A Singapore-based healthcare platform, MyDoc, is integrating with its HK partner – MD Tokens Ltd, a healthcare rewards platform, which is currently launching an ICO.

ShervinSharghyShervin Sharghy, CFO,
MD Tokens Ltd.
MyDoc is a six-year-old digital healthcare platform that has garnered support from investors, including Singapore government-related fund Spring Seeds
.

MyDoc’s ecosystem, whose stakeholders include insurers, large corporates and healthcare groups, is growing fast beyond Singapore

As MyDoc looks to grow around the region, an incentive platform will encourage digital health usage and contribution of data by patients and doctors.

MD Tokens, the HK partner, is expected to launch an initial coin offering (ICO) for investors looking to gain exposure to cryptocurrencies in the healthcare space.


The plan is for 30% of "MD Tokens" to be issued to investors through the ICO. 

More importantly, 70% will be kept for subsequent issue to patients and doctors in MyDoc's "ecosystem" to increase their participation on the MyDoc platform.

MD Tokens as incentives for ….

Patients/
users

…. who fill their personal health record with the help of a chat bot which is trained to take medical history.

… who have an annual health screening and follow up with doctor online.

… who join a disease management program for chronic diseases.

Professionals

… who send e-prescriptions within MyDoc to enable patients to pick up medication.

… who provide clinical notes post consultation.

… who send a e-referrals to refer patients to suitable sub-specialist Disease Management Programs.


"One key use is for us to give tokens to patients to incentivise them -- to submit data, such as whether they smoke. Or if you do more exercise, finish a marathon, you'll get a few tokens, etc," says Dr Vas Metupalle, co-founder and CIO of MyDoc, in an interview with NextInsight. 

MD Tokens Chief Financial Advisor, Shervin Sharghy, adds, “ This is an innovative way to get non-dilutive incentive structure to grow MyDoc’s user base, and we plan to create a very innovative partnership model to get users through online to offline healthcare delivery networks across Asia.”

The tokens are a form of currency which can be used to pay for goods and services in the MyDoc ecosystem which is participated in by patients and doctors, pharmacies and insurance companies.

MyDoc
Allowing access to great healthcare from the office, home, or abroad.

Hours saved per  health screening

3.2

Work hours saved  per consult

2.6

Hours saved per patient based on user survey data.

The eco-system now has 90,000 enrolled users and 50,000 active users (monthly).

"This year, we signed on with several insurers to go up to 500,000 across Singapore and Hong Kong," says Dr Metupalle.

MD Tokens (www.mdtokens.com ), in its ICO, is seeking to raise a relatively modest minimum of US$5 million, pricing 1,000 tokens to a ethereum.

"Based on investors' expressions of interest,
 we feel it's a sum that's very achievable." 


This is to fund the development of a 
blockchain system for the use of MD Tokens on the MyDoc platform.

Blockchain is a 
more transparent, more auditable middle layer for secure transactions.

Unlike MyDoc, elsewhere in the world, a few healthcare ICOs have taken place in recent times chiefly to fund the development of online platforms that use cryptocurrencies.

With an existing platform, the go-to market is seen as a very exciting proposition for MD Tokens.   


With the creation of MD Tokens, Dr Metupalle reckons that MyDoc platform will attract more usage, increasing its intrinsic value.  

"It's really to boost the usage of digital health and get more data back for personalizing care for the patient.  As an incentive system, it is going to be cross-regional in usage first in Hong Kong force and then Singapore," says Dr Metupalle.

"Very quickly after that, it will be Philippines and Indonesia as we already have partners adding patients there to our ecosystem."

For more on how MyDoc works, see: 

• MyDoc: connecting patients, medical professionals and insurers digitally  

• Singapore enterprise healthcare startup MyDoc raises $5.2m

 MyDoc Brings Healthcare to Digital Platform


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