Apollo Hospitals

Last updated

Apollo Hospitals Enterprise Limited
Apollo Hospitals
Company type Public
ISIN INE437A01024
Industry Healthcare
Founded18 September 1983;41 years ago (1983-09-18) [1]
Founders Prathap C. Reddy [2]
Headquarters Chennai, Tamil Nadu,
India
Areas served
 South Asia, Middle East
Key people
Products Hospitals, pharmacy, diagnostic centres, home care
RevenueIncrease2.svg₹19,059 crore (US$2.2 billion) (FY24) [3]
Increase2.svg₹2,390 crore (US$280 million) (FY24) [3]
Increase2.svg₹898 crore (US$100 million) (FY24) [3]
Total assets Increase2.svg₹10,780 crore (US$1.2 billion) (2023) [4]
Total equity Increase2.svg₹6,924 crore (US$800 million) (2023) [4]
Number of employees
62,939 (2020) [5]
Website www.apollohospitals.com

Apollo Hospitals Enterprise Limited is an Indian multinational healthcare group headquartered in Chennai. It is the largest for-profit private hospital network in India, with a network of 71 owned and managed hospitals. [6] [7] Along with the eponymous hospital chain, the company also operates pharmacies, primary care and diagnostic centres, telehealth clinics, and digital healthcare services among others through its subsidiaries. [8]

Contents

The company was founded by Prathap C. Reddy in 1983 as the first corporate healthcare provider in India. Several of Apollo's hospitals have been among the first in India to receive international healthcare accreditation by the America-based Joint Commission International (JCI) [9] [10] as well as NABH accreditation. [11]

History

Apollo Hospitals was founded by Prathap C. Reddy in 1983 as the first corporate health care in India. The first branch at Chennai was inaugurated by the then President of India Zail Singh. [12]

Apollo developed telemedicine services, after starting a pilot project in 2000 at Aragonda, Prathap Reddy's home village. [13]

In 2006, Apollo exited its hospital in Colombo called Apollo Hospital Sri Lanka by selling its stake to Sri Lanka Insurance. [14]

In 2007, Apollo Hospitals and DKV AG established a 74:26 joint venture health insurance company called Apollo DKV Insurance Co. [15] The company was rebranded as Apollo Munich Health Insurance in 2009. [16]

In 2008, Apollo Hospitals started Apollo Reach, a chain of hospitals for Tier-2 and Tier-3 cities as well as semi-urban and rural areas, with the opening of the first Apollo Reach hospital in Karimnagar. [17] [18]

In December 2012, Apollo Hospitals sold its 38% stake in Apollo Health Street, the group's healthcare business process outsourcing division, to Sutherland Global Services for ₹225 crore (US$42.11 million). [19]

In 2014, Apollo Hospitals acquired Hetero Med Solutions, a South Indian pharmacy chain with 320 stores, from Hetero Group for ₹146 crore (US$23.92 million) in a slump sale. The stores were rebranded as Apollo Pharmacy. [20]

In October 2015, Apollo launched home care services under Apollo HomeCare [21] and its digital healthcare platform called Ask Apollo. [22]

Apollo signed an MoU with Health Education England in April 2017 to provide a large number of doctors to fill vacancies in the English National Health Service. [23]

In September 2017, Apollo announced an academic collaboration with Australia’s Macquarie University, where students enrolled in Macquarie's four-year graduate entry Doctor of Medicine program would complete 5 months of clinical rotations at Apollo hospitals in Hyderabad as part of their degree. [24]

In January 2019, Apollo opened Apollo Proton Cancer Centre in Chennai, which is reportedly the first proton therapy facility across South Asia, Southeast Asia and the Middle East. [25] [26]

In 2020, Apollo Hospitals sold its 50.80% percent majority stake in Apollo Munich Health Insurance to HDFC for ₹1,495 crore (US$201.76 million). [27] Later that year, it acquired IHH Healthcare's 50% joint venture stake in Apollo Gleneagles Hospital in Kolkata for ₹410 crore (US$55.33 million). [28]

In March 2022, Apollo Hospitals was included in Nifty 50 benchmark index, replacing Indian Oil, and become the first hospital company to be included in the index. [29]

Subsidiaries

Apollo karimnagar.jpg
Apollo Reach Hospital with Apollo Pharmacy in Karimnagar.

Apollo HealthCo

Apollo HealthCo was formed in 2021 with the merger of the group's non-hospital pharmacy chain Apollo Pharmacy and its digital healthcare business known as Apollo 24/7. [30]

Apollo Health and Lifestyle

Apollo Health and Lifestyle is the primary and secondary care arm of the group which operates multi-specialty clinics under Apollo Clinics, diagnostics and pathology labs under Apollo Diagnostics, diabetes clinics under Apollo Sugar, dental hospitals under Apollo White, dialysis centres under Apollo Dialysis, minimally invasive surgical hospitals under Apollo Spectra, women/children hospitals under Apollo Cradle, and fertility clinics under Apollo Fertility. [35] [36]

Apollo TeleHealth Services

Apollo TeleHealth Services owns the telehealth network of the group, operating via a business-to-consumer model under which it offers direct services like online consultations, appointment booking, medicine delivery, among others; a business-to-business offering to corporates for their employees; and a business-to-government agreement providing telehealth services in partnership with public health systems. [37] Established in 1999, it is headquartered in Hyderabad and has more than 100 franchised teleclinics. [38] [39]

Research and education divisions

A postal stamp issued in 2019 commemorating Apollo's Centre of Cardiology. Stamp of India - 2019 - Colnect 874941 - Apollo Hospitals - Center of Cardiology.jpeg
A postal stamp issued in 2019 commemorating Apollo's Centre of Cardiology.

Controversies

In 2016, a patient died at Apollo's Bilaspur Hospital during a treatment for stomach pain. While the hospital attributed his death to poisoning, the post-mortem report remained inconclusive pending a chemical analysis. The forensic laboratory report, obtained in 2019, revealed no presence of poison. Later in 2023, four doctors were arrested but subsequently released on bail. [43] [44]

In a 2019 order, the Delhi State Consumer Disputes Redressal Commission (DSCDRC) found Indraprastha Apollo Hospital negligent in the treatment of a 24-year-old woman who died in 2007. As a result, the Commission directed the hospital to pay the woman's father a compensation of ₹10 lakh. [45]

British newspaper Telegraph in a December 2023 report [46] alleged that the chain's Indraprastha Apollo Hospital was involved in facilitating a "cash-for-kidney" racket, luring impoverished villagers from Myanmar to sell their kidneys to wealthy Burmese patients through forged documents and fabricated family ties. [47] [48] The Government of Delhi consequently initiated an investigation against the hospital. [49]

In March 2024, the National Consumer Disputes Redressal Commission fined Apollo Speciality Hospital in Chennai and two doctors ₹30 lakh for medical negligence. The case involved a patient who did not regain consciousness after spinal surgery in April 2015 and remained in a vegetative state until his death in April 2017. [50]

See also

References

  1. ↑ "Apollo Hospitals gears up for new market realities, tweaks strategy". Business Today. 11 December 2012. Retrieved 22 December 2023.
  2. 1 2 "Our Experienced Management Team - Apollo Hospitals Group". Archived from the original on 2 July 2023. Retrieved 22 December 2020.
  3. 1 2 3 "Earnings Update Q4 FY24" (PDF). BSE. Apollo Hospitals Enterprise Limited. Retrieved 13 June 2024.
  4. 1 2 "Apollo Hospitals Enterprises Balance Sheet, Apollo Hospitals Enterprises Financial Statement & Accounts". Moneycontrol. Retrieved 14 July 2023.
  5. ↑ "Apollo Hospitals Enterprise Ltd. Financial Statements". moneycontrol.com. Archived from the original on 24 December 2020. Retrieved 21 December 2020.
  6. ↑ "A $2 Billion Health Empire Run by Four Sisters Makes a Comeback". Bloomberg. 20 November 2018. Archived from the original on 22 November 2018. Retrieved 3 June 2023.
  7. ↑ "Apollo Hospitals Enterprise Limited - Investor Presentation December 2022" (PDF). Apollo Hospitals. Archived (PDF) from the original on 3 June 2023. Retrieved 3 June 2023.
  8. ↑ Somvanshi, Kiran Kabtta (28 February 2022). "Apollo Hospitals adds to Nifty defensiveness". The Economic Times. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  9. ↑ "Accreditation for 3 Apollo Hospital branches". The Hindu . 10 May 2006. Archived from the original on 28 June 2006. Retrieved 11 November 2006.
  10. ↑ "Joint Commission International Organizations". JCI. Archived from the original on 14 August 2020. Retrieved 21 June 2020.
  11. ↑ "Apollo Hospitals accreditation". NABH. Archived from the original on 2 July 2017. Retrieved 8 June 2017.
  12. ↑ "Apollo Hospitals Enterprise Limited". www.ibef.org. Archived from the original on 28 May 2022. Retrieved 28 May 2022.
  13. ↑ "Telemedicine puts AP village on health map". The Indian Express. 7 September 2005. accessed at "India Explained i.e. India empowered » an Exclusive Series". India Empowered. Archived from the original on 21 October 2006. Retrieved 11 November 2006. 11 November 2006
  14. ↑ "Apollo exits Sri Lankan joint venture". Hindustan Times. 15 September 2006. Archived from the original on 2 July 2023. Retrieved 2 June 2023.
  15. ↑ "Apollo Hospitals, DKV in health insurance JV". Business Standard. Archived from the original on 24 November 2022. Retrieved 24 November 2022.
  16. ↑ "Apollo DKV rechristened". Business Standard. Archived from the original on 24 November 2022. Retrieved 24 November 2022.
  17. ↑ "Apollo Hospitals to launch first Apollo Reach at Karimnagar". Business Standard. Retrieved 7 April 2024.
  18. ↑ "Apollo plans Rs 270 crore expansion". Business Standard. Retrieved 7 April 2024.
  19. ↑ "Sutherland beats Genpact to acquire Apollo's BPO arm". The Times of India. Archived from the original on 14 April 2022. Retrieved 14 April 2022.
  20. ↑ "Apollo Hospitals acquires Hetero Pharmacy assets for Rs 146 cr". Business Standard. 17 September 2014. Archived from the original on 20 September 2018. Retrieved 20 September 2018.
  21. ↑ "Apollo Hospitals forays into Homecare services". Business Line. 3 October 2015. Archived from the original on 26 October 2022. Retrieved 26 October 2022.
  22. ↑ "Apollo goes digital, launches Ask Apollo for remote patient care". Deccan Herald. 14 October 2015. Archived from the original on 26 October 2022. Retrieved 26 October 2022.
  23. ↑ "NHS to recruit Indian doctors to plug gaps in GP services" . The Daily Telegraph. 7 April 2016. Archived from the original on 12 January 2022. Retrieved 8 April 2016.
  24. ↑ "Apollo Hospitals, Macquarie ink academic collaboration". The Times of India. 8 September 2017. ISSN   0971-8257 . Retrieved 21 February 2024.
  25. ↑ "Apollo Hospitals launches proton cancer therapy centre". The Hindu Businessline. 24 January 2019. Archived from the original on 11 February 2023. Retrieved 11 February 2023.
  26. ↑ "Apollo Proton Cancer Centre partners with IBA Belgium". The Times of India. 18 August 2022. Archived from the original on 11 February 2023. Retrieved 11 February 2023.
  27. ↑ "HDFC completes majority acquisition in Apollo Munich Health Insurance". mint. 9 January 2020. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  28. ↑ "Apollo to acquire IIH Healthcare stake in AGHL for Rs 410 crore". Business Standard. Retrieved 22 December 2023.
  29. ↑ Somvanshi, Kiran Kabtta. "Apollo Hospitals adds to Nifty defensiveness". The Economic Times. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  30. ↑ "Apollo Hospitals launches healthcare platform Apollo HealthCo". The Hindu Business Line. Archived from the original on 24 July 2021. Retrieved 26 March 2022.
  31. ↑ Babu, Gireesh (3 August 2012). "Apollo Pharmacy bets on large stores". Business Standard India. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  32. ↑ "Pharma retail chain Apollo Pharmacy opens 5,000th store in Chennai". The New Indian Express. Archived from the original on 2 June 2023. Retrieved 2 June 2023.
  33. ↑ "Apollo Pharmacy, India's largest retail pharmacy chain". Bio Voice. 2 April 2018. Archived from the original on 20 September 2018. Retrieved 20 September 2018.
  34. ↑ "A healthy dose of digital for Apollo Hospitals". www.fortuneindia.com. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  35. ↑ Chowdary, Sharath (25 March 2017). "Apollo Health and Lifestyle to invest Rs 500 cr in expansion". Business Standard India. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  36. ↑ "Apollo Hospitals to raise up to Rs 750 crore to fund expansion". Business Standard India. 11 October 2015. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  37. ↑ Babu, Gireesh (29 January 2020). "Apollo TeleHealth may see realigning of consumer-facing business". Business Standard India. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  38. ↑ Jacob, Shine (10 December 2021). "Apollo TeleHealth sees Covid boost to telemedicine; gets new BSI approval". Business Standard India. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  39. ↑ Somasekar, M. (21 January 2020). "Apollo TeleHealth signs MoU with TeleHealthcare Malaysia to set up 100 tele-clinics". www.thehindubusinessline.com. Archived from the original on 26 March 2022. Retrieved 26 March 2022.
  40. 1 2 Krishnan, Gina (4 July 2018). "Apollo Hospitals' exosome technology detects brain cancer without biopsy". Business Standard India. Archived from the original on 14 April 2022. Retrieved 14 April 2022.
  41. ↑ "NSDC to acquire 27% stake in Apollo Med Skills". The Economic Times. 18 May 2012. Archived from the original on 24 April 2016. Retrieved 26 March 2022.
  42. ↑ "Apollo Medskills, NSDC tie up for training centres". The Hindu Business Line. 5 February 2013. Archived from the original on 7 July 2014. Retrieved 26 March 2022.
  43. ↑ "7 years after patient's death, 4 docs held for 'negligence', given bail". The Indian Express. 31 December 2023. Retrieved 7 January 2024.
  44. ↑ "Seven years after patient's death in Chhattisgarh, police arrest four doctors for negligence". The Hindu. 30 December 2023. ISSN   0971-751X . Retrieved 7 January 2024.
  45. ↑ "Apollo Hospital asked to pay ₹10 lakh compensation to Delhi patient". mint. 26 July 2019. Retrieved 7 January 2024.
  46. ↑ Lovett, Samuel; Theint, Nandi; Smith, Nicola (3 December 2023). "Revealed: Global private hospital group embroiled in 'cash for kidneys' racket". The Telegraph. ISSN   0307-1235 . Retrieved 7 January 2024.
  47. ↑ Jaiswal, Anuja (5 December 2023). "Top Delhi hospital part of kidney racket: UK daily". The Times of India. ISSN   0971-8257 . Retrieved 7 January 2024.
  48. ↑ https://www.livemint.com/news/india/centres-nodal-organ-transplant-agency-seeks-report-on-apollo-yatharth-hospital-kidney-racket-from-up-government-11720595986574.html
  49. ↑ Sadam, Rishika; Kalra, Aditya (6 December 2023). "New Delhi investigating alleged illegal transplants at Apollo hospital in city". Reuters . Retrieved 7 January 2024.
  50. ↑ "Apollo Chennai, 2 Doctors Slapped With Rs 30 Lakh Fine For Medical Negligence". NDTV.com. Retrieved 16 March 2024.

Further reading

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.