In recent months, healthcare systems in many parts of the developing world have faced immense pressure as they grapple with controlling the spread of COVID-19.
Prior to the current novel coronavirus pandemic, brick-and-mortar healthcare systems in much of Asia were already struggling to keep up with the demand from aging and increasingly health-conscious populations.
Looking towards the new decade, it is clear that new digital technologies will revolutionize the healthcare industry by disrupting traditional business models, promoting a more preventive approach, and bridging the infrastructure gap by allowing people to consult with their doctors from the comfort of their homes.
Digital technology in healthcare
In many parts of Asia, digital technology is reshaping the healthcare industry through a grassroots digital revolution led by innovative digital health startups founded by the region’s entrepreneurs.
Singapore, with its government’s commitment to digital innovation and adoption, strong internet connectivity, and high mobile and smartphone penetration, has provided a significant advantage to its digital entrepreneurs compared to other parts of Asia.
In January 2020, Singapore’s parliament passed the Healthcare Services Bill, empowering authorities to license new healthcare models like telemedicine. This legislation, along with initiatives such as the Licensing Experimentation and Adaptation Programme, has created a conducive environment for healthcare innovation.
Singapore is emerging as a hub for digital innovation in healthcare within ASEAN, with a substantial number of healthtech startups and a growing ecosystem supporting their development.
Despite the challenges, such as navigating regulatory systems in different Asian markets, Singapore’s healthcare entrepreneurs are making significant strides in addressing the region’s unique healthcare needs with innovative solutions.
Singapore is ASEAN’s sandbox for digital innovation
Singapore hosts a significant portion of Asia’s healthtech startups and has experienced impressive growth in the sector over the past few years. The startup ecosystem in Singapore is fostering innovation tailored to the needs of Asian populations.
From blockchain applications for certifying halal products to AI-driven solutions for managing diabetes, Singapore’s healthtech startups are at the forefront of developing transformative healthcare technologies.
Investment in Singapore’s healthtech startups is growing, with notable players like Sequoia Capital and MassMutual Ventures SEA recognizing the potential for high returns in this sector.
By fostering partnerships with public healthcare institutions and multinational corporations, Singapore’s healthtech startups are poised to make a significant impact in improving healthcare outcomes in the region.
Challenges and Opportunities
Although Singapore presents a conducive environment for healthtech startups, challenges remain in commercializing new digital healthcare products and services.
Entrepreneurs must devise viable revenue models that account for the diversity of healthcare systems across the region and navigate complex regulatory frameworks governing data privacy and cybersecurity.
Collaboration is essential for the success of digital health innovation in Singapore, with stakeholders across industries needing to support and nurture the growth of the sector.
Singapore’s dynamic ecosystem of healthcare entrepreneurs is well-positioned to drive innovation and transformation in the region’s healthcare landscape, ultimately benefiting millions of people across Asia.
The views expressed in this article are solely those of the author and do not necessarily reflect the views of FTI Consulting, Inc., its management, subsidiaries, affiliates, or professionals.
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This article was first published on June 4, 2020
The post Why Singapore is ASEAN’s sandbox for innovation in healthtech appeared first on e27.