American health insurance company Aetna International Wednesday completed its acquisition of Indian Health Organization Pvt Ltd (IHO) for an undisclosed amount. The move now marks its foray into the Indian market, reported the Economic Times of India (ET).
Speaking to PTI, Aetna South East Asia Managing Director Derek Goldberg confirmed the company has acquired 100 per cent ownership of IHO. IHO will operate as a separate business within Aetna International, under its existing leadership structure, reporting to the Southeast Asia region, reported ET.
However, he declined to give the financial details of the acquisition. According to Goldberg, India’s growing health care market presents tremendous opportunities. The out-of-pocket medical spend in India is more than US$30 billion annually, added Goldberg.
The service offered by IHO targets “that direct consumer” spending on health care by providing affordable access to primary and preventative care, he added.
IHO co-founder and business development head Visham Sikand reiterated his excitement over the prospects of making quality health care and wellness programs more affordable and accessible for consumers in India.
Aetna said in a statement that the acquisition of the Indian company will give Aetna direct access to a customer base of 80,000 members and also a network of nearly 3,000 doctors, dentists, clinics and labs.
Aetna intends to retain the management and all employees at IHO which presently operates in 18 cities across India, added the statement.
Aetna is a leading global diversified health benefits companies, serving approximately 35.8 million people with information and resources to help them make better informed decisions about their health care.
Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life, long-term care and disability plans, and medical management capabilities and health care management services for Medicaid plans.
Its customers include employer groups, individuals, college students, part-time and hourly workers, health plans and government-sponsored plans.
Aetna International is one of the industry’s largest and most prominent international health benefits providers, supporting more than 400,000 members worldwide. The company’s expatriate offerings include medical, dental, vision, life, disability and emergency assistance. Its health management business collaborates with health care systems, government entities and plan sponsors around the world to design and build locally-applied health management solutions to improve health, quality and cost outcomes.
