Financial intelligence for Asia's healthcare markets
 
 
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Analysis: Stay ahead or be left behind

Joseph Soon, global digital director at Bupa, explains why industry players must stay agile in the market and act fast to take every opportunity the digital age has to offer.

The digital revolution has fundamentally transformed how we all live. We see a trend across all industries to go digital to address the big challenges and find new solutions. In a world facing enormous health challenges, digitisation is seen as the foundation for solving some of the most challenging health issues by offering smart and efficient services to meet increasingly high demands and expectations from users.

Around the world, digital technologies are transforming the healthcare industry with quality and personalised care, promoting wellness, reducing cost and improving productivity. The intersection of devices, data and algorithms and new healthcare techniques are changing the way healthcare is being delivered.

Hong Kong is still in its early stages of digital transformation, and ranked fourth in Asia, according to a 2016 report by the Economist Intelligence Unit. Despite the challenges of bringing about changes, the government and the healthcare industry is actively embracing technology. The ghas developed a territory-wide electronic health record sharing system to allow healthcare professionals from both the private and public sectors to access patients’ health records through a shared platform, which fosters closer public-private partnerships, enhancing resource sharing and allocation. Healthcare providers have also started leveraging technologies that make healthcare services more efficient, more reliable and more customer-centric.

Digitised operations enhance efficiency by streamlining clinical workflows, which makes the delivery of quality healthcare easier and more productive for staff. Electronic record systems and clinical databases simplify consultations and minimise duplication of procedures. They also facilitate better cross-disciplinary communication and coordination in the provision of care for complex conditions. 

Digital healthcare must be designed to exploit recent advances in computing technology. Smartphones could become advanced tools in the hands of thousands of patients and clinicians. Equipped with the right software, they could provide easy to use, out-of-the-box solutions to major medical challenges – preventing the over-prescription of medication, promoting patient self-care, introducing positive lifestyle changes and warning of the early signs of health problems. In Hong Kong, there are already health service providers that are examining how digital healthcare tools might make customers’ and patients’ lives easier. Quality HealthCare’s new mobile app offers innovative ways for people to see their doctor. Customers can make best use of their time by managing their appointment on their mobile, and interact with doctors via video consultation for certain services. They can also access their health records securely and safely.

Digitalised operations are bringing healthcare systems new standards of customer choice, personalisation, ease and availability, with the emphasis on the customer being greater than ever. An efficient healthcare system of the future will empower medical practitioners and patients. Therein lies the challenge for each industry player to stay agile in the ever changing healthcare market, acting fast to take every opportunity the digital age has to offer. It is in each company’s interests to either to stay ahead of the trend or to be left behind.

Posted on: 22/05/2018 UTC+08:00


News

Q&M Dental Group, which operates the largest network of private dental outlets in Singapore, is looking to delist its subsidiary Aidite from the National Equities Exchange and Quotations of the People’s Republic of China, also known as the New Third Board.
After a dispute going back 11 years, medical centre operator Primary Health Care (PRY) will now have to give its employees an up-to 20% pay increase after a Fair Work Commission awarded the workers at its Victoria pathology division workers higher allowances and back pay.
AUO Care, a subsidiary of electronics manufacturer AU Optronics, has formed a partnership with Suang-Lien Elderly Center in northern Taiwan to deliver real-time IoT-based smart healthcare solutions to elderly citizens.
Retirement village operator Summerset Group Holdings has priced its upsized seven year, fixed rate bonds at 4.2%. The margin for the bonds has been set at 1.65%.
Accuron MedTech, the largest medical device company in southeast Asia, has opened its new Technology Centre in Singapore.
Allergan, a global biopharmaceutical company and leader in medical aesthetics, and Alibaba Health, the flagship platform of Alibaba in the healthcare sector, announced that they have formed a strategic partnership to launch a medical aesthetics consumer education and consultation platform for the Chinese market.
Seoul-based ExoCoBio, which develops exosome-based cosmeceuticals and biopharmaceuticals for skin and tissue regeneration, has raised about US$27 million in its series B funding. Top tier Korean investors participated in this round, including Seven Tree Equity Partners, CSQUARED Global Asset Management, TS Investment Partners, K2 Investment, Intervest, KDB Capital, Atinum Investment, GU Equity Partners, QUANTUM Ventures Korea, and Platinum technology Investment.
Medical centre operator Primary Health Care (PRY) has completed the A$94 million (US$66.9 million) retail component of its fully underwritten 1-for-5.21 accelerated pro rata non-renounceable entitlement offer.



Analysis

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CR Phoenix Healthcare, China’s largest private hospital group, recently announced plans to restructure Beijing Jingmei Group General Hospital, a flagship hospital managed by CR Phoenix under its investment-operation-transfer (IOT) model.
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Asia Pacific's transition from a volume- to value-based care model has been highly challenging due to the need for large-scale regulatory changes and lack of a funding. Rising healthcare consumerism, digital health adoption, and the growing influence of medical tourism are setting a foundation for population health management, one form of value-based care that shifts the industry focus from episodic, individualised healthcare approaches to collective action against the cost and burden of disease in a society.
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