Health technology company, Pethyoeung, has registered in the United States under the name of Pymed Technologies Inc in a move to expand the company's reach internationally and raise its profile on the global stage.
Bin Socheat, Pethyoeung’s business operations advisor, said on Thursday that registering the company in the US will fulfill its mission to use technology to make health solutions more accessible.
Problems with healthcare are not limited to Cambodia, the company said. People in various countries, even those considered to be wealthy, require healthcare services, Socheat said, adding that registering in the US provides him with an opportunity to expand the business globally.
“We talk about the American dream but everyone has their own dream. We don't talk about the American dream, we are talking about the Khmer dream. We want people to look at us differently; not just our company Pethyoeung or the team, but to look at Cambodia differently,” he said.
“The American dream is good but we also have another dream that we want people to know us differently.”
Socheat said that the vision is that Cambodia will be known for more than its genocide and centuries-old temples.
“We want to create something that will help solve some of the world's problems,” he noted.
The US has a well-established ecosystem for startups and businesses, which means that there are many resources available to them, such as venture capital, mentorship and access to talent.
This also means that the regulatory environment and government policies are favorable to businesses.
Despite being a mature market, the US is still a leader in innovation. This is why businesses from across the world, including Europe, Japan, Australia, and Singapore, are setting up shop in the US.
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The US is a major hub for technology and innovation, which means there is a lot of competition in the market. This is because there are many multinational companies from developed and developing countries, including Israel and India, that are present in the US.
“Do we dare take risks or not?” Socheat asked. “At Pethyoeung, where we usually joke around but it is also serious, would we rather die in a pond or in an ocean? In Cambodia, there is also competition, and there is competition over there. But it’s important for our strategy that we can do it.”
He added, “Our strategy is to move forward, and this is our blue ocean strategy.”
In August, Pethyoeung set up an office in Texas with a small team of contractors. The company has already completed the registration process for its US operations.
Socheat will transfer from Cambodia to Texas to work as an executive at the new office. He will be joined by a few contractors who will work on business development, marketing, and medical affairs.
Texas is the second-largest hub for health and tech startups in the US, after Silicon Valley. This makes it an attractive location for Pethyoeung to expand its operations.
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