JMDC Inc.

Business Details

Claims, health checkup, and ledger data collected from health insurance associations and others are anonymized to build Japan's largest privately usable health big data. The business consists of three areas: for industry (data provision and analysis for pharmaceutical companies and insurance companies), for insurers and consumers (health insurance support and the PHR service "Pep Up"), and for healthcare providers (drug database, factoring, and consulting). The number of client health insurance associations and others, as well as the annual transaction value with pharmaceutical companies and others, increased year on year, and business expansion continues.

Recent Overview

Revenue grew 23.6% and EBITDA grew 22.7%, maintaining high growth; the Health & Productivity Management Alliance expanded to 525 companies and organizations

In FY2026 (ending March 2026), segment revenue was ¥44,070 million (up ¥8,423 million, or +23.6%, year on year), and segment EBITDA was ¥11,722 million (up ¥2,165 million, or +22.7%, year on year), achieving both revenue and profit growth. The number of client health insurance associations and others increased year on year, and the annual transaction value with pharmaceutical companies, insurance companies, and others also trended steadily. The number of issued Pep Up IDs continued to expand. The Health & Productivity Management Alliance expanded to 525 companies and organizations as of the end of March 2026, strengthening the business foundation. The EBITDA margin was 26.6%, down only 0.2 points from 26.8% in the prior period, with profitability largely maintained.

Key Products

Growth Drivers

• Growth in the industry-facing and insurer-facing businesses driven by continued increases in client health insurance associations and others and steady expansion of annual transaction value with pharmaceutical companies, insurance companies, and others
• Continued expansion of Pep Up IDs: the number of issued IDs increased in the fiscal year under review, strengthening the revenue base of the insurer- and consumer-facing business
• Expansion of the healthcare-provider-facing business: increasing demand for medical fee factoring, drug database, and medical data analysis services
• Expansion of the Health & Productivity Management Alliance: reaching 525 companies and organizations as of the end of March 2026, accelerating the creation of new business opportunities
• Development of legal and institutional frameworks for healthcare data utilization: growing momentum for data utilization driven by the enforcement of the Next-Generation Medical Infrastructure Act and the start of use of health insurance cards linked to the My Number card
• Further business expansion in future periods through higher value-added data utilization services and expansion of data types

Risks

• Risk of declining EBITDA margin: while the margin declined only slightly to 26.6% in the current period from 26.8% in the prior period, continued upfront investment for future growth could put pressure on profitability
• Personal information and data security risk: since the segment handles large volumes of personal information of health insurance association members, risks such as information leaks or unauthorized access could have a material impact on business continuity
• Regulatory change risk: revisions to the Act on the Protection of Personal Information, the Next-Generation Medical Infrastructure Act, and other regulatory changes related to the utilization of medical data could affect the business model
• Customer concentration risk: although no single customer accounts for 10% or more of revenue from external customers, there is a high degree of dependence on specific customer segments such as pharmaceutical companies and health insurance associations
• Risk of intensifying competition: an increase in new entrants into the healthcare data market or strengthening by existing competitors could intensify price competition in database sales and analysis services