Catch up on the key highlights of the launch of HealthTechX Asia, a dedicated platform that explores the transformative potential of HealthTech in the region

Healthcare systems across Asia are facing unprecedented challenges. Ageing populations, rising chronic disease burdens, and resource constraints are pushing traditional models of care to their limits. However, there remains tremendous opportunity for innovation. Multiple stakeholders across the healthcare landscape – from ministries of health and their digital agencies, providers, system integrators, large corporates, start-ups, payers and investors – are committed to finding new, better ways to deliver healthcare, in a sustainable, patient-centric manner.

How do we connect these different groups together to identify areas of opportunity, collaboration and growth? This is where HealthTechX Asia comes into the picture.

The first of its kind in Asia, HealthTechX is envisioned as a dedicated platform bringing the entire healthcare ecosystem together to drive innovation across the health continuum, from prevention and diagnostics to treatment and care delivery.

Ahead of the inaugural event happening in May 2025 in Singapore, an exclusive launch was held on 28 June 2024 at the Raffles City Convention Centre. This attracted 142 attendees, who were offered a sneak peek of the event and two engaging panel discussions on HealthTech innovation and investments in Asia.

What’s holding back healthcare innovation?

Healthcare is “one of the few industries where innovation doesn’t lead to lowered costs,” said Mr Sutowo Wong, Director of Health Analytics Division, Planning Group at Ministry of Health Singapore.

The value of healthcare innovation lies in other metrics, such as improved quality of life and reduced healthcare utilisation. This makes it less straightforward to measure and define its ROI.

Nonetheless, digital transformation is one innovation strategies that has proven cost-effective, highlighted Dr. Eric Wong, Group Chief Digital Health Officer, National Healthcare Group.

There remains lots of white space – unmet needs and demands – in healthcare that technology solutions could potentially help fill, panellists pointed out.

Alongside Singapore’s shift towards proactive, preventative care as part of Healthier SG, healthcare will become increasingly anchored in the community and the home, noted Assoc Prof Low Lian Leng, Chairman of Division of Population Health and Integrated Care, Singapore General Hospital.

Prof Low, who is also concurrently Director, Centre for Population Health Research and Implementation at SingHealth; and Director, Research and Translational Innovation Office at SingHealth Community Hospitals, raised the examples of home testing devices and DIY testing kits (for example HbA1c blood tests, used to track blood glucose levels), as well as AI solutions for patient reminders and education, as areas that can be further explored.

Agreeing, Mr Wong pointed to geospatial dashboards collating community and social activities, which GPs can tap on to issue ‘social prescriptions’, on top of typical medical prescriptions.

In conclusion, panellists agreed that transforming healthcare requires collaboration across sectors – from payers, industry to academia and community partners – as well as innovative ideas across different levels of each organisation.

The challenges are significant, but so are the opportunities. By embracing innovation and putting patients at the centre, Asia’s healthcare systems can transform to deliver more equitable, sustainable, and effective care.

 

HealthTech Investments: Unpacking trends and opportunities in Asia

Investment in HealthTech is picking up pace in Asia-Pacific. APAC is now the fastest growing region in the world for HealthTech at USD54.5 billion, at 21.8% CAGR from 2023 to 2030.

The HealthTech startup scene is also buzzing. Asia now hosts some 7,000 HealthTech startups, with Singapore alone hosting over 750 of them.

Panellists, including Mr Hsien-Hui Tong, Executive Director – Investments at SGInnovate; Dr. Yong Chern Chet, Head of Asia Ecosystem at 22Health Ventures; and Mr Arun Pai, Principal at Monk’s Hill Ventures, have observed a rise in HealthTech startups, which range from telehealth, remote patient monitoring to Gen AI and IoT.

Nonetheless, these startups often face challenges such as achieving a sustainable business model. Their solution may reduce upfront costs but end up increasing the overall cost of healthcare delivery, leading to a total cost of ownership that is too steep for buyers.

Mr Pai added that as compared to the US, Asia’s VC landscape is more nascent with lesser amount of funding and fewer startups in specialised domains.

This may be due to the culture here, Dr. Yong pointed out. There may be a cultural aversion to failure that can discourage entrepreneurship, or what is seen as an opportunity cost in becoming a startup when safer, more established career pathways exist.

In terms of funding access, the panellists highlight opportunities for startups to tap into government grants and programmes, as well as private investors like family offices that are increasingly interested in healthcare innovation, and angel investors.

It’s also key for founders to build long-term relationships with investors, by providing regular updates in terms of traction and demonstrating repeatable sales engines.

Panellists also listed some key criteria they look out for when making investment decisions. Mr Tong pointed to the likelihood of patient adoption, while Dr Yong summarised these into three categories: Past (its fit to the established ecosystem); Present (its fit with ongoing developments); and Future (its fit to predicted future trends).

Overall, the discussion provided a comprehensive and insightful overview of the healthcare startup landscape in the region, offering valuable perspectives for founders, investors and other stakeholders looking to navigate this dynamic and evolving field.