Australia’s largest cancer care provider has announced it is expanding into Hong Kong.
Icon Group has acquired Hong Kong’s oncology-focused SunTech Medical Group.
Icon’s CEO, Mark Middleton, said the acquisition of SunTech represented another step forward in the company’s strategic expansion into Asia, as well as furthering their aim to ensure quality, comprehensive cancer care was accessible to all.
“Hong Kong’s cancer spend is expected to nearly double from $A2.45 billion to more than $A4.5 billion by 2026, due to an ageing population and increase in medical tourism from mainland China,” Mr Middleton said.
“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 represent the pinnacle of exceptional expertise and quality of care.
“Coupling SunTech’s strong clinical leadership and local reputation for excellence and Icon Group’s investment in world class technology, education and training, we have formed a strong partnership that ensures we can deliver the best cancer care possible, to as many people as possible in Hong Kong and the surrounding regions.”
SunTech chairman and founder, Dr Peter Man Lung-Teo, said his company was delighted to partner with Icon and introduce them to the Hong Kong market.
“This deal 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,” he said.
“We look forward to joining Icon on their mission to support as many patients as we can to navigate their individual journeys.”
Mr Middleton said SunTech and Icon shared the same values of patient-centred care.
“Icon has a proven track record of delivering quality integrated cancer care services across Australia, mainland China and Singapore and we’re excited to expand our expertise into Hong Kong,” he said.
“This is another step forward in establishing our capabilities in the region and we have a strong pipeline of future partnerships that will enable us to continue to bring our cancer care expertise to areas of unmet need, especially in Asia.”
The acquisition of SunTech is expected to be complete in October.