The much-quoted figure that 25% of the population of Singapore is going to be over 65 within the next decade was the starting point at the “how to adapt healthcare to an ageing population” session at the HealthInvestor Asia Summit at the Marina Bay Sands in Singapore.
Jude Uzonwanne, principal, strategy & transaction advisory, Asia-Pacific, IQVIA, asked the two questions: how can companies profit from these changes but also how can you create the right eco-system.
Rhenu Bhuller, partner & SVP, transformational health, Asia-Pacific, Frost & Sullivan, advised that startups should both follow the money and be passionate. “I need to ask how will that solution get funded?” she said. Many want governments to be the backbone, but the question needs to be put about where should the money flow be. “Is it from the people using it? From the family? From funds?” She said.
Omar Aziz, associate partner, Solidiance, wondered how existing players should respond to disruption. “Look at digital and technology,” he said. He pointed out although regulations are outdated, government needs to provide the catalyst so that players can come in. To reduce the cost for government, he reckoned that Blockchain was the answer. “It doesn’t need an overhaul of every system. Blockchain can sit on top and can communicate with different departments. Then at a country level, it can be used for a national database,” he added.
Mike Griffiths, regional director – healthcare, Howden Group, threw out a challenge to the insurance industry. “The insurance world in current form doesn’t have any effective solution for problems of an ageing population,” he said adding that to acquire insurance against chronic disease is virtually impossible until there is consumer demand.
The answer, said Bhuller is business model innovation. She pointed out that in Singapore, 75% of funding needs to come from family or the individual. “In ageing populations it is about asking what is important for them. It is about understanding the needs of part of that population,” she concluded.
