In a bid to classify the hordes of tech-reliant startups that have popped up in the past decade, exotic blended words such as “Edtech” and “Fintech” have come into existence in order to label education- and finance-related startups. Naturally, “MedTech” refers to the business of medical technologies.
Biotechin.Asia reports that by 2020, the Asia-Pacific region “is expected to pass the European Union as the world’s second-largest MedTech market”. The market demands in the Asia-Pacific region is highly diverse even within a single country in the region. Leading MedTech companies have lagged behind other industries in serving the region, creating gaps in patient services and bypassing significant opportunities.
The difficulties faced by the MedTech industry in the Asia-Pacific region include frugal spending habits, multi-segment markets, inadequate infrastructure, regulatory and reimbursement complexity, and intense competition. Conquering the MedTech market in any Asian country presents its own unique set of challenges.
Attempting to crack this challenge is CXA, a HR/MedTech startup that handles benefits and wellness for employers and employees through an online platform. 2-year-old ConneXionsAsia hit an impressive revenue of $6 million within its first year and raised $8 million in Series A funding in January.
ConneXionsAsia provides personalized benefits to employees so that health benefits given through employer-sponsored insurance don’t go to waste. Their portal lets employees choose benefits based on their needs, instead of a traditional one-size-fits-all scheme.
Speaking to Tech In Asia, founder Rosaline Koo describes CXA’s imperative. “There’s a lot of waste in how employers are spending on staff benefits,” she says. “If you’re single, you typically don’t need that much insurance coverage, but working couples often get duplicated coverage, so why not use that for something that the employee values?”
Since the startup launched in March 2014, CXA has had significant market success, working with over 500 corporate clients, including over 40 Fortune 500 companies.
CXA is hiring: Come work at this dynamic startup as a Web Developer! More details on our HackerTrail listing here: https://www.hackertrail.com/cxa?sc=blog
Images taken from CXA’s official website