ISEC: Shares Vision of New Frontiers in Eye Care

ISEC Healthcare specializes in medical care for eyes. It has 19 specialist doctors at four locations in Malaysia and Singapore. (Photo: Company)

Growing up, Dr Lee Hung Ming remembers holding his grandmother’s hand and leading her around the house because she could not see.

“It was acute glaucoma. She turned blind first in one eye, and two weeks later, became blind in the other eye. She spent the next 40 years of her life in total darkness,” he recalled.

From her experience, Lee began to grasp the depths of anguish that accompany the loss of sight.

“Since then, I wanted to be a doctor, to specialise in ophthalmology. Of the five human senses, this is the most important. Once you lose your vision, you lose your bridge of communication to the world, and your independence.”

Kelantan-born Lee obtained his basic medical degree and Master of Medicine in ophthalmology from the National University of Singapore. He is also a Fellow of the Royal College of Surgeons of Edinburgh.

Within ophthalmology, Lee went on to develop sub-specialties in cataract and corneal refractive surgeries.

From 2000 to 2007, he was Head of Refractive Surgery in Tan Tock Seng Hospital, and took on the role of Clinical Director of the Vision Correction Centre at the National University Hospital.

In May 2007, Lee entered private practice by collaborating with Gleneagles Hospital to spearhead the Lee Hung Ming Eye Centre.

“I didn’t like to deal with life and death issues, but I was good in microsurgery. I liked the fact that with technological advances, a 15-minute procedure could turn darkness into brightness, and make a huge impact on someone’s life,” he said.

Markets like Vietnam, with a population of 90 million, and Myanmar, with a population of 50 to 60 million, lack eye clinics.

- Dr Lee Hung Ming
Executive Vice Chairman

ISEC Healthcare

It’s also important to enjoy what you do, he added.

“The satisfaction I get is a daily one. It’s really amazing to see a smile on the face of your patient after a successful operation, and they sometimes tell me: ‘Doctor, I can see your wrinkles clearly now’,” chortled Lee, whose youthful mien belies his age.

A foodie with a yen for travelling, Lee loves Japanese and French cuisine.

“My motto when it comes to food is KISS – keep it simple and sumptuous,” he grinned.

“During weekdays, I eat very simply – mostly fruits, veggies and home-cooked fare, but I reward myself with something special two to three times a week.”

As ISEC’s Executive Vice Chairman, Lee’s vision is to build the company into a pan-Asian ophthalmology practice. ISEC, or International Specialist Eye Centre, listed on SGX’s Catalist board last October.

“It’s a growth company. We want to provide compassionate, world-class eye care at affordable prices to the rest of Asia.”

ISEC plans to expand across the Causeway, including Malacca and Johor in southern Peninsula Malaysia, as well as Sabah and Sarawak in the east. It already has eye centres in Kuala Lumpur and Penang, and will open another in Sibu, Sarawak, by year-end or early next year.

The company will grow through greenfield investments – setting up new centres with experienced doctors – or mergers and acquisitions.

“We will have a strategy combining both greenfield, which will take longer, and M&A, which is faster. We will also focus on both mature and emerging markets,” he added.

ISEC Healthcare's equipment. (Photo: Company)
Over the next five years, ISEC plans to enter Vietnam, Myanmar, Indonesia, Taiwan, Philippines and China.

“Markets like Vietnam, with a population of 90 million, and Myanmar, with a population of 50 to 60 million, lack eye clinics,” he said.

ISEC is already in talks with potential partners, and a “palatable” price-earnings ratio for a suitable acquisition would range from 10 to 12 times, depending on size and potential, Lee said.

“We will not overpay, we’re very prudent in our strategy. One advantage is that we have the expertise – our colleagues are all key opinion leaders in their fields.”

Ophthalmology deals with age-related conditions, and many of our markets have ageing populations. Macroeconomic drivers in the region, including rising income levels and medical tourism, will also continue to boost private healthcare demand. 

- Dr Lee Hung Ming
Executive Vice Chairman

ISEC Healthcare

• The Group believes it will benefit from expected increased demand for ophthalmology services in Malaysia and Singapore, likely driven by the ageing population, increased awareness of eye disorders, rising income levels, increased uptake of private insurance, and growth of medical tourism.
• The Group will continue to expand in China, India, Myanmar, the Philippines, Taiwan and Vietnam , which have potential due to increased private healthcare spending.
• The Group aims to expand its regional business to a size where there is a healthy and diverse mix of revenue streams from various geographical markets.