Merck Backs Healthcare Marketplace HD to Transform Southeast Asia’s Medical Industry

Big Tech and pharma companies are rapidly injecting artificial intelligence (AI) into the healthcare space. After recent partnerships between AWS, General Catalyst and GE Healthcare for AI driven medical solutions. US pharma giant Merck Sharp & Dohme (MSD) has made its first investment in a health tech startup in Asia Pacific.

Thailand-based healthtech startup HD, known for its online marketplace HD Mall, has raised $7.8 million in equity funding. With this investment, HD has raised $18 million from SBI Ven Capital, M Venture Partners, FEBE Ventures, and Partech Partners. Using HD, users can connect with health providers, taking advantage of services such as surgery, health checks, and payment options.

AI-Driven Healthcare Innovation

In early 2024, HD launched Jib AI, an AI chatbot trained on anonymized healthcare data. Today, 60% of customer interactions on the platform are handled by AI agents, providing 24/7 instant responses. The AI powered system helps streamline care navigation, allowing healthcare professionals to focus on patient care. Over the next 12 months, HD plans to enhance Jib AI’s capabilities by integrating order processing, scheduling, electronic health record access and AI assisted virtual care.

Expanding Reach and Future Goals

HD’s marketplace currently offers 30,000+ stock-keeping units (SKUs) from 2,500+ hospitals and clinics, serving 400,000 paying customers in Thailand and Indonesia. The company generates $100 million in annual gross transaction volume and plans to onboard 5,000 health services providers and 600,000 patients by 2025. Given their similar healthcare systems, Vietnam and Myanmar are likewise planning to expand.

Addressing Southeast Asia’s Healthcare Challenges

Unlike Western countries, Southeast Asia doesn’t have a family doctor system, 40% of healthcare costs are out of pocket. Patients struggle to find the right care and compare costs. HD wants to solve this by offering a transparent platform where users can search for specific healthcare services rather than individual doctors. Its model is similar to Amazon One Medical in the US, JD Health in China and Pristyn Care in India. As the market for health solutions gets bigger, HD’s B2C2B approach by using its consumer facing success to enter B2B, puts it at the forefront of changing Southeast Asia’s healthtech landscape. With the support from big investors like Merck, HD will change the way healthcare services are consumed across the region.