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Analysis: Healthcare leaders need to be digital to succeed

Business leaders in Asia Pacific’s healthcare industry are showing urgency in embracing the fourth industrial revolution, according to the Microsoft Asia Digital Transformation Survey. More than three-quarters of them believe that they need to transform to a digital business to enable future growth and yet only a quarter said that they have a full digital strategy in place today.

Technology advancements have ushered in the fourth industrial revolution, where cutting-edge technologies such as internet of things (IoT), artificial intelligence (AI), advanced data analytics, and mixed reality that are powered by cloud computing are creating limitless possibilities in transforming the way people work, live and play. This revolution, compounded by on-going challenges faced by the healthcare industry, such as the evolving healthcare needs due to changing demographics, rise of chronic diseases, shortage of caregivers and cost of quality healthcare, is ushering societal and economic changes at an unprecedented pace. However, the fourth industrial revolution also has the potential to be truly game-changing for the healthcare industry. Taken together, the potential for merging physical, digital and biological systems can enable the healthcare industry to achieve its aspirations.

The Microsoft Asia Digital Transformation Study surveyed 1,494 business leaders from Asia Pacific working in organisations with more than 250 employees from 13 Asia Pacific markets: Australia, China, Hong Kong, Indonesia, India, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand. All respondents were pre-qualified as being involved in shaping their organizations’ digital strategy. This included 247 healthcare leaders from Asia Pacific.

Even as majority of business leaders are aware of the urgent need to transform digitally to address the changing business climate, the study found that the transformation journey for most organisations in Asia Pacific is still at its infancy. In fact, only a quarter of healthcare leaders indicated that they have a full digital transformation strategy in place, and less than half are in progress with specific digital transformation initiatives for selected parts of their organisation. A third still have very limited or no strategy in place.

“The Microsoft Asia Digital Transformation Study has shown that Asia Pacific’s healthcare industry has started to act on the need for digital transformation to address the challenges and opportunities of the fourth industrial revolution in the region,” said Gabe Rijpma, senior director, health and social services for Asia at Microsoft. “Healthcare providers are not acting fast enough in capitalising the value of latent data to transform a reactive sick care system into a proactive one that manages individual and population health more effectively and at a lower cost. We urge all business leaders in this space to digitally transform themselves amidst changing demands externally and internally, to stay relevant.”

He continued: “At Microsoft, we believe this involves transformation in four key pillars – empowering care teams, engaging patients, optimising clinical and operational effectiveness and transforming the care continuum. Underlining these four pillars are the use of data and cloud, which will further accelerate the aspirations of the healthcare industry.”

Posted on: 10/11/2017 UTC+08:00


News

Medical diagnostic imaging services provider Capitol Health has said that it expects to return to profitability in the next financial year and has upgraded its outlook for the year.
Paragon Care, a leading distributor and manufacturer supplying medical equipment to hospitals, has said that it is “targeting strong growth in 2018 across all key metrics”.
Malaysian medical glove manufacturer Supermax Group has reported a 42.8% jump in Q1 profits to M$27.9 million (US$6.8 million) on revenues that 16% to M$312 million.
At its annual general meeting, international pathology, imaging and medical centres operator Sonic Healthcare reaffirmed guidance for the year. Chief executive Colin Goldschmidt said that the first quarter of the 2019 financial year confirmed expectations that underlying earnings would grow between 6% and 8% on a constant currency basis.
It has been another great quarter for China Cord Blood Corporation (CCBC), the country’s largest provider of cord blood storage and ancillary services. For the second quarter in a row, profits more than doubled. They came in at US$10.2 million.
New Zealand-based medical device manufacturer Fisher & Paykel Healthcare has reported a steady set of first half figures. Profits were up 4% to NZ$81.3 million (US$55.3 million) on revenues that rose 8% to NZ$458.4 million.
Retirement village operator Arvida has reported a 14.5% slump in profits for the first half of the year to NZ$14.5 million (US$9.9 million). At the same time, revenues were up 27.9% to NZ$60 million.
Medical device manufacturer Microport Scientific Corporation plans to acquire the cardiac rhythm management (CRM) business of London-based medical device manufacturer LivaNova for US$190 million.



Analysis

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Kamal Brar, vice president and general manager of Asia Pacific for data software company Hortonworks, looks at how data analytics can provide effective and affordable healthcare in Singapore.
The latest Sun Life Financial Asia Diabetes Awareness Study reveals an alarming knowledge gap in diabetes. A third of Asian women who are or were pregnant in the past three years are unaware of the risk of developing gestational diabetes in pregnancy, while one in seven births in Asia is currently affected by gestational diabetes.
Gan Kim Yong, Singapore’s minister for health, explains why the private sector needs to get behind the National Electronic Health Record System.
Business leaders in Asia Pacific’s healthcare industry are showing urgency in embracing the fourth industrial revolution, according to the Microsoft Asia Digital Transformation Survey. More than three-quarters of them believe that they need to transform to a digital business to enable future growth and yet only a quarter said that they have a full digital strategy in place today.
An agreement for an additional US$15 million funding from the World Bank will be used to expand health and nutrition coverage in the Lao People's Democratic Republic. It is expected to benefit more than 1 million people across 14 provinces.
Bart Van den Mooter, CEO of the TforG Group, looks at the drivers behind the rapid growth in Asia’s medical tourism market.
The ambitious healthcare agenda under Moon Jae-in's liberal presidency will seek to expand national health insurance reimbursement and limit the burden of excessive medical costs, while overhauling the healthcare system. BMI Research looks at the winners and the losers in the presidential agenda.


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