PatientSafe recently invested several million dollars courtesy of EDBI. This investment brings a number of benefits for EDBI, PatientSafe, and Asian consumers.
Benefits for PatientSafe
Health expenditures are rising, not just in the U.S. but in Asia as well. While health spending in the U.S. is driven by technology costs, bureaucracy and an aging population, Asia’s health expenditures are rising due to a rapidly aging population that is a growing share of the world’s proportion of elderly. By teaming up with Singapore’s EDBI, PatientSafe is well positioned to tap into this fast growing Asian market while remaining in a nation that respects its software intellectual property.
PatientSafe is based in California, but looking toward the growing Asian market could protect it from the medical sector consolidation – if not collapse – likely to occur when the Affordable Care Act takes full effect in the United States. PatientSafe’s agreement with EDBI secures it access to a growing market with a strong profit forecast. Over the long term, PatientSafe will see higher profits by moving its manufacturing base closer to its largest consumer market, Asia.
Benefits for Singapore’s EDBI
Point of care mobile solutions will lower the cost of delivering care in Singapore’s medical institutions with which EDBI already has a strong relationship. The clinician workflow software institutes checklists to verify that medication is given correctly, ensure that critical questions are asked at admission and track patients as they move through the medical facility. Singapore, and eventually much of Asia, will recoup their investment in PatientSafe through reduced hospital re-admissions, fewer patient deaths and less wasted time and material in the ward.
Why EDBI Is Investing in PatientSafe
PatientSafe will consolidate its supply chain in Singapore as a condition of the investment, bringing more jobs to the island nation. While Singapore already delivers care for a fraction of the rate of the U.S. and Europe, its aging population and stagnant workforce are driving it to improve the productivity of its medical profession. Lower medical costs and better patient outcomes could make Singapore a medical tourism destination for people throughout the Pacific.
How the EDBI – PatientSafe Investment Will Help Asia Overall
By implementing a system that relies on smart phones or tablets, Third World medical institutions could access PatientSafe via a cloud service, avoiding the costly and time consuming effort of setting up secure IT infrastructure for medical records and software. PatientSafe could possibly expand the role of front line healthcare workers in poorer nations like China and India.
EDBI’s investment in PatientSafe gives it a new way to lower costs and improve patient care in Singapore and, eventually, throughout Asia. PatientSafe gains a consolidated manufacturing center in a safe Asian nation and long term growth prospects with a supply and distribution point outside of the United States.
Edited by
Alisen Downey
