Icon Group today announced a sizeable investment to acquire Hong Kong’s oncology-focused group, SunTech Medical Group (“SunTech”) to meet the growing cancer burden and support patients in getting timely access to oncology specialists.
Icon Group offers comprehensive cancer care combining day oncology with radiation oncology, chemotherapy compounding and pharmacy, supported by an international network of expert clinicians, to provide end-to-end cancer services to patients as close to home as possible. Icon’s acquisition of SunTech Medical Group represents another step forward in its strategic expansion into the Asia Pacific region to close the gap in access to cancer care treatments.
Mark Middleton, CEO of Icon Group said: “Hong Kong’s cancer spend is expected to nearly double from HKD $13 billion to over HKD $24 billion by 2026 due to an ageing population and increase in medical tourism from mainland China. We see an opportunity to complement existing cancer care providers by increasing capacity in the market to meet this growing demand. As such, we have sought out a partner who is equally committed to providing the very best services in this area and we have found this in SunTech Medical Group.”
“The founding clinicians of SunTech Medical represent the pinnacle of exceptional expertise and quality of care. Coupling SunTech Medical’s strong clinical leadership and local reputation for excellence and Icon’s Group’s investment in world class technology, education and training, we have formed a strong, synergistic partnership that ensures we can deliver the best cancer care possible, to as many people as possible in Hong Kong and the surrounding region.”
SunTech Medical was founded by some of the top clinical oncologists and colorectal surgeons in Hong Kong and comprises of a network of renowned specialists. With a philosophy of providing high quality, personalised care, SunTech and Icon share the same values of patient-centred care and an equal commitment to facing the global cancer burden by using the latest technologies.
“We are delighted to have partnered with Icon Group and introduce them into the Hong Kong market. This partnership will strengthen our capabilities to deliver exceptional care and sustain our projected growth plan that enables ongoing investment into the best cancer technology and specialists. We look forward to joining Icon on their mission to support as many patients as we can to navigate their individual cancer journeys,” said Dr. Peter Man-Lung TEO, Chairman of SunTech Medical.
“Icon Group has a proven track record of delivering quality integrated cancer care services across Australia, New Zealand and Singapore, alongside partnerships in mainland China, and we’re excited to expand our expertise into a new market. This is another step forward in establishing our capabilities in the APAC region and will enable us to continue to bring our cancer care expertise to areas of unmet need, especially in Asia,” concluded Mr Middleton.
The acquisition of SunTech Medical complements Icon Group’s existing services in Singapore and mainland China. In Singapore, the Group currently has seven state-of-the-art Icon cancer centres and recently signed a partnership with Mount Alvernia Hospital that will see Icon invest in a new comprehensive and integrated cancer centre on site. In mainland China, Icon signed a partnership with the renowned Sanbo Hospital Group and United Family Healthcare Group that will see Icon introduce and deliver radiation oncology services in the 2019-2020 financial year.
The acquisition is expected to complete in October 2019.