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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

Brisbane-based Oventus has raised A$7.6 million (US$5.8 million) selling 13.8 million shares at A$0.55 per share. The deal was heavily oversubscribed with strong support from new and existing institutional and sophisticated investors.
After postponing its up to US$150 million IPO in March 2015, Malaysian-based primary healthcare provider Qualitas Medical Group is gearing up to launch another IPO attempt on the SGX in the first quarter of next year. The size remains the same.
Ryman Healthcare, New Zealand’s largest listed retirement village operator, has bought Victoria University of Wellington’s former Karori campus which will be converted into a retirement village with independent and serviced apartments and a care centre. Although financial terms have not been disclosed, it is estimated to have been sold for NZ$20 million (US$13.8 million).
Singapore-based medtech company Advent Access has raised S$2.6 million (US$1.9 million) pre-Series A financing led by Accuron MedTech, the largest medical device company in southeast Asia. It is the largest pre-Series A financing round by a medtech startup across the region.
Hang Seng-listed Golden Meditech has taken a 50% stake in Japanese real estate management company ASA for ¥425 million (US$3.7 million). Magnum Opus, which is owned by Kam Yuen, Golden Meditech’s chairman and controlling shareholder, holds the remaining 50%.
In the latest move of their long-running patent dispute, New Zealand-based medical device manufacturer Fisher & Paykel Healthcare has filed a patent infringement proceeding in the Federal Court of Australia against ResMed, the Australian manufacturer of products for the treatment of sleep disorders, and several of its related companies.
Singapore-based managed healthcare provider Fullerton Health has acquired a 60% stake in the Intellicare Group, one of the leading managed care providers in the Philippines. Financial terms have not been disclosed.
Vital Healthcare Property Trust, the only NZSX-listed healthcare property fund, has acquired Eden Rehabilitation Hospital in Cooroy, Queensland for A$23.8 million (US$17.9 million).



Analysis

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In the third part of his series about operating healthcare companies across the APAC region, Marcus Pitt, managing partner of Fortuna Corpus Asia, focuses on the opportunities in the Philippines.
The promise of a bottom in Singapore’s office market has caused its ranking as an investment market to soar from next-to-bottom last year to third in this year’s “Emerging Trends in Real Estate Asia Pacific 2018” report, a real estate forecast jointly published by the Urban Land Institute (ULI) and PwC.
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.


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