Hong Kong, June 27, 2017 IFC, a member of the World Bank Group, has invested $60 million in equity in the IDS Medical Systems Group (idsMED), a leading medical supply-chain solutions company in Asia. The investment will enable the Hong Kong-based group to further expand across the region and move into new businesses in the medical supply chain.
The idsMED Group is majority owned by Fung Investments, the private investment arm of the families of Dr. Victor Fung and Dr. William Fung who are the controlling shareholders of the Fung Group. The Fung Group is a Hong Kong based multinational engaged in trading, logistics, distribution and retailing in over 40 economies worldwide. This is IFC’s first investment with the Fung Group.
“With the investment from IFC, idsMED will be advantageously placed to expand the provision of professional and affordable integrated medical solutions across Asia. We look forward to forging a long and fruitful collaboration with IFC that will contribute to raising the standard of medical services in the region,” said Dr Victor Fung, Chairman of the Fung Group.
The idsMED Group has been on an aggressive growth trajectory since its founding in July 2011. Group revenue has multiplied four times between 2012 - 2016 and idsMED today is in eight countries with a workforce of 1,200 employees. The Group services some 10,000 healthcare institutions covering public and private hospitals, specialist clinics, laboratories and elderly homes and represents medical equipment and consumables from over 200 global brands.
IFC is the world’s largest multilateral investor in private healthcare, managing an active portfolio of about $1.7 billion worth of health investments. IFC investments in service providers, pharmaceuticals and medical technology are aimed at promoting greater access to affordable, high-quality healthcare
“IFC is the ideal strategic partner to support us in our next phase of quantum growth across the Asia Pacific including China and India, as well as the emerging markets of Indochina, Indonesia and the Philippines,” said Ben Chang, Chief Executive Officer & Founding Partner of idsMED Group.
“The idsMED Group intends to further expand its scope of service along the medical supply chain to sourcing and contract manufacturing, medical logistics, bio-medical engineering and other value-add services to healthcare institutions and the medical industry. This will help in the Group’s objective of bringing better, faster and cheaper healthcare to Asia’s growing and ageing population,” said Chang.
idsMED has also committed to improving the quality of services through the provision of professional ancillary services including equipment-related training and maintenance. In addition, idsMED offers its customers and their doctors the opportunity to attend a broad range of continuing education and training programs
IFC’s investment in idsMED is aligned with IFC’s global healthcare strategy, as well as the World Bank Group’s support of developing countries’ efforts to achieve universal health coverage and provide quality, affordable health care to everyone, regardless of their ability to pay, reducing financial risks associated with ill health, and increasing equity.
“IFC’s global healthcare strategy is closely aligned with these goals,” said IFC Director for East Asia and the Pacific, Vivek Pathak. “It is our priority to reach populations with little or no access to health services and to promote the delivery of affordable, quality healthcare. Supporting innovative companies like IDS Medical is critical to creating new markets within this sector and across the region. Through our investment, we promote the expansion of services to communities in developing countries like Indonesia, the Philippines, Vietnam and Cambodia and hope to unlock opportunities for other private sector clients.”
“We believe our investment marks the beginning of a long and impactful relationship with the Fung Group, a group that has much in common with IFC including its values, engagement in emerging markets, and history of raising standards in the markets it works in,” said Pathak.
For many years, the Fung Group has worked to improve social and environmental conditions, particularly in the developing world where it does business or operates supply chains, both directly and by collaborating with industry partners and government. The Fung Group runs a number of social engagement and capacity building programs which not only educate both workers and management on labor, social and well-being issues but also foster a culture of continual improvement. On environmental issues, the Fung Group provides factories with access to a suite of tools and training programs designed to educate and help drive resource efficiency.
About idsMED
The IDS Medical Systems Group ("idsMED Group") is a leading medical supply chain solutions company in Asia. It has an extensive Asia Pacific distribution network with access to over 10,000 healthcare institutions and represents over 200 global medical brands in equipment and medical consumables. These include GE
Healthcare, Philips, Maquet, Trumpf, Hill-Rom, Hamilton, Biosensors, Biotronik Smiths Medical, Teleflex, Ansell and others. idsMED has a workforce of 1,200 employees including 600 highly experienced field medical and sales specialists and over 200 professional bio-medical engineers providing installation and maintenance services. The idsMED Group is a member of Fung Investments. For more information, visit www.idsmed.com.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org.
About Fung Investments
Fung Investments is the private investment arm of the families of Dr. Victor Fung and Dr. William Fung, the controlling shareholders of the Fung Group. It is based in Hong Kong and its investment portfolio is global.
About the Fung Group
The Fung Group of companies are Hong Kong based and are engaged in trading, logistics, distribution and specialty retailing in over 40 economies worldwide, employing 39,900 employees with total revenue of US$22.51 billion as of December 2016. Its publicl
