• It is creating numerous and valuable social and financial opportunities for enlightened business leaders

Source: McKinsey


VIRTUALLY PERFECTDigital health solutions are perfectly suited to support patient access to treatment and can significantly reduce the pressure on the healthcare infrastructure both during and after the pandemic


A NEW NORMALCOVID-19 is already impacting top line and patients making the development and adoption of patient-centric digital health solutions a necessary and high priority imperative to address the new normal

To do so, providers, manufacturers and payors should develop a detailed HealthTech ecosystem scouting study of digital health ventures to construct integrated solutions suitable to overcome the business impact of COVID-19 on their commercial model, their customers and their patients

Key strategic questions:

Which priority markets should be included in the study?

Which patient journey stages should be in focus?

• Key patient journey stages will drive the digital health capability selection, namely:

Do digital health ventures have the proven maturity?

• Digital health ventures are already engaged in counter COVID-19 measures

What implementation plan should be in place?

• COVID-19 has created an environment of social isolation, and the delivery of healthcare is being affected

• Patients are no longer going to hospitals, except for urgent care

• It is driving fewer new scripts, as new patient volumes consulting HCPs (hospital & clinic) has shrunk

• It is reducing patient treatment adherence, as fewer prescriptions are being written

• Patient attitude will persist beyond the pandemic driven by fear, misinformation and affordability

• Corporates have a social responsibility to develop solutions for these patients

• Digital health is the virtually perfect solution to function effectively in the new normal


8.47x

42%

18%

-23%-38% -42%

-55%-65%

-86% -91%-100%

-75%

-50%

-25%

0%

25%

50%

75%

100%

Telemedicine

InsurT

ech

Patien

t Solutio

ns

Welln

ess

Remote Monito

ring

Medical D

iagnosti

cs

Health M

anagement S

olutions

Online M

arketplac

e

Research

• With funding value increasing by 8.5x, Telemedicine recorded the biggest deal value increase, compared to Q1 2019

• Further Q1 2020 deal value variance highlights:

• Health InsurTech +42% YoY

• Patient Solutions +18% YoY, also outperforming Q1 2019

• Wellness -23%

• Remote Monitoring -38%

• Medical Diagnostics -42% performed better than the Q1 2020 Ecosystem Average at -55%

• COVID-19 most relevant HealthTech Clusters i.e. Telemedicine, Patient Solutions and Medical Diagnostics represent 3 of the 6 clusters which outperformed the ecosystem

FUNDING VALUE VARIANCE IN COVID-19 ENVIRONMENTTelemedicine saw the largest total funding value increase of any HealthTech clusters in the region

Ecosyste

m Average

Outperform Underperform

Health

Note: Clusters not featuring have not recorded a deal in Q1 2020


• In Q1 2020, HealthTech Ecosystem Average funding volume shrunk 35% vs Q1 2019

• Recording a 50% increase, Health InsurTech was the only HealthTech cluster to outperform Q1 2019, whilst Online Marketplaces closed on par

• Further highlights:

• Medical Diagnostics -5%

• Patient Solutions -25%

• Remote Monitoring -29% was also less impacted than the Ecosystem Average

• COVID-19 relevant clusters Online Marketplace, Medical Diagnostics, and Patient Solutions have outperformed the Ecosystem Average

50%

0%

-5%

-25% -29%-35% -40% -40% -43%

-50% -50%

-86%-100%

-75%

-50%

-25%

0%

25%

50%

75%

100%

InsurT

ech

Online M

arketplac

e

Medical D

iagnosti

cs

Patien

t Solutio

ns

Remote Monito

ring

Health Services

Search

Research

Welln

ess

Health M

anagement S

olutions

Medical E

ducation

Telemedicine

FUNDING VOLUME VARIANCE IN COVID-19 ENVIRONMENTWith the total deal count down 35%, three of the most relevant COVID-19 HealthTech clusters outperformed the ecosystem

Ecosyste

m Average

Outperform Underperform

Health

Note: Clusters not featuring have not recorded a deal in Q1 2020


Since Jan 20th, 2020, Asia Pac HealthTech ventures have uniquely featured 78 times in news coverage of the launch of COVID-19 relevant interventions or support systems

COVID-19 AND HEALTHTECH VENTURES NEWS TRENDING

0

15

30

45

60

75

90

0

4

8

12

16

20

20/1/2

0

27/1/2

0

3/2/2

0

10/2/2

0

17/2/2

0

24/2/2

0

2/3/2

0

9/3/2

0

16/3/2

0

23/3/2

0

Cumulative Weekly


Startup Category Stage Country Amount Investors

3D Medicine(思路迪)

Medical Diagnostics Series F1 China $40 M

China Resources Pharmaceutical Industry Investment Fund

Lunit Research Series C South Korea $25.9 M IMM Investment, InterVest, Kakao Ventures

Startup Category Stage Country Amount Investors

Doctor Anywhere Telemedicine Series B Singapore $27 M Square Peg, EDBI, IHH

Healthcare

1mg OnlineMarketplace Series D2 India $10 M Bill & Melinda Gates

Foundation

ZY Health(智云健康)

PatientSolutions Series D China $143 M Tasly Holding Group, LB

Investment

NOTEWORTHY DEALS IN COVID-19 RELEVANT CATEGORIES Patient-Centric Investments

R&D and Diagnostics Investments


Q1 2020 NOTEWORTHY COVID-19 PARTNERSHIPS

Tencent with its messaging platform WeChat has built a strong network of partnerships including leading HealthTech players, including Doctorwork (企鹅杏仁), DXY (丁香园), Haodf.com (好大夫在线), and Medlinker (医联) to build a remote end-to-end solution during the pandemic crisis

Not exhaustive

Q1 2020 saw over 50 partnerships announced between Asia Pac HealthTech ventures and corporations to scale proven digital health solutions and extend enterprise business models

Lifetrack Medical Systems launches free COVID-19 remote triage via CT scans with PH’s Antique province

Biofourmis in partnership with the University of Hong Kong has launched its technology in a remote-monitoring and disease-surveillance program in Hong Kong involving patients with diagnosed or suspected novel coronavirus disease (COVID-19)

PharmCADD (팜캐드) has formed a consortium with Eyegene, Sejong University, the Catholic University of Korea, and Jeonbuk National University to develop an mRNA-based COVID-19 vaccine

DXY partners with Sinopharm to provide script fulfilment of prescription medication.

TriageTeleconsultation

Medical Imaging

Remote Monitoring

R&D

Distribution


• Integration of track & trace to existing platforms such as AliPayor WeChat

• Free telemedicine consultation via major HealthTech players

• High adoption of online hospitals with, e.g. Ali Health reporting a growth of 900% between Dec 2019 and Jan 2020

• Launch of free telemedicine consultation by existing platforms

• Loosening of national restrictions of online drug delivery (e.g. via drop-off at the nearest pharmacy)

• Increased number of Medical Imaging partnerships to develop AI-based solutions for the screening of COVID-19 using chest x-rays

• Expanded use of remote patient triage by hospitals

• Temporary lift of ban of telemedicine and e-prescription solutions

• Launch of a public Corona Map to inform on cases and their movements and a Mask Map to locate stores where surgical masks are available

• Launch of an educational app to inform the public about COVID-19 by the Australian Digital Health Agency

• Additional $310M in new telehealth measures and incentives for doctors. The package includes opening telehealth & telephone to all Australians

• Expanded use of remote patient triaging by hospitals

China Japan South Korea Australia

HEALTHTECH REGULATORY SHIFTGovernments across the region are fast-tracking the introduction or modification of regulations to accelerate the adoption of digital health solutions to fix their highly stretched and stressed health systems

Not exhaustive


In an effort to manage and contain the pandemic within populations, governments are introducing applications to track and trace contamination and adapting data privacy laws

A NEW CATEGORY IS BORN

SingaporeCreated by the Government Technology Agency (GovTech) in collaboration with the Ministry of Health (MOH), TraceTogether works by exchanging short-distance Bluetooth signals between mobile phones that have the app installed.

India Aarogya Setu is a mobile application developed by the Government of India that is using Bluetooth technology to connect essential health services with the people of India in our combined fight against COVID-19.

China In China, the government has used to used existing applications, including Alipay and WeChat and Tencent Healthcare to track people’s interactions and perform contact tracing.

Indonesia Designed by the Ministry of Communication and Information Technology PeduliLindungi cross-references the data stored on its users’ mobile devices through Bluetooth connection.

EuropeThe Pan-European Privacy Preserving-Proximity Tracing (PEPP-PT), is run by a European coalition of tech experts and scientists drawn from at least eight countries and led by Germany's Fraunhofer Heinrich Hertz Institute for telecommunications.In development

WHO The WHO is building an official WHO open-source app to help people around the world cope with COVID-19. For contact tracing the WHO will likely rely on an app called Private Kit: Safe Paths developed by an MIT Media Lab.In development

Not exhaustive

KEY INFORMATION


IMPORTANT INFORMATION

29

HealthTech defines the intersection between healthcare and technology and is also sometimes referred to as digital health. We recommend reviewing our taxonomy on slide 34 for further details.

HealthTech does not include Biotech, such as protein research or pharmaceuticals, and also does not include MedDev, such as devices that are implanted into the body.

What information do we trackGalen Growth tracks a comprehensive inventory of key data points ranging from company demographics, funding and valuation to in-market capabilities on a continuously growing and curated list of HealthTech ventures drawn from all markets in Asia Pacific. We recommend reviewing our venture spotlights for further insights.

Where do we source our informationGalen Growth collates its data from primary research, public domain sources (press releases and news), proprietary analytics and from its unique network. The information is:

• Both disclosed and undisclosed by nature• Continuously updated with the latest data • Curated from both direct and indirect verified sources• Augmented with our proprietary algorithms

Important InformationThis report is provided for informational purposes only and was prepared in good faith on the basis of public information available at the time of publication without independent verification.Galen Growth does not guarantee or warrant the reliability or completeness of the data nor its usefulness in achieving any particular purposes. Numbers will be updated from to time to reflect information identified after the event.Galen Growth shall not be liable for any loss, damage, cost or expense incurred by reason because of any persons use or reliance on this report.This report is a proprietary aggregation of publicly available and undisclosed data and shall not be forwarded or reproduced without the prior written consent of Galen Growth.

Key Terms / Definitions

Each HealthTech Alpha Index and Score is calculated using proprietary algorithms and data points drawn from our carefully curated HealthTech Alpha database.

• The report’s base currency is USD• Early stage includes all deals up to & including Pre-A stage• Growth stage includes all deals at Series A, B & C stage• Late stage includes all deals at Series D & beyond stage• Exits include all IPO and M&A deals

What we define as HealthTech

ABOUT GALEN GROWTHANALYTICS


UNMATCHED DATA ADVANTAGEThe HealthTech Alpha data asset is growing significantly in 2020 to include the three most vibrant regions in digital health innovation namely Asia Pac, USA and Europe

Asia Pac Europe* USASectorial

HealthTech

InsurTech (Health)

FinTech (Health)

Financial

Key Financials Metrics

Investors & Funding

Valuation

Analytics (not exhaustive)

Maturity

Momentum

Future Valuation

Asia Pac Europe* USABiz Model (not exhaustive)

Talent

Partnerships (Academic &

Commercial)

Products

Tech

Therapeutic Area

Value Proposition

Locations

Scientific

Regulatory

Clinical Trials

Citations

w.e.f. Q3 2020 w.e.f. Q3 2020

Note: Phase 1 Europe top5 ecosystem incl. U.K., France, Switzerland, Germany and Israel

w.e.f. Q3 2020 w.e.f. Q3 2020

w.e.f. Q3 2020 w.e.f. Q3 2020

w.e.f. Q3 2020 w.e.f. Q3 2020

Live

Live

Live

Live

Live

Live in Q3 2020

Live in Q4 2020

Legend


The HealthTech Alpha Venture Maturity assessment is a set of composite indices based on our proprietary algorithms which leverage and analyse multiple data points and calculates these unique indices for each venture.

There are four distinct and independent Alpha Indices which are computed into one final Alpha Score as follows:

• Momentum index: Evaluates the maturity and performance of the HealthTech venture relative to itself and ecosystem peers

• Market index: Measures the health of the sector category and sub-category in which a startup competes

• Money index: Quantifies the financial strength and wellbeing of a HealthTech startup based on its financial history, and investor quality

• Impact index: Assesses the relevance of an HealthTech venture to the ecosystem

The Alpha Score or Maturity Index: The composite score based on the four Alpha indices which enables a comparison ranking and provides a 3D assessment of each venture

PROPRIETARY ANALYTICS

Alpha Score Calculation Flow

32

Statistical AnalysisRAW

DATA

Impact Score

Money Score

Market Score

Momentum Score

Pre-Alpha Score

Alpha ScoreEcosystem

Adjustment

Valuation


Our analysis of HealthTechinvestments tracks activities across 23 distinct markets in Asia Pacific.

Due to lack of data, not every market is featured in this report.

We are continuously monitoring markets that are not listed here.

FRONTIER MARKET1) Bangladesh2) Bhutan3) Cambodia4) Laos5) Myanmar6) Nepal7) Pakistan

DEVELOPING MARKET1) China2) India3) Indonesia4) Malaysia5) Philippines6) Sri Lanka7) Thailand8) Vietnam

MATURE MARKET1) Australia2) Brunei3) Hong Kong 4) Japan 5) New Zealand 6) Singapore 7) South Korea 8) Taiwan

OUR ASIA PAC MARKET COVERAGE

33


Health Services Search ResearchHealth Management Solutions

Medical EducationTelemedicine

Online Marketplace

Wellness

Medical Diagnostics

Patient Solutions Remote MonitoringOnline Health Communities

Health InsurTech VeterinarianPopulation Health Management

• Medical Concierge

• Medical Tourism

• Drug Discovery

• Next Generation Sequencing

• Genomics Related Research

• Clinical Trials

• EHR / EMR

• Physician / Clinic

• Hospital

• Pharmacy

• HCP Education

• Health Information Platform

• Consumer Education

• Teleconsultation

• Consumer Marketplace

• Professional Marketplace

• On-demand Lab Tests

• Wellness Apps

• Wearables

• Smart Equipment

• Wellness Information Platform

• Genomics Related Applications

• Medical Imaging

• Diagnosis Tools

• Genomics related

• Diagnostics

• Digital Therapeutics

• Patient Self-Diagnosis

• Disease Management

• Home Healthcare

• Devices

• Patient Health Forums

• Physician Networks

• Other HCP Networks

• Health Claim Management

• Medical Payments

• Health Insurance

• Health Forums• Corporate Health

• Integrated Solutions

Others

• Social Enterprise

• HCP Job Board

• Software Provider

• Contamination Management

OUR HEALTHTECH TAXONOMY

34


HEALTHTECH ALPHA IN ASIA COMPARISON

35


FEATURED IN

36

Bloomberg


https://www.linkedin.com/company/galen-growth/

https://twitter.com/galengrowth

https://www.galengrowth.com

[email protected]

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Documents

ASIA PAC HEALTHTECH INVESTMENT LANDSCAPE · safety which should, in our view, strongly favour digital health. In this Q1 report, we also take a deep dive into the role digital health