Landbank, RiteMed launch medicine-loan service

May 12, 2017

The Land Bank of the Philippines (LandBank) on Wednesday launched a medicine-loan service that allows government and private-sector employees to avail themselves of affordable and quality medicines through their mobile phones.

LandBank partnered with RiteMed, which is owned by pharmaceutical giant Unilab, and FINTQ, the financial arm of PLDT, to offer clients discounted medicines up to 20 percent and deliver them for free upon orders on mobile phones.

“This underscores the value of public-private sector collaboration as we work toward optimizing digital transaction to improve access to quality health care across the country,” LandBank President and CEO Alex V. Buenaventura said in a news briefing.

“We have high hopes with this program, which will help us to reach more the underserved population and promote universal health care, which is every Filipino’s basic right,” Buenaventura added.

The medicine-loan service allows employees from government and private sector with payroll account with LandBank to electronically order and purchase medicines through their mobile phones, according to LandBank. The LandBank added that the medicines will be delivered directly for free to the client’s house within a week since the receipt of order approval.

“This is why we are happy to offer this medicine loan to our borrowers, because they will be discounted of up to 20 percent. Borrowers can now gain access to affordable and quality medicine through the convenience of their mobile phones,” Buenaventura said.

For its part, RiteMed said it will offer a whole range of maintenance medicines at special prices through TxTMED.

“RiteMed is committed to providing access to quality and affordable medicines for our fellow Filipinos. TxTMED is a collaboration of leaders in the health care, telecommunications and finance industries that enable us to fulfill this mandate,” RiteMed General Manager Vincent Patrick Guerrero said.

“Through technology and the strong backend support of a financial institution, our fellow Filipinos can now carry the burden of chronic illnesses, who need to take medicines for life. According to a study by the Department of Health in 2016, households spend 50 percent on out-of-pocket health-care expenses when a member of the family is sick,” Guerrero added.

Lito Villanueva, managing director of FINTQ, said the Tamang Alaga TxTMED program exhibits the potential of digital technology in addressing the medical needs of the country.

“This is another first in the world in providing access to health care through a digital lending channel. A high-impact initiative that promotes universal health care and social support access among Filipinos even at the grassroots, which is a basic human right,” Villanueva said.

“The power of digital lies in its ability to address gaps, and we’re confident that the TxTMED service will help bridge access gaps for everyone’s benefit. The best economic investment a nation can make is to invest in the health of its citizens,” Villanueva added.

SOURCE: Jasper Arcalas and Kathryn Jose, Business Mirror

IMAGE SOURCE: Alysa Salen