Commentary

The future of healthcare is digital, and the ongoing pandemic is undoubtedly accelerating this transition.

Singapore's healthcare system, like those of all developed countries, is swamped with data. The challenge - and the opportunity - is to use that data to become a more effective premium healthcare provider. This can be achieved through the use of Artificial Intelligence (AI). AI lets medical professionals analyse and derive insights from the huge datasets created by healthcare organisations, a feat that is just not possible for humans.

Over the past few years, teleconsultations have played a growing role in the delivery of healthcare and support services across ASEAN.

Just two years into the COVID-19 pandemic, the healthcare industry across the Asia Pacific region has made leaps and bounds in terms of digital transformation while simultaneously battling with waves of COVID-19 infections, mass testing, and vaccinating the public.

Many hospitals are still facing equipment and bed shortages, but staffing shortages are another serious concern.

Throughout the pandemic, a wave of ransomware attacks disrupted operations in healthcare organisations around the world.

In 2016, the Malaysian government introduced a contract scheme of employment in its effort to rationalise the employment of doctors within the public sector. This scheme basically ensured 2 years of housemanship, followed by 3 years as a medical officer before a decision was made regarding permanent employment. 

By automating processes and streamlining clinical pathways, intelligent automation can empower the healthcare industry to provide better patient care.

The adoption of “value” schemes to increase access to medical technologies.

The COVID-19 pandemic is testing hospitals and healthcare systems across the globe like never before. Public hospitals’ emergency and intensive care units have swollen to capacity whilst the resources for elective and outpatient care are redirected to aid urgent functions.

The huge advances seen in healthcare over the past 50 years are among the greatest achievements of modern science. As a result we are living longer than ever.

As the second-most commonly reported Healthcare Acquired Infection (HAI), surgical site infections (SSIs) are a significant cause of negative outcomes, with the incidence in low- and middle-income countries reported at more than 10%.

Just last week, researchers in Singapore achieved a milestone in healthcare: they created the world’s largest genetic databank of Asian populations. Thanks to sequencing data of around 5,000 Singaporeans, scientists and doctors will now be able to better diagnose rare diseases and find the causes of chronic ailments.

There is little doubt that the Asia Pacific region represents a key growth ambition for the majority of Life Sciences companies. Statistics around unmet healthcare needs are well-known and, as the saying “necessity is the mother of innovation” goes to show, the Asia Pacific has an opportunity to leapfrog the West when it comes to novel therapies and approaches to market access. But at the same time, cost control and compliance remain sizeable challenges.

Over the next decade, an estimated $2t investment into Universal Health Coverage (UHC) schemes is expected to land in Asia. The developing markets in the region have traditionally under-funded healthcare at a rate of about 5% of GDP (compared to the average of 12% in OECD countries like Australia and Japan). Whilst some emerging markets in Asia continue to grapple with lingering infection control, all are shifting focus to the more advanced lifestyle diseases.

Many speak of the “war” for talent arising across the globe, including in the Asia Pacific and as it pertains to the Life Sciences industry. Whilst indeed there is a level of scarcity in certain roles and regions (though arguably public healthcare provision is much more in need than the private sector), the battle-like mentality does not take full advantage of the broader industry shift toward collaborations and alliances. According to KPMG 2018 Global CEO Survey, 61% of Life Sciences CEOs intend to work in consortia models going forward (compared to a 49% cross-industry average).