Affordable and quality medicines are now within easier reach through the Tamang Alaga TxTMED program – “Kapag kailangan ng gamot, dapat may gamot.” – a partnership between LANDBANK, RiteMed, and FINTQ, the financial technology arm of PLDT and Smart’s Voyager Innovations.
TxTMED leverages the LANDBANK Mobile Loan Saver (LMLS) as a digital platform to provide borrowers the option to allocate a portion of their approved net loan proceeds to purchase medicines.
A first in the country, the medicine loan service allows employees from the government and private sector with payroll accounts with LANDBANK, including Overseas Filipinos to electronically order and purchase medicines through their mobile phones without the hassle of outright cash payment. This is available across all telco providers.
RiteMed will offer a whole range of maintenance medicines at special prices through TxTMED, where medicines will also be delivered for free.
“This partnership with RiteMed and FINTQ attests to the endless possibilities in terms of financial technology and the value of public-private sector collaboration, as we work towards optimizing digital transactions to improve access to quality healthcare across the country,” said LANDBANK President and CEO Alex V. Buenaventura.
“RiteMed is committed to providing access to quality and affordable medicines for our fellow Filipinos. TxTMED is a collaboration of leaders in the healthcare, telecommunications, and finance industries that enable us to fulfill this mandate,” says Vincent Patrick Guerrero, general manager of RiteMed.
“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% on out-of-pocket healthcare expenses when a member of the family is sick,” Guerrero adds.
“This is another first in the world in providing access to healthcare 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,” said Lito Villanueva, Managing Director of FINTQ.
“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,” Villanueva stressed.