International legal practice Osborne Clarke has advised Babylon Health (“Babylon”), the UK-based healthcare technology and services company, on its game-changing agreement with Prudential Corporation Asia. The transaction was led by Babylon’s General Counsel, Henry Bennett, with support from Commercial Partner and co-head of Osborne Clarke's Digital Health group, Marcus Vass.
Based in the UK, Babylon offers a world-leading suite of AI-powered health services, including personal health assessment and treatment information.
Through the deployment of cutting-edge AI technology, the Prudential-Babylon proposition will offer customers in up to 12 markets in Asia 24/7 access to a comprehensive set of digital health tools, complementing Prudential’s existing suite of world-class protection products.
Babylon’s artificial intelligence expertise will be made available to existing and new customers of Prudential across Asia, marking a step change in Prudential’s commitment to provide digital health services to make healthcare affordable and accessible across Asia.
Prudential is a leading provider of medical insurance in Asia, with over five million health customers and premium income exceeding £800 million in 2017. Market-specific details and launch dates for Prudential’s Babylon-enabled health services will be announced later in the year.
"It's exciting to support the Babylon team, as one of the biggest names in the digital health sector, on a collaboration which will introduce options to so many people in Asia. The digital health sector has reached an inflexion point and this transaction represents a revolution in how consumers in Asia can use digital to enhance their health.
"People's acceptance to receive medical related services in new ways is a trend we are seeing that's leading to uptake surge in real activity in the Digital Health sector. Our recent Connected Consumer research found 26% of Europeans would prefer a virtual health consultation over a face-to-face appointment with their doctor," said Marcus.
Osborne Clarke’s Digital Health team is considered the go-to practice for many businesses in the life sciences and healthcare sector, working with leading global businesses, fast-growth start-ups and market challengers.