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

Metro Pacific Hospital Holdings, the healthcare unit of industrial conglomerate Metro Pacific Investments, is finally expected to push the button on its Philippine Stock Exchange IPO next year.
MedAdvisor will form a 50:50 joint venture based in Singapore with Zuellig Pharma to commercialise MedAdvisor’s medication management platform in Asia.
Thermo Fisher Scientific, the world leader in serving science, today opened its first Bioprocess Design Centre in Shanghai, China. The new centre is part of a strategy to establish a centre of excellence where Thermo Fisher scientists can connect and collaborate with biologic developers to design optimal bioprocessing solutions.
Mitsui & Co will acquire an additional 16% of the shares of one of Asia’s largest private hospital groups, IHH Healthcare, from Malaysia’s Khazanah Nasional.
Mach7 Technologies, a company specialising in innovative data management solutions for healthcare providers, has raised A$3 million (US$2.2 million) via a private placement.
Pacific Edge is to raise NZ$12 million (US$8.2 million) in a share placement and via a share purchase plan.
We Doctor Holdings, China's leading technology-enabled medical and healthcare solutions platform, joined hands today in Guangzhou with the Guangdong Women and Children's Hospital and Health Institute to launch China's first provincial-level internet hospital for women and children.
Singapore-based medtech startup Ark has raised US$40 million in Series A funding round led by Venturecraft shareholders and joined by Gaorong Capital – formerly known as Banyan Capital. It is one of the largest Series A rounds closed by a southeast Asian firm.



Analysis

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