Photo caption: AC Health aided in the Philippine government’s initiative to vaccinate Filipinos against COVID-19 by administering 649,000 doses throughout 2021.

Performance Highlights

Outlook and Strategy

The healthcare industry remained challenged during 2021, as the Philippine economy slowly opened back up. Lockdown protocols were tentative and varied as we experienced various spikes in cases. Notwithstanding, vaccine arrivals and roll-out programs from both the private and public sector took top priority, in a rush to achieve herd immunity.

Hospitals, clinics, and other healthcare facilities still experienced low footfall, but leaned on COVID testing to buoy operations. Diagnostics laboratories saw huge influxes in volume as the demand for at-home-testing surged. This benefited health technology as well, as consumers opted for a more convenient alternative to address their needs. We recognize that this trend will persist as online adoption continues to gain momentum.

Pharma distributors and outlets experienced a squeeze in the supply chain as frequent lockdowns disrupted operations. Demand however, remained strong as consumers looked to maintain an ample stock of medicine and supplements throughout the pandemic. There was also an emergence of antiviral drugs for treating COVID during the latter part of the year.

Amidst all of this, AC Health remains in a unique position to ride on these key trends with its expanded services for all patients and customers.

Establish leadership in the pharma space

Strengthen medicine supply chain and expand medicine portfolio

Strengthen the AC Health integrated care delivery network in the country

Continue expansion to include multiple formats and patient touchpoints

Invest in health technology solutions that enable synergies across AC Health
  • Improve efficiency, integration, and reach
  • Build portfolio of in-house health technology solutions
  • Invest in high potential health technology partners

Build the AC Health ecosystem across the continuum of care



Strategic capital allocation from Ayala to support its expansion plan and 2025 vision


700+ Generika drugstores nationwide, and 60+ clinics under the Healthway brand


Products and services

Technology and analytics



Pool of medical, non-medical, and health IT professionals

Social and Relationship

Affiliation with Ayala brand, franchisees, and strong relationships with business and external partners

How We Create Value

Asset Performance

AC Health aims to continue growing, expanding, and integrating its network of drugstores, clinics, and hospitals with Generika, Healthway and most recently, QualiMed.

It is also developing its own health technology solutions through Vigos.

AC Health is also investing in the specialty care space, starting with oncology.

Portfolio Building and Business Development

AC Health’s vision is to build an integrated healthcare ecosystem of services across the entire continuum of care for all Filipinos.


AC Health drives synergies within its portfolio and across the Ayala group to improve efficiency and ensure integration.

The group prioritizes synergies in pharma supply chain, corporate health, clinical programs, data integration, and diagnostics.

The biggest synergy initiative in 2021 was the COVIDShield vaccination program. Through this program, AC Health administered over 649,000 doses of COVID vaccines throughout the year, including over 6,000 booster doses.

The QualiMed Health Network is a healthcare chain, which operates using three facility formats: multispecialty clinics, stand-alone ambulatory or day surgery centers, and full-service general hospitals.

The Value We Create


2021 Achievements

2021 Financial Performance

2022 Priorities

Establish leadership in the pharma space

Worked towards building a strong and integrated pharma supply chain

Enhanced accessibility to products by offering medicine pick-up & delivery services, piloting an e-commerce platform with a nationwide reach through Generika

MedEthix and JackPharma were first to bring in Molnupiravir, landmark oral antiviral for mild COVID-19 in SouthEast Asia, and made available across the network through QualiMed, Healthway, and HealthNow

Enhance pharma cabinet in clinics, hospitals, and e-commerce platforms

Strengthen supply chain and continue to procure relevant supplies and anti-COVID-19 medications

Transition to COVID vaccinations in micro-sites such as clinics and drugstores

Strengthen the AC Health integrated care delivery network in the country across primary, specialty and multi-specialty platforms

Focused on network integration including patient referrals, and back-end operations

Continued “new normal” services like drive-by specimen collection and on-site vaccinations

Utilized network to roll-out COVID-19 vaccinations

Continue to expand and enhance corporate health service offerings to key accounts

Invest in health technology solutions that enable synergies across AC Health

HealthNow saw 870,000+ installations with 795,000+ registered users and 1,000+ doctors in the platform, along with receiving over 500,000 transaction requests as of December 2021.

Used HealthNow as the COVIDShield platform for booking and scheduling vaccinations conducted in Healthway and QualiMed sites, and served as the EMR system to record vaccinee data

Offered unlimited consultations post COVID vaccination, fulfilled by Healthway and QualiMed physicians

Continue promoting HealthNow as an alternative access point for connecting healthcare providers with patients

Aim to get patients to fulfill most of their healthcare needs in-app

Build the AC Health ecosystem across the continuum of care

In 2021, the Healthway clinic network served over 2.5 million patients nationwide. Healthway also expanded its services to offer home care, COVID-19 testing, and COVID-19 vaccinations.

Began construction of the first cancer specialty hospital in the country, located in Taguig City

Implemented transition plan and integration for Qualimed Health Network into AC Health ecosystem

Raised US$100 million via the Philippines’ first healthcare-focused social bond through a private placement by IFC. This marks the first social bond earmarked for healthcare in the country, and will help support AC Health’s endeavors, including the construction of the Cancer Care Center.

Awarded the grand winner among 28 other companies in the Service Excellence Company of the Year category of the 12th Asia CEO Awards for their continued commitment to improve access to healthcare as evidenced by the group’s COVID-19 response initiatives.

Continue to explore other opportunistic investments in pharma, hospitals and financing

Create value through pharma synergies, integrated clinical programs, digital integration, and centralized diagnostics

HealthNow now has over 795,000 registered users with more than 1,000 doctors on the platform.

AC Health continues to establish its presence as a key player in the Philippine healthcare industry, with its dynamic response against COVID-19 over the past few years, and continued transformation in the pharma, clinics, health technology spaces, alongside recent investments into hospitals and specialty care. It has also differentiated itself in the industry through its ecosystem approach.

AC Health is focusing on scaling up its operations, with a target to achieve nearly P1 billion in net income by 2025. In 2021, QualiMed is pivoting from a COVID-19 referral hospital to high-value, high-growth clinical specializations and expanding its corporate health solutions segment. Healthway will focus on growing its multispecialty clinics, which has likewise gained a niche in corporate health solutions. AC Health has been able to achieve cost efficiency with the rationalization of Healthway Family, its community-based clinics targeting the low-income segment, which has been greatly affected by the pandemic. In pharma, Generika will enhance its digital platform and expand its store network, while IE Medica and MedEthix posted strong growth and outperformed industry in 2021 boosted by the nephrology, cardiovascular, and alimentary, and metabolism therapeutic areas.

Covid-19 Response

AC Health continued to offer PCR testing in both Healthway and QualiMed sites. Concurrently, all four QualiMed hospitals continued to be COVID-19 referral hospitals, and flexibly adjusted their bed capacity to anticipate surges throughout the year. With the arrival of COVID-19 vaccines in the country, AC Health supported the government’s priority to vaccinate its eligible population. To support this, AC Health leveraged its own ecosystem through its QualiMed hospitals, and by securing mega-sites through partnering with LGUs, Ayala Group business units, and even provincial hospitals. To have a single platform where patients can book and schedule their vaccinations, AC Health utilized HealthNow, which also served as the access point for post-care services.

To administer the vaccines, Healthway and QualiMed frontliners were deployed across the vaccination sites. AC Health ended the year with over 649,000 doses of COVID vaccines administered all over the country.

Generika Drugstore empowers Filipinos by providing them access to quality, affordable generic medicines.


Generika and HealthNow expanded both of their pharmaceutical cabinets and worked to make medicines more accessible through each of their platforms, effectively providing nationwide coverage for their medicine delivery services. MedEthix, AC Health’s pharmaceutical importation and distribution unit, partnered with JackPharma to bring in an oral antiviral treatment for COVID-19, Molnupiravir, under a Compassionate Special Permit, and made it available to patients via Healthway, QualiMed, and HealthNow.