LGT Venture Philanthropy supports Por Ti, Familia
Philanthropy with a heart Por Ti, Familia improves the healthcare of disadvantaged people in Peru. LGT Venture Philanthropy supports this young company – with financial capital, but above all with entrepreneurial expertise.
48 percent of the population of Peru have no health insurance. The country’s healthcare system is very poor, confidence in doctors is low and medication is very expensive.
“Por Ti, Familia makes sure that people visit a doctor.” 32-year old businessman Enrique Coronado wants to change this situation. He grew up in Lima, received an MBA in Finance from the Columbia Business School in New York, gained experience working with a global pharmaceutical company and worked in investment banking at the Bank of America in London. He probably would still be working there if he had not made a trip to Mexico in 2008. There he realized how the poor quality of healthcare could be improved by setting up small medical consultancies each with an attached lab and pharmacy. Enrique‘s vision became to implement this business model in Peru, where the general standard of healthcare is similar. He gave up his job and went back to Peru, where together with his younger brother Ian, he set up Por Ti, Familia.
Since 2009, Por Ti, Familia has provided Peru’s disadvantaged population with high-quality medicine and healthcare services at affordable prices. “Por Ti, Familia makes sure that people visit a doctor in the first place, that they get the right treatment and the correct medication”, explains Wolfgang Hafenmayer, Managing Partner of LGT Venture Philanthropy. The wrong medication is frequently prescribed or incorrect diagnoses are made. An example: the mother of the accountant at Por Ti, Familia visited a doctor for a routine examination at ESSALUD, a government organization. She was diagnosed with breast cancer and advised to have an immediate operation. The accountant had her mother re-examined by doctors at Por Ti, Familia. These specialists determined that she was suffering only from inflammation, which they were able to treat quickly, simply and inexpensively. Doctors, certified medicines and lab services at one location Por Ti, Familia’s business model is unique in Peru. The main clinic in Lima focuses on pediatrics, gynecology, oncology and other specialist areas. Six doctors working in two shifts can deal with up to 140 patients a day. Five smaller surgeries with their
Simple means of transport enable the rapid and inexpensive supply of medicines to pharmacies in the poorer quarters of the city. 20
and supply chain management, who is supporting Por Ti, Familia for eleven months within the scope of the iCats Fellowship Program of LGT Venture Philanthropy. “Usually, the organizations’ planning is too optimistic. We use our experience to make this more realistic”, explains Juan Carlos Moreno.
Medical care for children is a key goal of Por Ti, Familia.
own pharmacies and lab services are located in the poor quarters of the city. Two doctors work in each of these surgeries ensuring medical consultations for 14 hours each day. Currently, Por Ti, Familia has 90 employees.
Positive social impact LGT Venture Philanthropy invests up to ten million US dollars in each selected organization. It was founded in 2007 on the initiative of H.S.H. Prince Max von und zu Liechtenstein with the objective of improving the quality of life of disadvantaged people. Together with the Princely House, LGT clients can also invest in organizations such as Por Ti, Familia. “Before making a commitment, careful consideration should be given to where and how one can have a positive impact”, recommends Wolfgang Hafenmayer. For this pur pose, LGT Venture Philanthropy formulates an individual profile with the client. “Many clients want to achieve a positive social impact”, explains Wolfgang Hafenmayer. “We analyze the efficiency and effectiveness of the organization and can structure resources in such a manner that a small financial return is attainable.”
Last year, thanks to the support provided by LGT Venture PhiLGT Venture Philanthropy has “We don’t just receive financial lanthropy, Por Ti, Familia was supported Por Ti, Familia since capital, we also benefit above able to increase the number of June 2011. “Before we make a all from entrepreneurial expertise.” patients it treated from 8000 to commitment, we want to get 13 000. In five years’ time it plans to know the organization and to have in place 100 clinics delibuild up trust with the staff”, vering healthcare to 270 000 people. A great deal of dedication is explains Wolfgang Hafenmayer. A former business consultant still required to enable Enrique Coronado to fulfill his vision. with Bain & Company, he knows just how important an accurate business analysis is. Generally, this can take from six to twelve months. An initial appraisal indicates whether the organization’s goals are compatible with the criteria of LGT Venture Philanthropy. Thereafter the organization is subjected to a root and branch examination. Finally, the Foundation Board of LGT Venture Philanthropy decides whether to make a commitment. LGT Venture Philanthropy not only provides organizations with financial support. Its team makes regular visits to local organizations and advises them with regard to entrepreneurial issues. This interaction is very valuable for Enrique Coronado of Por Ti, Familia: “We don’t just receive financial capital, we also benefit above all from entrepreneurial expertise”. This expertise is delivered not only by LGT Venture Philanthropy’s local investment manager, Juan Carlos Moreno, but also since February 2012 by Jose Ignacio Barraza Arellano, a specialist for logistics
LGT Venture Philanthropy supports over 20 organizations in Latin America, Africa, India, South East Asia, Europe and China, to improve the quality of life of disadvantaged people. It enables individuals and companies to make philanthropic engagements. For these engagements it develops individual strategies, which its own teams then implement locally. For further information please visit: www.lgtvp.com
Por Ti, Familia improves the healthcare of disadvantaged people in Peru. LGT Venture Philanthropy supports this young company – with financi...