Li Ka-Shing Invests In Improving Canada's Healthcare System
Li Ka-Shing is investing in a Vancouver-based startup that wants to modernise Canada’s clinics.
Hong Kong’s richest man is the largest outside investor at Well Health Technologies Corp., which acquires medical record providers and clinics to digitise the country’s mostly paper-based healthcare system.
Hamed Shahbazi, Well Health’s chief executive officer and founder, describes his company as “the WeWork for doctors,” which allows them access to software tools and electronic records that they wouldn’t be able to afford at smaller clinics.
While Canada is often lauded for its universal healthcare, Bloomberg reports that the system is plagued with inefficiencies and lags behind when it comes to adapting to new medical technologies.
“Which industry do you know still operates like it did 40 years ago?” Shahbazi told Bloomberg. “We’re one of the most broadband-connected countries in the world—it seems totally counter-intuitive that we lack any kind of digitisation in primary care.”
Today, Well Health is Canada’s third-largest provider of digital medical records, serving more than 850 clinics, and Li now holds 11 percent of the company’s shares, making him the second-biggest investor.