July 24, 2024

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Fischer Medical Ventures, The Therapy Platform collaborate to advance mental healthcare globally, ET HealthWorld

2 min read

Chennai: Fischer Medical Ventures Ltd, through its wholly owned subsidiary Time Medical International Ventures (India) Private Limited has united in an exclusive & global partnership with The Therapy Platform to revolutionise mental healthcare with advanced technology and inventive solutions.

The company envisages offering a diverse portfolio of diagnostic solutions, of which the mental health space is considered an important business focus. Several platforms in this space are being evaluated currently and the company announced an exclusive partnership with The Therapy Platform PTE Ltd to market them globally.

The Therapy Platform PTE Ltd aims to alleviate users’ psychological distress, reduce mental healthcare costs, and mitigate socio-economic burdens. With therapists primarily stationed in Southeast Asia, they provide online and offline counselling and psychotherapy services. Leveraging the rapid development and widespread adoption of artificial intelligence, The Therapy Platform has integrated this technology into their services to enhance effectiveness, efficiency and developed various artificial intelligence products to bolster therapy outcomes and minimise overall costs.

According to a report published by the World Health Organisation in March 2023, an estimated 3.8 per cent of the global population experiences depression, showing a dire need for effective psychological treatments which include behavioural activation, cognitive behavioural therapy, interpersonal psychotherapy, problem-solving therapy, etc. The mental health market was valued at $399.7 billion in 2023 and is projected to grow to $530.5 billion by 2032.

Sarah Poh, Founder, The Therapy Platform PTE Ltd, stated, “A significant global population grappled with mental disorders, yet only estimated 10–12 per cent sought assistance, largely due to stigma, lack of awareness, and limited access to professional help. Our AI chatbots enables users to access mental health support discreetly and affordably on our platform, with those requiring additional assistance being connected with a professional. We aim to enhance treatment efficacy monitoring, lessening the burden on professionals and caregivers while empowering users. Our collaboration with Fischer MVL certainly signifies a significant step forward in our expansion globally to make mental healthcare more accessible and effective for individuals.”Ravindran Govindan, Chairman & Managing Director, Fischer MVL, stated, “We consider this sector as essential healthcare yet heavily under-served and intend to take global leadership in this space. By harnessing the power of AI and cutting-edge technology, we aim to offer comprehensive diagnostic and monitoring solutions that can empower healthcare providers and patients to take control of their mental health journey while reducing the burden on the caregivers and society.”

The team is excited about the abundance of opportunities ahead and looks forward to making a lasting positive impact on the healthcare industry by staying at the forefront of advanced medical technology and healthcare accessibility, with a commitment to innovation, affordability, and quality.

  • Published On Jun 6, 2024 at 09:03 PM IST

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