Chinese firm that helps patients travel to well-known hospitals in countries like U.S. and Britain gets the backing of Sequoia Capital China
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By staff reporter Li Yan
(Beijing) :
An international investment company signed an agreement on June 16 to invest 50 million yuan in a Chinese company specializing in medical tourism.
Sequoia Capital China signed the agreement with Beijing Saint Lucia Consulting Co. Ltd., the first investment deal in the country’s growing medical tourism industry.
Saint Lucia Consulting is a member of the Medical Tourism Association (MTA), which is based in the United States. The MTA is a global non-profit association for the medical tourism and “international patient” industries.
Being a member of MTA allows the company to negotiate with foreign hospitals directly, said Cai Qiang, the founder of Saint Lucia Consulting. The company sends employees to help patients during their journey to get medical treatment overseas. The workers help patients plan travel, take care of medical records and get approval from foreign hospitals.
Only a few Chinese companies cooperate with foreign organizations to provide these services. Saint Lucia Consulting has signed agreements with many top hospitals in the United States, Britain, Germany, South Korea and Singapore. It works with Massachusetts General Hospital and Mayo Clinic in the United States, and Wellington Hospital and Royal Brompton Hospital in Britain.
“The demand for overseas medical services will be great in the future,” said Zhou Kui, a partner at Sequoia Capital.
Sequoia Capital China carried out a review of Saint Lucia Consulting, sending specialists to carry out research at its overseas partner hospitals, Zhou said.
“We do not expect the investment to provide a return in a short period,” he said. “It targets long-term growth.”
The investment will help Saint Lucia Consulting provide more high-quality services, Cai said, but it still might not be ready to expand quickly.
Saint Lucia Consulting was registered in April 2011 in Beijing with capital of 8.8 million yuan. It is the largest overseas medical service provider in China, the company’s website said. It became a member of the MTA in 2011.
On May 23, the Mayo Clinic signed an agreement with Saint Lucia Consulting to receive Chinese patients through the company.
Over the past five years, the number of Chinese patients going to Mayo Clinic rose from 30 to about 200, said Melissa Goodwin, director of the clinic’s international office.
Sequoia Capital set up Sequoia Capital China with Chinese businessmen in September 2005. It mainly focuses on the fields of technology, media, medical services and energy. It has invested in 150 companies, including about 30 listed firms. The health care industry is its second largest target, getting about 25 percent of its total investment, Zhou said.
(Rewritten by Guo Kai)
source: http://www.english.caixin.com / Caixin Online / Home> Business & Industry> Top Stories Industry / by Staff Reporter Li Yan / June 18th, 2014
