On May 29, a Latvian digital clinic Medon announced that the company had received investments in the amount of EUR 320,000 from a group of Latvian entrepreneurs. This investment represents the newest milestone in the development strategy of Medon regarding expansion to new markets. Money will be spent to enrich services offered by the clinic within Latvia and abroad.
The founders claim that Medon’s digital solutions are flexible to meet the needs of different markets, thus exportable. First will be expansion of India for this clinic’s offerings and then ways into the United Arab Emirates and Saudi Arabia.
The potential of growth in the markets was also elicited by Roberts Lasovskis, CEO and co-founder of Medon: “These regions are experiencing rapid advancement in the digitization of healthcare, which makes them exactly in line with our goals. India, the UAE, and Saudi Arabia are known for dynamic economic growth, high technology adaptation, and burgeoning healthcare sectors. For instance, the digital health market in India is projected to amount to around EUR 9.74 billion by 2027 at an annual growth rate of more than 21%. Particular demographic and healthcare issues in these markets position them definitely in the line of expansion opportunities.”
Mārtiņš Ērglis is a cardiac surgeon, and he, together with Medon’s founders, recalls that the top health challenges at the heart of their aggressive expansion are: “Cardiovascular disease is the number one cause of death globally, and our target markets are experiencing alarming growth in these diseases. For example, cardiovascular diseases alone are responsible for nearly 25% of deaths in India, 45% in Saudi Arabia, and 40% in the UAE. We want to reverse this trend by applying European medical know-how to bring novel patient-centered healthcare solutions.”
Currently, Medon offers services in 27 medical specialties, led by 128 registered medical experts and with a clients served number over 4,000. The clinic is registered with the Health Inspectorate and has a major focus on remote consultations, especially in cardiovascular health.
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