Halodoc: A Game-Changer in Indonesia's Health-Tech Sector – Ken Research

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Halodoc, Indonesia's premier digital health-tech platform, is rapidly expanding its reach, serving over 20 Mn monthly users and bringing accessible healthcare to millions of individuals throughout the vast archipelago, establishing itself as a leader in the industry.

STORY OUTLINE

• Jonathan Sudharta's mission to launch Halodoc in 2016, driven by technology-enabled healthcare access.
• prestigious awards received by Halodoc, such as the 2023 Marketeers Youth Choice Award and the 2022 Fortune Indonesia Change the World Award.
• Halodoc's successful funding rounds and diverse group of 18 investors and the recent investments are from Openspace and PT. Astra International Tbk.
• Halodoc’s received the "Most Innovative Start-Up" award from Galen Growth Asia and Forbes Indonesia's recognition.

Ranked as the 4th most populous nation globally, the Indonesian archipelago faces a significant challenge in healthcare accessibility. With a meager ratio of only 0.4 doctors per thousand residents, the availability of healthcare services remains limited. In 2016, Jonathan Sudharta embarked on a mission to launch Halodoc, driven by the vision of utilizing technology to facilitate convenient access to healthcare.

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• Awards: Halodoc's Secret to Immunity?

Halodoc, a trailblazer in Indonesia's digital healthcare industry, leads with ~20,000 experienced doctors available via chat, video, or voice calls. This year, Halodoc has been honoured with a series of esteemed awards. These accolades include the 2023 Marketeers Youth Choice Award, the 2022 Fortune Indonesia Change the World Award, the Katadata25: Game Changer in Digital Award, and the Indonesian government's 2023 PPKM Award, further cementing Halodoc's exceptional recognition in the industry.
Halodoc has secured funding from a diverse group of 18 investors, with Openspace and PT. Astra International Tbk being the latest additions to the list of investors.

• Building Immunity through Awards: Halodoc's Journey to Excellence

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Halodoc achieved notable recognition in the industry, being the sole health technology start-up from Southeast Asia featured on CB Insights' prestigious Digital Health 150 list in both 2019 and 2020. Additionally, Halodoc received the esteemed "Most Innovative Start-Up" award from Galen Growth Asia in 2018 and was handpicked as a "Choice Start-Up" by Forbes Indonesia. Halodoc has raised a total of ~$140Mn in funding over 4 rounds. Their latest funding was raised on Apr 21, 2021 from a Series C round. Halodoc has garnered an impressive user base of ~20Mn.

According to Ken Research, Halodoc is at the forefront of Indonesia's digital healthcare industry, tackling the crucial issue of healthcare accessibility. With their innovative platform and extensive network of experienced doctors, Halodoc utilizes technology to offer convenient healthcare services. Their esteemed awards underline their remarkable contributions, resilience, and ongoing commitment to transforming healthcare delivery and improving access for millions of Indonesians.

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Indonesia Health Tech Market

Will Indonesia's Health Tech Market Experience ~IDR5500 Bn by 2025? : Ken Research

 With the Indonesian population becoming more technologically savvy and shifting from conventional healthcare methods to contemporary health tech services, there is an expected upswing in the demand for health tech.

STORY OUTLINE

• Impressive user base of over 30 Mn monthly active users and network of 40,000 qualified doctors.
• Partnerships between domestic health tech platforms and healthcare professionals to ensure access to doctors through digital platforms.
• In Indonesia ~220 Mn individuals projected to rely on the public universal healthcare program provided by BPJS.
• Partnerships between health tech startups and a vast network of 20,000 doctors, 1,000 hospitals, and clinics.

In 2021, it was discovered that ~65% of participants allocated less than 100 thousand Indonesian rupiah towards digital health applications. With over ~30 Mn monthly active users and a network of over ~40,000 qualified doctors, the health-tech platform has established itself as the foremost telemedicine application in Indonesia.

1. Calling Doctors: Indonesia's Growing Need for Doctors

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Increasing demand for doctors and healthcare practitioners on platforms. More partnerships with doctors, rising budgets in hospitals, and entry of healthcare IT providers will drive the industry's revenue growth. To ensure access to doctors through platforms, domestic platforms are forming partnerships with a growing roster of healthcare professionals. Indonesia suffers from a significant shortage of doctors. Based on 2021 World Health Organization statistics, Indonesia's doctor-patient ratio stood at 2.1 doctors per 10,000 patients, significantly lower than the recommended 1:600 ratio.

2. Collaboration Roadmap: Partnering with Ecosystems for Long-Term Success?

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Roughly half of the Indonesian population, totaling ~220Mn individuals, is projected to rely on the public universal healthcare program provided by BPJS. The Indonesia Health Tech Market is the sum total of revenue of E-pharmacy, Appointment booking platforms, tele-medicine platforms and IT solution providers for healthcare.Indonesia health Tech projects will involve collaboration with a network comprising 20,000 doctors, along with 1,000 hospitals and clinics.

3. Indonesia's Health Tech Titans in Action

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The bankruptcy of Proteus Digital Health, previously valued at $1.5 Bn, serves as a wake-up call for aspiring digital health unicorns. digital-first players like Halodoc and Alodokter have been scaling up tech platforms to offer a growing portfolio of digital health services. In 2019, health data in Indonesia reached a reported value of ~120,100 Tn IDR, demonstrating an increase from the previous figure of ~111,000 Tn IDR in 2018. The government's health budget is regularly updated on an annual basis, with an average of 40,000 Tn IDR from December 2005 to 2019.

According to Ken Research, Indonesia's health-tech industry has witnessed significant growth and has established itself as a leading telemedicine application with a large user base and a network of qualified doctors. Partnerships with healthcare professionals and collaborations with the public healthcare program have contributed to its success.