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Cover Story

Asia still holds many opportunities for Foreign Medical Companies

Maintaining Healthy Growth...

Asia’s healthcare industry continues to maintain a healthy growth. Given its population size and the commitment of many of its government to provide a sound healthcare system, analysts are predicting that the next economic expansion fill come from the healthcare industry. The healthcare industry in Asia is already witnessing a growing number of private industry players coming into the scene.

The main drivers of growth in the healthcare sector can be attributed to the increase in 

  • personal healthcare expenditure, 

  • the demand for improved health services, 

  • the use of technology and 

  • the population 

There is a growing demand for better and more sophisticated healthcare services by the increasingly well-informed and affluent public. Asians are also becoming more aware of healthcare matters. There is an increase in the demand for specific treatments such as medical tests, immunization, counseling and other preventive measures as well as for private health insurance coverage as more Asians are now willing to pay for private healthcare. 

Technology, one of the key parameters influencing the healthcare industry in Asia, plays a very important role in the medical devices and equipment segment. Due to the rapid changes in technology, there is a high degree of obsolescence in these sectors. This and coupled with the increasing number of hospitals and healthcare facilities in the region translates to a greater demand for technologically advanced medical equipment. In the areas of quick access to various health centres, there will be a significant surge in the use of the internet. This will further lead to an increased awareness on the new developments in the healthcare industry. As Asia becomes more "e-ready" this will advance the use of new technologies to make people healthier, help boost connectivity and identify dynamic new and improved healthcare applications. 

Another factor that is affecting the Asian healthcare industry is the aging population. Average life expectancy has been increasing and with this comes diseases associated with the elderly such as heart diseases, malignant tumors, respiratory diseases, digestive disorders and so on. As caring for the elderly increases, there will be a greater demand for healthcare services and resources. There is ample scope for the industry to develop new medicines and medical devices to treat and cure these ailments. 

"With the internet, a new generation of technology-savy patients will sit in our consultation rooms, armed with the latest medical information in their electronic diaries. Medical opinions can be exchanged across the globe instantaneously and medical knowledge will diffuse at a greater rate". 

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