Over Half of APAC Healthcare Technology Startups Surveyed See Pandemic as Catalyst for Innovation, While Recruiting Talent Reported as Biggest Challenge by Majority | Taiwan News
Medtronic Hosted Its First APAC Innovation Conference to Discuss with Key Stakeholders the Opportunities and Challenges Facing Health Tech Startups and SMEs in Asia-Pacific
SINGAPORE – Media OutReach – March 16, 2022 – Medtronic plc (NYSE:MDT), a global health technology leader, today held its first hybrid conference, Medtronic Open Innovation Conference (MAIC 2022), in Singapore, on the theme “Accelerating innovation in health technologies” . Dedicated to the medical technology and health technology start-up scene in APAC, the event was attended by Minister of State, Alvin Tan, Department of Trade and Industry and Culture, Community and Youth, Government of Singapore, as Guest of Honour.
(L-R) Chris Lee, Chairman of Medtronic APAC, presents Medtronic’s Mission Book to Minister of State for Trade and Industry, Alvin Tan, at the Medtronic APAC Innovation Conference.
Aimed at discussing the challenges and opportunities available around the health and technology ecosystem in medtech, the conference saw the participation of more than 200 delegates from start-ups, government institutions and medical practitioners. healthcare and Medtronic partner organizations. Leading this conversation, Medtronic also released a white paper titled ‘The Asia-Pacific Health Tech Ecosystem: Enhancing the Success of Startups and SMEs’, written by The Economist Impact and supported by the Singapore Economic Development Board (EDB). Cementing Medtronic’s commitment to health technology innovation, the winners of its recent Medtronic APAC Innovation Challenge were also announced at the conference.
Medtronic APAC Innovation Challenge – a reflection of the innovation boom experienced during the pandemic
The Medtronic-Economist Impact White Paper found that up to 55% of respondents cited COVID-19 as a catalyst for innovative ideas, rather than a detractor. Reflecting this innovation boom, Medtronic saw overwhelming applications from 323 start-ups and business ventures from 46 countries in Asia-Pacific and beyond vying for a potential collaboration with Medtronic worth up to 200,000 usd. Five start-ups were crowned winners of the Medtronic APAC Innovation Challenge at the conference. More details on the winners can be found here.
The survey found a combination of factors encompassing better government support (38%), greater collaboration with the private sector (37%), increased availability of funding (36%) and cross-learning platforms between organizations (35%) as drivers of innovation. acceleration. This led to the observation that a multi-sector collaborative approach, led by the governments of the region, was a key catalyst for driving innovations. While not all of the results came as a surprise, the breadth of some of the results highlighted the magnitude of some of the issues facing the health sector as a whole. One example is the overwhelming response citing recruitment as the top cause of concern for over 80% of start-ups surveyed. This echoes the World Health Organization’s (WHO) prediction of a global shortfall of 14.5 million healthcare workers by 2030.[i] .
This The first-ever study of the region’s health technology sector involves contributions from 150 APAC startup and business leaders. The document also includes in-depth interviews with several industry leaders in the health technology sector as well as representatives from technology companies such as SAP.iO Foundries and Microsoft Health.
For more information on the white paper, please view the backgrounder or download the white paper here.
Drivers and barriers emerged in first-ever APAC study of medtech start-ups and SMEs discussed at conference
Chris Lee, president of Medtronic, APAC, said, “No company can do healthcare alone. As a global leader in healthcare technology, Medtronic takes responsibility for leading the conversation and fostering more meaningful collaborations in the innovation ecosystem. That’s why we launched the Open Innovation Platform and hosted today’s conference. It’s great to see how all stakeholders come forward to share their views and commit to working together for better healthcare. We also welcome all idea submissions and congratulate the final winners. More importantly, I hope our joint efforts will lead to many new and improved solutions to meet the region’s unique health care needs. »
The conference also included a panel discussion between Chris Lee, Choo Heng Tong, Executive Vice President, New Ventures and Innovation, EDB, Ms. Lalitha Bhaskara, Vice President, SAP.iO Foundries, and Dr. Rocky Lee, Director of operating, Ventureblick. The panel weighed in on how governments can play a facilitating role to drive collaboration for innovation in healthcare, the importance of understanding patient journeys and healthcare economics for development success story in health tech innovation, and the talent challenges facing the health tech startup ecosystem.
Also presenting at the conference. & CEO, Hyderabad Pharma City Ltd & BioAsia, Govt. from Telangana, India.
The conference and challenge follow Medtronic’s plan to invest up to US$50 million in its Open Innovation Platform over the next five years and the future Medtronic Digital Innovation Center (dMIC ) in Singapore, ready to serve the APAC region. This was announced in October 2021 during a Memorandum of Understanding signing ceremony with EDB. The MOU enabled Medtronic and EDB to jointly access the regional start-up landscape, support talent and technology development, and help Medtronic leverage AI, robotics and of digital health to meet the needs of patients in the region.
Goh Wan Yee, Senior Vice President, Healthcare, EDB, said, “Medtronic’s decision to drive its open innovation push from Singapore underscores our position as a global business hub where companies can successfully collaborate with key stakeholders to seize new growth opportunities in the Asia-Pacific region. Discussions at MAIC 2022 are further testament to the strong ecosystem of talent and start-ups that Medtronic’s innovation team will be able to tap into here. We look forward to partnering with other companies like Medtronic to engage and grow meaningful partnerships with innovators bringing life-saving solutions to market from Singapore.”
Organized with the support of EDB, the conference was held at the Marina Bay Sands Expo and Convention Center in Singapore and was streamed live on LinkedIn.
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global health technology company boldly tackling the toughest health challenges facing humanity by researching and finding solutions. Our mission – to relieve pain, restore health and extend life – brings together a global team of more than 90,000 passionate people in 150 countries. Our technologies and therapies address 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. With our diverse knowledge, insatiable curiosity and desire to help everyone in need, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we deliver insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we design the extraordinary. For more information about Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on Twitter and LinkedIn.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s periodic reports filed with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
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