European Healthcare and Medical Technologies Solution Providers to Bring Innovative Technologies to South East Asia, as Part of the EU Business Avenues Programme
50 European companies from 15 European Union (EU) Member States will be in Singapore and the Philippines for a week-long business mission from 28 August to 4 September 2018.
Healthcare and Medical Technologies are in the spotlight at the 10th business mission under the EU Business Avenues in South East Asia programme. The business portfolio will include Medical Waste Management, Laboratory Equipment, Aesthetic/Cosmetic Equipment, Dental Products and Supplies, Pharmaceutical Supplies & Disposables, IT Solutions, Telemedicine & Remote Health Monitoring, Assistive Technologies, Pain/Rehabilitation Equipment, Imaging and non-imaging Diagnostic and other technologies.
The growing senior population in Europe is an important growth driver for the healthcare sector, which resulted in proactive development by medical device companies to find solutions to address the demands of the aging population such as diagnostic equipment to detect all kind of diseases in their early stages, home-care devices, and remotely monitor-able diagnostic equipment that enables telehealth.
The South East Asia (SEA) region can benefit from these technologies and developments as the region faces similar medical challenges due to its greying population. It is expected that those over 65 years of age will represent 7.8% of the overall population (or 4.6million) by 2020.
Healthcare demand in SEA is increasing rapidly also due to an epidemiological shift from infectious diseases to chronic disease patterns matching western markets.
According to the EU Ambassador to Singapore H.E. Barbara Plinkert: “There is huge potential to share the EU’s innovative technologies and solutions in the healthcare and medical industry with ASEAN countries."
In 2016, more than 12,200 patent applications were filed with the European Patent Office (EPO) in the field of medical technology, of which 41% represent European applications. "This is a clear evidence of a highly innovative sector that invests in R&D to meet the rapidly changing industry needs," says Ambassador Plinkert.
In addition, the SEA region has been developing a uniform system for registering and assessing medical devices across all member states. The ASEAN Medical Device Directive (AMDD) was signed by the 10 member countries in August 2014, and is expected to be effective from 2020. The industry is hopeful that the directive will raise the confidence of foreign manufacturers to penetrate the SEA market and will directly improve the healthcare industry in this region by ensuring that medical devices meet quality and performance standards.
Ambassador Plinkert underlines the fact that “the dynamic South East Asia region is a great market for our European solution providers to expand their business opportunities. As such, the EU Business Avenues in South East Asia programme supports European companies in establishing long term collaborations in the region, through a series of coaching, business matching and business support services.”