Metro Manila (CNN Philippines, December 2) — After e-wallet GCash achieved a “double unicorn” status, Ayala-led Globe Group expects its telehealth service provider, KonsultaMD, to be the next to unlock a valuation of over $1 billion, its top official said.
Globe Group President and CEO Ernest Cu said KonsultaMD is “already undergoing a major transformation” that could further pump up its market value.
“I think the potential relates to the size of the problem that we are trying to address and that has to do with healthcare. So I would have to say that the biggest potential would be in the healthcare business, which is KonsultaMD,” the executive was quoted as saying in a statement on Friday.
During the peak of COVID-19 in the Philippines, the telehealth market recorded a major uptake in demand as the government imposed hard lockdowns, limiting Filipinos’ mobility.
As the momentum continues, coupled with the fact that 47% of barangays nationwide have no health centers, Cu said KonsultaMD has more opportunities to penetrate the market.
“KonsultaMD may fulfill our shared vision of providing healthcare for all,” he said. “We think this can be the healthcare Super App that Filipinos will use around the country for services, diagnostics, and medicine delivery.”
Globe’s corporate builder 917Ventures is building an all-in-one digital healthcare solution and is looking into more elaborate types of consultations, remote monitoring of chronic diseases, and referrals to brick-and-mortar laboratories and hospitals.
Recently, the group further strengthened its telehealth venture by consolidating KonsultaMD, HealthNow, and AIDE.
To be dubbed KonsultaMD SuperApp, Globe said it would be commercially available by early 2023.
Globe is a major telco player cementing its position in the digital space through 917Ventures, as well as portfolio companies covering telehealth, e-commerce, and online grocery, among others.
