Financial intelligence for Asia's healthcare markets
 
 
Remember me:

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

China Isotope & Radiation, which manufactures diagnostic and therapeutic radiopharmaceuticals products, has launched its HK$1.9 billion (US$247 million) IPO on the Hong Kong Stock Exchange.
Malaysian multinational PRG Holdings has extended the deadline for its M$18.3 million (US$4.6 million) acquisition of O&G focused private medical services provider Roopi Medical Centre.
Hong Kong-listed WuXi Biologics, a subsidiary of WuXi PharmaTech, has started the construction of an integrated biologics conjugate solution centre in Wuxi city.
RHT Health Trust, the first business trust listed on the Singapore stock exchange with a portfolio comprising healthcare assets in India, has confirmed that it has received all outstanding amounts due from India’s Fortis Healthcare for the past financial year.
Shares in Ramsay Health Care, Australia’s largest private hospital operator, slumped today after the group cut earnings guidance. It flagged up “onerous lease provisions” and asset writedowns on a number of its hospitals in the UK.
Following Monday’s 5.9 magnitude earthquake which struck Osaka, Parkway Life REIT, which is owned by IHH Healthcare, has confirmed that its Japan asset managers, operators and residents at its Japan healthcare facilities are accounted for with no reported injuries.
Singapore-listed property developer Perennial Real Estate has incorporated a new subsidiary in China. Perennial (Shanghai) Health Management will be involved in the management of its healthcare business in Shanghai.
Yestar Aesthetic Medical Group, the second largest private aesthetic medical institution group in China, is planning an IPO on Hong Kong’s mainboard. CICC is sole sponsor to the deal.



Analysis

Aon’s inaugural Asia Healthcare Trends Report 2017/18 shows that although Hong Kong has a lower medical inflation rate than the average in APAC, it is the highest in Greater China.
Out of date and unsecure fax machines are still being used to share patient information between healthcare providers in Australia. Not only do fax machines cause frustration for healthcare providers trying to communicate with each other, they can also cause patient harm.
Health and well-being programmes are fragmented and do not meet the needs of stressed Asia workforces, finds Willis Towers Watson. By and large, employers in Asia still miss the mark when it comes to their health and well-being benefits, with many employees feeling that their needs are not met, according to research from the global advisory, broking and solutions company.
According to a survey of biopharma companies by L.E.K. Consulting, the majority of firms from Western Europe or the US are interested in China, specifically those at Phase 2 or later development.
Sara Jost, global healthcare industry lead at BlackBerry, explains that putting the systems and procedures in place to deliver a healthy and secure digital healthcare system will protect patient health information and support medical innovation.
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 Asia-Pacific (APAC) healthcare industry is undergoing rapid transformation with a dramatic shift in consumer behaviour and expectations, opening up growth opportunities across diagnostics, regenerative medicine, medical tourism and digital health.
Tan Chorh Chuan, executive director at the Office for Healthcare Transformation and chief health scientist at the Ministry of Health in Singapore, explains why population health improvement has to become a crucial area of focus.
my images

Podcasts

HealthInvestor Asia twitter feed