This case study showcases the journey of a Singapore-based company specializing in healthcare technology and their expansion into Thailand. The Thai market offers huge opportunities for investors, yet the compliance and regulatory barriers can prove to be an obstacle for businesses aspiring to enter Thailand. The following case study depicts how MPG assisted Docquity to achieve a successful expansion into Thailand.
About Docquity
Docquity, a Singapore-based start-up specializing in healthcare technology, is Southeast Asia’s largest professional network of doctors and physicians. Founded in 2015, it has a wide user base of registered professionals across Indonesia, Malaysia, Thailand, Singapore and the Philippines. It generates revenue through creating content in partnership with pharmaceutical companies, medical suppliers and medical universities.
Docquity essentially seeks to assist doctors and physicians in connecting and collaborating with trusted peers, specialists and other professionals over a secure professional network platform. The company operates a private network which allows doctors to freely exchange medical notes and patient information for the purpose of solving real-world clinical problems.
The platform offers:
- Real world medical experiences and clinical cases privately and securely with trusted peers;
- Accredited CME/CPD/SKP credits from leading medical associations and institutions;
- A discussion space where verified doctors are able to securely and privately discuss clinical cases and experiences with their peers;
- Original articles and papers written by accredited doctors all around the world;
- Webinars, case discussions, procedural videos, Doctalks- streaming live and recorded on docquity; and
- Streamed live events and symposiums from national and international experts.
Advantages of expansion to Thailand
- Expand the company’s business through access to the Thai market
- Build credibility and strengthen consumer confidence among Thai customers
- Facilitate knowledge transfer and information exchange among medical personnel through increasing user base
- Allowing registered doctors and dentists in Thailand to benefit from the platform
The Challenge
Expanding a business into a new market tends to be difficult given the various regulations governing expansion processes. In Thailand, foreign businesses aiming to expand into the Thai market are subject to strict and plentiful regulations. Companies often find it challenging to understand and adhere to these regulations whilst trying to focus on the growth of their business. Generally, foreign nationals cannot own 100% of a company in Thailand without applying for Thailand BOI.
This process was challenging for Docquity, who initially hoped to possess 100% ownership of its Thai entity and had a strong desire to maintain focus on the growth of the company itself, rather than being tied up in compliance obligations. Docquity lacked experience in local compliance and desired to find the right partner which the team could trust in facilitating their expansion into Thailand.
Some subsequent concerns included understanding the local culture, which tends to be a common challenge in internationalization, and the soft aspects of business which have to be accounted for.
The Solution
MPG has provided Docquity with ample guidance in ensuring adequate compliance with Thai regulations and streamlining the internationalization process. Considering that this does not fall within Docquity’s expertise, MPG’s involvement has allowed the team to fully focus on growing the business.
Apart from helping Docquity better understand the business culture in Thailand, MPG has also taken care of the relevant back-end needs in assisting Docquity in a smooth and seamless expansion into the Thai market. This includes setting up Docquity’s Thai entity, compliance with workforce-related issues, as well as settling any local matters that may arise.
What is the outcome of the solutions?
Following its successful incorporation into Thailand, Docquity has been able to expand its business internationally, with back-end matters being taken care of by MPG.
Thanks to the help of MPG, Docquity is thriving in the Thai market and aims to increase its locally based team of six, to 20 employees by the end of 2021. The company places particular value on MPG’s responsiveness and communication while guiding them through the complex process of expansion to Thailand.