DocMed to raise S$30m in upcoming Series B round

The healthtech firm is expecting to expand its footprint in other ASEAN markets.

Healthcare technology firm, DocMed Technology (DocMed), is seen to raise S$30m (US$22.1m) in its upcoming Series B round of funding, with goals to reach other ASEAN markets.

In a statement, DocMed, the digital pharma-tech arm of Hyphens Pharma, now looks set for a series B round of funding later this month, eyeing to target Thailand and Indonesia’s healthcare industries. It is currently operating in Singapore, Vietnam and most recently Malaysia.

“DocMed’s international success has been built on combining its cutting-edge digital technology and marketing expertise with decades of experience and the unrivalled logistical services and infrastructure provided by its wholly-owned subsidiary Pan-Malayan Pharmaceuticals,” read the statement.

The digital health market in ASEAN is targeted to increase to US$10.85b by 2027, according to data from Statista.

E-pharmacies and telemedicine dominated the growth and DocMed plans on playing a major role in that growth. 

Rather than focusing purely on B2B or B2C alone, DocMed integrates the entire supply and distribution chain from pharmaceutical manufacturers to healthcare professionals (HCPs) to patients.