Aster turns to luxury healthcare and wellness investments to boost business

Most healthcare providers in the GCC region focus entirely on caring for the sick or providing treatment to sick patients. According to a senior official at Aster DM Healthcare, there is therefore a gap in the market for a pure play company that can focus on general well-being.

Recently, Aster DM Healthcare launched Wellth, which it described as the first of its kind in the UAE. A hub for integrative medicine in the UAE, Wellth will offer complementary therapies such as Functional Medicine, Nutritional Therapy, Ayurveda, Yoga, Mental and Emotional Health, Chiropractic, Reiki, Cryotherapy, Medicine chinese and homeopathy.

“Increasingly, we realized that most healthcare providers, including ourselves, were entirely focused on caring for the sick or treating sick patients; however, we do nothing to help people stay healthy, stay healthy, and prevent or delay the onset of lifestyle-related diseases. This is how the concept of Wellth was born,” Alisha Moopen, Deputy General Manager of Aster DM Healthcare and chief designer of Wellth, told Zawya.

The overall goal is to provide a luxury healthcare offering that brings good health and well-being to the people of Dubai, Alisha said.

Wellth is managed and operated by Medcare, a premium healthcare brand and one of Aster DM Healthcare’s four business divisions.

“We want to make sure that even the youngest in their twenties and thirties try to take active steps to care for themselves, whether it’s their mind, body or nutrition, in a fully holistic sanctuary where they can heal, repair and cope with the current stresses of life,” she added.

Aster DM Healthcare has partnered with functional and alternative medicine experts Dr. Deepak Chopra and Dr. Frank Lipman as advisors to Wellth.

Alisha further said that the company has hired staff from all over the world with different skill sets. “We explored the whole world and got the best people, […] from Calicut in India, to Beijing, to Spain, to the United States.

Currently, Wellth is only available in the UAE, but Moopen said the company is also looking to expand into other GCC countries. However, there is no roadmap for such expansion at present.

“It was very important for us to organize this. Scaling it is the easy part, but making sure this model is correct was the most important thing, and that’s what we’ve been working on for a few years,” she said.

New Initiatives

Aster DM Healthcare is listed on the NSE and BSE stock exchanges in India. According to the latest financial results of the company for the second quarter, which ended on September 30, 2022, it recorded a decline in Profit After Tax (PAT) of INR 540 million ($6.64 million) from 1. INR 28 billion a year ago. Taking into account losses due to new hospitals, the PAT was INR 960 million.

However, consolidated operating revenue increased by 12% to INR 28.16 billion from INR 25.04 billion in the same period last year.

Lately, the company has launched several new business initiatives both in the GCC and in India. In October, she inaugurated the 101-bed Aster Hospital in Sharjah. It also launched its pharmacy business in Saudi Arabia.

“Aster DM Healthcare launched its pharmaceutical operations in Saudi Arabia through a combination with Al Hokair Holding Group. The partners will create a network of more than 250 Aster pharmacies in the Kingdom over the next 5 years. The partnership plans to open in high streets, communities and malls, starting with Riyadh. [In] Phase 2, the objective is to set up pharmaceutical manufacturing in the Kingdom,” Alisha said during the second quarter earnings announcement while commenting on the company’s new business initiatives.

The company also stated in its stock market filing that it had recently entered into a hospital operation and management (O&M) agreement with Narayanadri Hospitals and Research Institute Private Limited in Tirupati, Andhra Pradesh (India). With this addition, the company added 290 beds in the O&M light asset model in the current fiscal year.

In addition, its Medcare brand announced its expansion into the high-end wellness and beauty care segment with the acquisition of a 60% stake in Skin 111 Clinics, a high-end clinic chain. aesthetics and well-being.

“With this agreement, Skin111 Clinic’s unique offerings will be integrated into the Medcare portfolio of services, giving it an edge in the aesthetics and wellness segments, a key driver of growth in the medical tourism industry in the United States. UAE,” Alisha said.

(Reporting by Sunil S; editing by Seban Scaria)

(seban.scaria@lseg.com )