Leaders from New Zealand’s health technology industry are looking to Malaysia as a strategic investment opportunity to support the country’s rapidly growing healthcare market.
Malaysia’s healthcare sector is among the fastest growing industries in the country. Ambitious growth targets under the government’s Economic Transformation Program (ETP) put healthcare on course to contribute M$50.5 billion (US$12.4 billion) to Gross National Income by 2020, trebling the sector’s contribution over ten years.
Seven New Zealand health technology companies are visiting Malaysia to explore partnership opportunities and will attend this week’s Association of Private Hospitals Malaysia (APHM) International Healthcare Conference and Exhibition in Kuala Lumpur. These companies will share their expertise on how health technology can improve efficiency, enhance patient services and reduce costs.
Simon Hearsey, New Zealand’s Trade Commissioner to Malaysia, says the healthcare sector represents a huge opportunity not just for Malaysian companies but companies that have had success in other parts of the world who are willing to partner and invest to support this growth.
“Health tech has been a booming sector in New Zealand and it has helped the overall sector evolve. New Zealand companies have a long history of successful partnerships here in Malaysia, and I am excited to see how our innovative health tech companies can work with their Malaysian counterparts to develop solutions that will address the unique challenges in the healthcare sector,” he said.
Like many countries across the region, Malaysia is faced with changing patient needs caused by an ageing population and the growing prevalence of chronic disease. The healthcare sector is looking for smart technology solutions to create greater value for both the provider and patient.
A particular area of focus is how to harness big data to provide better patient care. Mark Capill, head of research and development at Orion Health, says hospitals and health authorities are capturing a significant amount of data each day but they need to manage it in a secure and safe way, and more importantly be able to use it effectively.
“Patient data can provide valuable insights that help to improve healthcare across the board. One area of focus for us is how to combine hospital data with social and environmental information about patients to create personalised health care plans. I look forward to discussing how this technology can be used to improve patient care in Malaysia,” he said.
Another company looking to use data in a more effective way is Precept Health, which provides systems to manage patient data, with a focus on critical care. These tools give healthcare professionals reliable access to comprehensive patient records, allowing them to work more efficiently and enabling them to focus on patient care.
Other New Zealand companies in attendance will showcase tools that can streamline hospital data systems, provide better diagnostic information and connect patient records to achieve greater operational efficiency for hospitals.
As technology helps to expand healthcare outside of the traditional hospital setting, Trade Commissioner Simon Hearsey is confident that collaboration will be key to the continued innovation. “New Zealand businesses are born with a global outlook. Through increased collaboration with our partners in Malaysia, we can develop solutions that will have an impact across the healthcare landscape: from hospitals and community clinics to telemedicine and home care,” said Hearsey.
