SK Telecom spins off its health care unit, sells stake

SK Telecom spun off its health care unit and sold a major stake in it to a private equity group.

According to a company announcement, the new unit is called Invites Healthcare. It is 43.4 percent owned by SK Telecom. The largest shareholder is Newlake Alliance Management, a Seoul-based private equity group.

Newlake’s shareholding is 43.5 percent.

SCL Healthcare Group, which runs clinics and laboratories, will be taking a stake in the new company.

Invites will undertake various projects related to personal health management and solutions for medical institutions.

Last year when it was still a health care unit under SK Telecom, it released a mobile app for diabetes patients that helps keep track of blood glucose, diet and exercise and enables doctors to monitor the user’s condition.

Invites plans to expand the scope of chronic illnesses covered so more patients can manage their health. Such apps can come in handy for those with diseases that require self-care and regular monitoring, like vascular, respiratory or brain-related illnesses.

The venture is preparing to offer the health management platform in China in the third quarter in cooperation with a Chinese medical platform operator. The name of the Chinese partner was not disclosed.

The new venture is also developing smart management solutions for medical institutions. It will offer an IT platform for the purchasing and operations of medical equipment.

A cloud solution for medical centers is also part of SK Telecom’s blueprint. Institutions of this sort own vast amounts of data. Cloud-based services utilizing SK Telecom’s encryption and blockchain technology can help them store and efficiently manage patient data, the carrier explained.

“We’ll push SK Telecom’s ICT capacity to create various business opportunities in the medical segment. The ultimate goal is to support personal health care and encourage innovation at medical institutions,” said Invites Healthcare CEO Kim Joon-yun, who previously led the business unit under SK Telecom.

BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]