Galen Growth Asia showcases Asia’s HealthTech Landscape to Industry Leaders at JPM 2017
Galen Growth Asia is participating in the 35th Annual J.P. Morgan Healthcare Conference, one of the largest global conferences amongst health and life science sectors on January 9th, 2017. Galen Growth Asia aims to provide a gateway for U.S. based health innovators, enabling access to relevant corporations, government agencies, providers, and startup ventures in Asia for potential market opportunities.
Recently, Galen Growth Asia hosted its first-of-a-kind Asia Pacific HealthTech CEO Summit, which featured Asia’s prominent HealthTech entrepreneurs and over 150 healthcare innovation leaders across pharma, biotech, and medtech sectors, in addition to hospital operators. This event represented an unparalleled ecosystem meet up in Asia, creating a unique opportunity to truly engage with all actors in the HealthTech space Through this event, HealthTech CEO’s discussed key challenges in delivering solutions across emerging and developed economies in Asia, as well as obtaining funding in volatile markets.
Galen Growth Asia believes that the convergence of Healthcare with Technology is an unprecedented opportunity to drive an integrated, healthcare network as new technologies advance into underserved and developing markets. According to a McKinsey report, the Asia-Pacific region comprises of 3.7 billion people, which is approximately 51% of the world’s population. From that total population, there will be as many as 2 billion consumers by 2025 seeking healthcare services and solutions (1). These numbers will only rise over time: the Boston Consulting Group predicts the number of middle to upper middle income consumers in Indonesia to nearly double from 74mil in 2013 to 141mil in 2020 (2). Furthermore, rising income levels in developing economies often indicate a rising demand for healthcare. PwC confirms that the average healthcare expenditure per city-dweller in China has doubled between 2002 to 2010 (2).
To accommodate the rising demands of healthcare in Asia-Pacific, entrepreneurs are developing solutions that are addressing the needs and pain points in these markets. mHealth, a budding phenomenon in which mobile apps connect patients with doctors, pharmacies, and insurers, are enabling services to growing middle classes at an accelerated pace, due to the high penetration of smartphones in the region and Asia’s greater propensity to consume online. With 1.8T spent on healthcare in Asia, public and private investors are realizing the potential of HealthTech in Asia, and are making solid efforts to invest in companies, technologies, and infrastructures to promote industry- growth in APAC.
Singapore marks the beginning of investments into Asia’s digital health ecosystem. The Singaporean government has recently announced a USD 13 billion investment into R&D for healthcare, health IT solutions, and biomedical sciences (4). A recent market study conducted by P&S Market Research confirms that Asia is the fastest growing region for healthtech, with an annual growth rate of 27.6% during the forecast period of 2016-2022 (5).
About Galen Growth Asia
Galen Growth Asia exists to act as a catalyst at the intersection of the healthcare and technology convergence to enable Asia’s HealthTech ecosystem. Our mission is to develop a sustainable and vibrant HealthTech ecosystem across Asia – fostered through collaboration between corporations, investors, new ventures, hospitals, governments and other stakeholders. GGA believes that HealthTech will play a central role in addressing these demand drivers and thus significantly improving the standard of healthcare in Asia.
For further information and/or to contact the GGA team whilst they are at JP Morgan Global Healthcare Conference please email us at: firstname.lastname@example.org
Authored by: Julien de Salaberry
Copyright © 2017 Galen Growth Asia