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

Kuala Lumpur-based private investment firm RHL Ventures has invested in healthcare SaaS platform HealthMetrics’ follow on round. The size of the investment has not been disclosed.
Ophtecs, a manufacturer of contact lens solutions headquartered in Kobe City, Japan, has acquired a 100% stake in Dutch contact lens manufacturer Microlens Contactlens Technolgy. The purchase price is undisclosed.
Germany’s Indivumed has launched the "Cancer Library Initiative", an operation to further accelerate precision diagnostics and personalised treatment for cancer patients, in collaboration with A*STAR's Institute of Molecular and Cell Biology (IMCB) in Singapore.
Fujifilm has announced plans to invest ¥10 billion (US$90 million) in order to expand its bio contract development and manufacturing organisation (CDMO) business. This investment will include the expansion of existing production facilities at its North Carolina location to support the growing needs of its customer portfolio.
OrigiMed has formally announced the completion of its Series B financing. This round of financing is led by Grand Flight Investment. The pre-A financing investor Wedo Capital continued to invest.
Ascentage Pharma and The University of Texas MD Anderson Cancer Center have announced a five-year strategic collaboration agreement to advance the development of five potential new cancer therapies.
Antengene, a clinical stage therapeutics company focused on oncology, has completed US$120 million Series B funding. It was jointly led by Boyu Capital and FountainVest, with participation from Celgene Corporation, WuXi AppTec, and Taikang.
HJB and MabSpace Biosciences have entered into a definitive merger agreement to create Transcenta Holding, a class biotherapeutics company with fully integrated capabilities in research, development, regulatory and manufacturing of biologics.



Analysis

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April Chang, country manager at Cigna Singapore, argues that wellness programmes at work can lead to reduced absenteeism, higher productivity and increased morale among employees.
Steven Fang understands how to set up a healthcare company. Not only is he chief executive and founder of ASX-listed oncology company Invitrocue, he was also the founder of Singapore-based Cordlife Group, a healthcare company which provides cord blood and cord lining banking services.
Imagine a world in which you can consult with your doctor via video. She asks for a blood sample, which can be collected and analysed from a device in your home. After that is diagnosed, the prescription is automatically sent to the pharmacy and Uber then picks it up. The time from diagnosis to drugs at your home is only 60 minutes.
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