Aster DM Healthcare

Aster DM Healthcare Limited is a publicly-traded multinational for-profit hospital conglomerate healthcare company founded by Azad Moopen in 1987. The company has its corporate headquarters in Dubai, UAE, and is registered in Bangalore, India. Aster DM Healthcare currently operates hospitals, medical centres, diagnostic centres, laboratories and pharmacies in six GCC countries and India. The corporation works in a variety of economic sectors through its brands Aster, Medcare, and Access.[6][5]

Aster DM Healthcare Limited
FormerlyDr. Moopen's Clinic
TypePublic
BSE: 540975
NSE: ASTERDM
ISININE914M01019
IndustryHealthcare
FounderAzad Moopen
Headquarters
Area served
Worldwide
RevenueIncrease ₹11,933 crore (US$1.5 billion) (FY23)[2]
Increase ₹1,565 crore (US$200 million) (FY23)[2]
Decrease ₹425 crore (US$53 million) (FY23)[2]
Total assetsUS$1.81 billion (2023)[3]
OwnerMoopen family (41.88%)[4]
Number of employees
22,400 (2022)[5]
SubsidiariesAster Medcity, Medcare Hospital, Access Clinic, Aster Pharmacy, Aster Labs, Dr. Moopen’s Medical College
Websiteasterdmhealthcare.com

History

Aster DM Healthcare was founded in 1987 in Dubai, the United Arab Emirates, by Azad Moopen, a doctor turned entrepreneur. The company is a private sector healthcare provider in the Middle East. The India registered healthcare conglomerate covers an array of healthcare verticals, including hospitals, clinics, pharmacies and healthcare consultancy service.

In May 2011, Aster DM Healthcare opened its first medical centre in Sharjah, United Arab Emirates. The new centre was officially inaugurated by the veteran Indian play back singer K. J. Yesudas and various guests from the Government of Sharjah and Ministry of Health.[7]

In February 2013, Aster DM Healthcare announced the interest of investing in the Philippines' healthcare sector. Initially, the company would start with the establishment of pharmacies and possibly hospitals in the later time. Moopen told reporters in a press conference for the launch of the DM Healthcare Foundation Philippines Inc., which is providing free paediatric cardiac surgery to at least 50 Filipino children in two years.[8] In December, they launched its fifth Access Clinic in Jebel Ali Free Zone, or Jafza South, aimed at catering to the day-to-day healthcare needs of the employees in the neighbourhood.[9]

Aster Medcity in Kochi

In April 2014, the company announced the plans to establish help desks in Oman for 2 separate campuses of Aster Medcity, South Asia's largest quaternary care hospitals being set up in Kochi and Thiruvananthapuram in Kerala, India.[10]

In November 2014, Aster DM Healthcare finalized Bank of America Merrill Lynch, Goldman Sachs and Kotak Mahindra Bank to manage its Rs 1,200-crore initial public offering (IPO).[11]

In March 2015, the cricketer Sachin Tendulkar opened Aster DM Healthcare's 150th pharmacy in Abu Dhabi.[12] Sachin Tendulkar was the brand ambassador of Aster Pharmacy and CSR activities.[13][14][15]

In October 2015, in one of the largest healthcare deals in West Asia, Aster DM Healthcare raised its ownership stake to 97% in Saudi’s Sanad Hospital.[16][17]

In August 2016, the company took over Kavery Medical Institute, Bangaluru, upgraded and renamed it as Aster CMI Hospital, Bangaluru. The facility has 509 beds and multiple centers of excellence. It was inaugurated by cricketer Sachin Tendulkar on 27 August 2016.[18]

In February 2018, Aster DM launched its initial public offering (IPO) and got listed on the Indian stock exchanges.[19]

In August 2021, Aster DM Healthcare announced further expansion plans in India. Moopen told the PTI that the company would invest about Rs 235 crore in India to add 411 hospital beds in the next 18 months.[20] As of June 2022, Aster DM Healthcare operates 16 hospitals in India.[21][22] It has partner up with ReLiva Physiotherapy and Rehab for providing service to patients in physical therapy in January 2022. [23]

In February 2022, Aster signed an agreement with Novartis to collaborate on digital transformation and clinical research.[24][25]

In March 2022, the company entered into a partnership with Siemens Healthineers for technology upgradation and digital optimization in its GCC and UAE facilities.[26]

In March 2022, Aster opened an AI research lab at the Indian Institute of Science campus in Bengaluru. According to Aster DM Healthcare, initially the focus of the facility would be research and development of AI tech for neurology.[27][28]

On December 10, 2022, on its 35th anniversary, the company announced that its healthcare facilities in the United Arab Emirates had increased to 455 units.[29][6]

Investors

In 2012, Olympus Capital Holdings Asia bought a minority stake in Aster DM Healthcare for about $100 million. The company did not reveal the size of the acquired stake. However, they announced that Olympus Capital Holdings is now Aster DM Healthcare's largest external investor and that its nominees will join the company's board.[30] In May 2014, Olympus Capital Holdings Asia invested another $60 million into the company.[31]

Subsidiaries
Aster MIMS in Kannur

The company has 9 subsidiaries and 67 stepdown subsidiaries and 4 associate companies,[6] including:

  • Aster Medcity is the flagship hospital of Aster DM Healthcare. It is located in Kochi, Kerala and was opened in 2015. At present, it is a 1745 bed quaternary care healthcare centre in a 40-acre campus.[32]
  • Medcare Hospital is the private healthcare provider, operating state-of-the-art hospitals. It includes Medcare Multi-specialty Hospitals in Dubai and Sharjah, Medcare Women & Children Hospital, Medcare Orthopedics and Spine Hospital (MOSH), and 16 medical centers in the UAE.[33][34]
  • Access Clinic offers primary healthcare facilities in the industrial and residential areas in UAE, alongside allied services including X-ray and Laboratory facilities.[9]
  • Aster Pharmacy, established in 1989, comprises 200 stores and is one of the largest in the UAE, which provides prescription requirements to customers. In 2020, the organization received the DQA & DSES Award for constant improvements in various departments within 5 years. It is also a two-time winner of the SKEA Awards by the Abu Dhabi Chamber of Commerce & Industry (ADCCI).[35]
  • Aster Labs is the diagnostic branch of Aster DM Healthcare. Aster Clinical Lab has a global reference lab at Bengaluru, 20 satellite labs and 190+ patient experienced centers across Karnataka, Kerala, Maharashtra, Tamil Nadu, Telangana and Andhra Pradesh.[36]
  • Dr. Moopen’s Medical College, formerly known as DM Wayanad Institute of Medical Sciences. The campus has a Nursing and Pharmacy colleges and numerous paramedical courses, and since 2022 academic year provides Post-graduate courses.[37][38]

Aster Volunteers
  • Aster DM Healthcare announced the launch of the 'Aster Volunteers' programme as part of the milestone 'Aster @30' campaign marking their 30th anniversary.[39] The program aims to benefit communities in the Middle East, Africa, India, and the Philippines through medical and non-medical aid, and comprises over 40,000 volunteers.
  • Aster DM Healthcare Founder Chairman & Managing Director Dr Azad Moopen briefed President Pranab Mukherjee about ‘Aster Emergency App’ in presence of Rajya Sabha Deputy during the launch of Aster Volunteers - Aster Emergency App to provide medical during the 'Golden Hour'.[40]
  • Aster Volunteers have finished the construction of 100 "Aster Homes" for the 2018 Kerala flood victims. Shri Pinarayi, the Chief Minister of Kerala, presented the beneficiary with the keys to the 100th home during an event held in Kochi. It marked the completion of the initial handovers of the 255 Aster Homes announced as part of the Rebuild Kerala program.[41][42]

See also

References
  1. "Aster DM shifts registered office from Kerala to Karnataka". Pharmabiz. Retrieved 14 July 2023.
  2. "Aster DM Healthcare's Q4 PAT drops 24% to ₹171 crore". The Hindu Businessline. 26 May 2023. Retrieved 14 July 2023.
  3. "Financials".
  4. "Dr Azad Moopen's family picks up 4% more stake in Aster DM Healthcare". Moneycontrol. 28 March 2023. Retrieved 16 July 2023.
  5. "Aster Labs Expanding Its Stronghold in India". www.businesswireindia.com. Retrieved 22 September 2022.
  6. "Aster DM Healthcare Ltd". Business Standard India. Retrieved 22 September 2022.
  7. "DM Healthcare's Aster brand debuts in Sharjah". TadeArabia. 16 May 2011. Archived from the original on 14 July 2014. Retrieved 19 June 2014.
  8. "Middle East Health Care Provider Keen on Investing in RP". Manila Bulletin. 13 February 2013. Retrieved 19 June 2014.
  9. "Aster Launches Access Clinic in Jafza". Khaleej Times. 12 December 2013. Archived from the original on 15 November 2018. Retrieved 19 June 2014.
  10. "Aster DM Healthcare to Start Helpdesks in Oman". The Week. 24 April 2014. Archived from the original on 24 September 2015. Retrieved 19 June 2014.
  11. Zachariah, Reeba; Kurian, Boby (4 November 2014). "Aster Health lines up 3 banks for Rs 1,200 crore IPO". India Times. Retrieved 30 March 2015.
  12. Iyer, Srinivasan (23 March 2015). "Sachin Tendulkar enthrals fans in Abu Dhabi as Aster DM Healthcare announces IPO plans". The National. Retrieved 30 March 2015.
  13. "Sachin Tendulkar, UAE healthcare offer over Rs 1 crore for needy in India | Latest News & Updates at Daily News & Analysis". dna. 25 March 2015. Retrieved 16 January 2017.
  14. "PUSH Integrated Communication Pvt Ltd". pushintcom.com. Retrieved 16 January 2017.
  15. "Sachin Tendulkar and Aster offer Rs 1.69 crore for needy". NRICafe.com. 31 March 2015. Retrieved 16 January 2017.
  16. "Aster DM takes stake in Saudi hospital". MEED. 19 October 2015. Retrieved 22 September 2022.
  17. "Aster DM Healthcare takes majority stake in Sanad Hospital". Arab News. 20 October 2015. Retrieved 22 September 2022.
  18. "25 years after coma, hospital revival on". Bangalore Mirror. Retrieved 22 September 2022.
  19. Sneh Susmit (6 February 2018). "Aster DM to launch IPO on 12 February, sets price band at Rs180-190 per share". Live Mint. Retrieved 6 February 2018.
  20. PTI (15 August 2021). "Aster DM Healthcare to invest Rs 235 crore to add 411 beds in India". www.thehindubusinessline.com. Retrieved 22 September 2022.
  21. "Aster DM Healthcare to set up its 6th Hospital in Kerala". www.zawya.com. Retrieved 22 September 2022.
  22. "Aster DM Healthcare to open a 550-bed super-specialty hospital in Indian State Kerala's capital city". www.zawya.com. Retrieved 22 September 2022.
  23. Rehab, ReLiva Physiotherapy &. "New Partnership: ReLiva Physiotherapy teams with Aster DM Ramesh Hospital Guntur". PRLog. Retrieved 23 September 2023.
  24. S, Amirtha P. "Aster ties up with Novartis on digital transformation & clinical research - GCC Business News". www.gccbusinessnews.com. Retrieved 22 September 2022.
  25. Bhat, Divsha (1 February 2022). "UAE's Aster, Novartis sign MoU to advance digital transformation, clinical research". Gulf Business. Retrieved 22 September 2022.
  26. Reporter, A. Staff. "Aster DM Healthcare and Siemens Healthineers to advance healthcare innovation in UAE, GCC". Khaleej Times. Retrieved 22 September 2022.
  27. "Aster CMI Hospital opens AI lab with Indian Institute of Science". Healthcare IT News. 20 March 2022. Retrieved 22 September 2022.
  28. "Aster CMI hospital and IISc. to launch artificial intelligence lab in Bengaluru". The Hindu. 19 March 2022. ISSN 0971-751X. Retrieved 22 September 2022.
  29. "Watch: From one clinic to 455 health care facilities - Aster's Azad Moopen marks 35 years in UAE". gulfnews.com. 12 December 2021. Retrieved 22 September 2022.
  30. Joshi, Ashutosh (18 January 2012). "Olympus Capital Buys DM Healthcare Stake for $100 Million". The Wall Street Journal. Retrieved 19 June 2014.
  31. Cheung, Sonja (14 May 2014). "Asian Private Equity Fund Face Pressure to Invest Capital Hoard". The Wall Street Journal. Retrieved 19 June 2014.
  32. "Medcity — A big relief for advanced stage patients". Khaleej Times. 10 November 2014. Retrieved 4 July 2015.
  33. "VIRTUAL TOUR: How the UAE's Medcare digitally transformed during the pandemic". Healthcare IT News. 10 June 2022. Retrieved 22 September 2022.
  34. "Aster DM Healthcare to Launch three New Hospitals in UAE". www.marketscreener.com. Retrieved 22 September 2022.
  35. "Aster Pharmacy bags the SKEA Awards for the second time". Khaleej Times. Retrieved 22 September 2022.
  36. "Outlook India Magazine Online- Read News India, Latest News Analysis, World, Sports, Entertainment | Best Online Magazine India". Outlook India. Retrieved 22 September 2022.
  37. "Dr Moopen's College On Revamp Mode". The Times of India. 3 April 2022. Retrieved 22 September 2022.
  38. "Medical college in Wayanad soon". The Times of India. 8 April 2012. Retrieved 22 September 2022.
  39. "Aster DM Healthcare unveils global volunteers programme to mark 30 years". Outlook India. 17 June 2017.
  40. "Aster Emergency App to provide medical during the 'Golden Hour'". ICT Flash.
  41. "UAE's Aster completes 255-home project for Keralite families hit by 2018 floods in India". gulfnews.com. 27 August 2022. Retrieved 30 September 2022.
  42. "Aster builds 255 Aster Homes for Kerala flood victims". English.Mathrubhumi. 29 August 2022. Retrieved 30 September 2022.
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