WhiteCoat Global, a Singapore-based digital healthcare provider, has announced it will be acquiring Good Doctor Indonesia, the telemedicine platform with the largest insurer and corporate client network in Indonesia.
WhiteCoat Global said in a statement on last Friday that this landmark deal will create the region’s largest and most comprehensive digital healthcare group that works with over 130 insurers and 7,500 corporate partners to provide care to over 6.8 million insured lives.
Dubbed the biggest merger and acquisition involving two dominant telehealth companies in Southeast Asia to date, the deal brings together WhiteCoat’s deep expertise working alongside the region’s top insurers and corporations to develop and provide omnichannel integrated healthcare services across multiple markets, and Good Doctor’s leading position in Indonesia’s digital health space.
Together, the companies will offer an unparalleled suite of online and in-person health and wellness solutions across the region.
WhiteCoat also secured a fresh round of funding led by Raffles Family Office (RFO) and together with the acquisition of Good Doctor, WhiteCoat will welcome new investors MDI Ventures (MDI) and The SoftBank Vision Fund (SVF).
“Our strategic acquisition of Good Doctor is a transformative moment for the healthcare industry in Southeast Asia,
“It positions WhiteCoat as the region’s largest digital healthcare group providing seamless entry points across a wide range of care verticals including telehealth, establishing a highly accessible single touchpoint for all health and wellness needs,” WhiteCoat Founder and Chief Executive Officer Bryan Koh said.
As a team, he noted they are actively seeking new opportunities while exercising prudence in deploying their funds to ensure sustainable growth.
“We will be seeking funding at the right time to fuel our next phase of growth, which will involve scaling our omnichannel services through the integration of cutting-edge GenAI capabilities,
“By embracing digital innovation, we aim to raise the bar on patient care and ensure that quality healthcare is within reach for everyone,” he added.
According to him, this move not only strengthens their market presence in the largest economy in Southeast Asia but also underscores their commitment to deliver innovative, technology-driven care, and work towards enhancing healthcare access beyond insured members to the broader population of over 650 million people across Southeast Asia.
Meanwhile, Good Doctor’s Chief Executive Officer Danu Wicaksana said that at Good Doctor, they believe in the power of accessible healthcare.
“Our partnership with WhiteCoat reinforces our commitment to our promise: ‘One Doctor for Every Family in Indonesia’,
“Together, we will enhance healthcare access and quality, delivering comprehensive digital and in-person care tailored to the unique needs of Indonesian families,” he added.
It is noted that through its suite of digital platforms, WhiteCoat connects patients with payers and providers to deliver an extensive range of services from primary, specialist to allied care across the region.
The group has been aggressively expanding its footprint beyond Singapore in the past year and currently has operations across Indonesia, Vietnam and Malaysia.
Also in the group’s pipeline are plans to prioritize technology research and development to drive service delivery in existing and new markets.
Since 2023, WhiteCoat has provided over 1.5 million consultations and medication fulfilment services, underscoring the strong and sustained adoption for its omnichannel end-to-end care offerings.
Good Doctor has established itself as a leading force in Indonesia’s digital healthcare space, partnering with a wide network of third-party administrators, insurers, and corporates to deliver comprehensive primary and specialist care services.
It also serves individual consumers through its retail offerings.
Additionally, Good Doctor provides pharmacy services and wellness programs, leveraging strategic partnerships to offer a broader range of healthcare solutions.
This unique combination enables Good Doctor to meet the diverse needs of both corporate clients and individual users, positioning it as a key player in the region’s digital health landscape, said the statement.
“As healthtech is one of our key focus areas, we believe this partnership will also have a broader positive impact on society,” MDI Chief Executive Officer Donald Wihardja said.
RFO Group Chief Executive Officer Chi Man Kwan said that telemedicine is now a key healthcare pillar and that WhiteCoat, one of the leading digital health groups with a regional presence, is at the forefront of care innovation to drive unparalleled accessibility and build healthier lives.
“We have always aspired to shape the future alongside our clients across generations, and we are delighted to continue supporting WhiteCoat in this mission,
“The landscape of telemedicine has evolved significantly post-pandemic, especially with the broader adoption of AI,” he added.
Chris Lee, Partner at SoftBank Investment Advisers, said the acquisition of Good Doctor marks a significant step in accelerating WhiteCoat’s expansion into Indonesia’s digital telehealth sector.
“We believe this partnership will unlock strong synergies between both companies, paving the way for innovative solutions that will drive growth and deliver value to consumers, healthcare providers, and insurers,” he added.
According to the statement, WhiteCoat has set its sights on entering at least two more markets in Asia and will continue to source value accretive assets that are synergistic to its business.
Indonesia’s Happy5 acquires Singapore’s SugarOKR to accelerate global expansion