Five decades on, Raffles Medical eyes further regional growth and insurance push
It will focus on expanding its business in Asia as it sees plenty of opportunities in the region
Raffles Medical, a healthcare group established in 1976, is looking to expand its presence in Asia and grow its insurance business as it marks its 50th anniversary. The company currently operates in five countries and 12 cities across the region. Executive chairman Loo Choon Yong said that despite the high growth rates in many Asian economies, such as China, India and South-East Asia, the group has no plans to expand into markets like the US or Europe, citing practical considerations like time zone differences and travel convenience.
In 2023, Raffles Medical entered into a strategic partnership with My My Trading Services Company to acquire a majority share in American International Hospital in Ho Chi Minh City. The hospital, valued at US$45.6 million, will be managed under a management services contract. Dr Loo emphasized that the group does not always need to build from scratch and can purchase existing hospitals or clinics when appropriate.
He also mentioned the upcoming launch of a regional scholarship scheme to nurture healthcare managers. The insurance sector is another area of focus for Raffles Medical, with the company aiming to elevate its insurance business to a full division with a managing director. This will aid its international expansion ambitions, as it would be easier to expand the insurance arm overseas compared to entering new healthcare markets.
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