CheckMe, an Egyptian e-health startup, has recently purchased its counterpart, DoctorOnline, in a transaction that has increased the market value of CheckMe to $20 million.
The startup will be further able to offer on-demand diagnostics and telemedicine thanks to the company’s acquisition of DoctorOnline.
CheckMe’s mission is to become Egypt and the region’s premier go-to healthtech super app, with the goal of assisting people in locating medical resources that are more convenient, effective, and cost-effective.
“This acquisition falls in line with our expansion strategy in the region and in-line with the expansion of our service offering. According to McKinsey Global Institute, the costs saved by health-tech to the healthcare sector could lie between US$1.5 trillion and $3 trillion a year by 2030, which makes acquisitions like this pivotal in their economic impact in the region,” said Dr Nesma El Talawy, CEO of CheckMe.
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How CheckMe and DoctorOnline Facilitate Healthcare in Egypt
The population of Egypt increased at a pace of 1.6% in 2022, indicating a large need for healthcare channels that are both quicker and more cost-effective. In the near term, HealthTech is anticipated to cater to this demand.
In the detailed strategic plan for public healthcare that the Egyptian government has already developed for the year 2030, Health-Tech will play a vital role. This will place startups like CheckMe and DoctorOnline at the centre of future growth in the Egyptian healthcare system.
CheckMe will also be able to provide a new wave of diagnostics and primary care physicians to its patient journey as a result of the acquisition. CheckMe will be able to do this by facilitating the patient’s healthcare journey by offering on-demand diagnostics and telemedicine performed by qualified professionals, as well as by making patient navigators and primary care physicians communications available.
Dr Mahmoud, founder of Doctor Online, had this to say, “this new Acquisition was made possible with our sell-side mandate with Exits MENA, who was able to bring together the best strategic and financial output for the deal. The healthtech sector is still heavily unsaturated, and the more comprehensive a product, the better fit it will be for patients; who want their data to be safely protected while getting the healthcare that is quick, cost-effective and accurate.”
The Exits MENA team noted that this acquisition arrangement not only raises CheckMe’s market worth to $20 million, but it is also the first of many to come in the following period of time.
The group is of the opinion that it is their primary responsibility to consolidate the market and encourage growth in the region in order to provide more effective assistance to startups and SMEs in meeting their investment requirements.
Exits MENA is currently extensively planning major milestones in order to increase its present pipeline even more and develop the service that is available on its current beta site, Exits.me.
About CheckMe and DoctorOnline
CheckMe is a smartphone application that focuses on the consumer and provides on-demand medical lab services through a network of multiple lab partners in a way that is rapid, accurate, and safe.
DoctorOnline is a virtual clinic mobile application that was founded by Dr Mahmoud Abdel Hakim. It provides patients with access to expert doctors in all medical specialities via video calls, allowing them to receive a variety of medical services without having to leave the comfort of their own homes.
The delivery of traditional medical treatment is being challenged further and further by innovations in health technology. It has the potential to bring about revolutionary changes in the way that all of us, spanning many generations, will get medical treatment in the years and decades to come.
This acquisition by CheckMe, heralds a big restructure that will improve the patient journey and ensure that patients receive the appropriate medical cycle.