With a population of 620 million, ASEAN represents approximately 8.6% of the global population.
With a combined GDP of US$2.4 trillion in 2013, growing at an average annual rate of 5.6%, the region’s economic growth outpaces many other regional and global economies.
Demand for healthcare services is expected to surge due to factors such as population ageing, growing prevalence of chronic diseases, and urbanisation.
The high level of opportunity is likely to be augmented by liberalisation measures taken by the respective governments to boost private and foreign investments and shrink the gaps in healthcare delivery.
This study highlights key opportunities in areas such as healthcare services, aged care, telehealth, and patient monitoring.
Key FindingsFrom 2010 to 2020, the growth potential of healthcare and foreign investments in the healthcare sector in Southeast Asia (SEA) is likely to be impacted by several events:
– Implementation of the ASEAN Economic Community (AEC) by the end of 2015 will drive regional economic integration and the free movement of goods, services, investments, and skilled manpower. Healthcare, eCommerce, logistics, and tourism are priority sectors for liberalisation.
– In September 2014, all ASEAN countries signed the ASEAN Medical Device Directive (AMDD) to simplify the medical devices registration framework for foreign companies entering the ASEAN medical devices market.
-In January 2014, the Indonesian government launched its national health insurance programme (JKN), which is committed to achieving universal health insurance coverage in Indonesia by 2019
.- In 2013, the Philippines introduced the Universal Health Care Act to ensure that all Filipinos, especially the poor, receive health insurance coverage from the Philippine Health Insurance Corporation.
– In 2012, Singapore rolled out the Healthcare 2020 Masterplan, which aims to double the government’s healthcare expenditure and expand hospital and aged care infrastructures.
– In 2010, Malaysia launched the Economic Transformation Programme (ETP) with an objective to elevate the country to a developed nation status by 2020.
Healthcare is one of the 12 national key economic areas (NKEAs) prioritised by the government to encourage private investments in areas such as manufacturing of pharmaceutical- products, medical devices, clinical research, and aged care services and to support collaborative efforts between public and private healthcare providers.
-Vietnam launched the Masterplan for Universal Coverage in 2012, which intends to expand healthcare coverage to at least % of the population by 2020.
AstraZeneca Approves Thailand’s Vaccine Factory
Skin-lightening products market to reach US$31 billion by 2024
In emerging Asian and African economies, the natural aspiration to enhance one’s circumstances has led to rapid growth in the market for skin-lightening products, which is projected to reach US$31 billion by 2024.
Has Covid-19 prompted the Belt and Road Initiative to go green?
– Chinese overseas investment dropped off in 2020
– Government remains committed to the wide-ranging infrastructure programme
– Sustainability, health and digital to be the new cornerstones of the initiative
Following a year of coronavirus-related disruptions, China appears to be placing a greater focus on sustainable, digital and health-related projects in its flagship Belt and Road Initiative (BRI).
As OBG outlined in April last year, the onset of Covid-19 prompted questions about the future direction of the BRI.
Launched in 2013, the BRI is an ambitious international initiative that aims to revive ancient Silk Road trade routes through large-scale infrastructure development.
By the start of 2020 some 2951 BRI-linked projects – valued at a total of $3.9trn – were planned or under way across the world.
However, as borders closed and lockdowns were imposed, progress stalled on a number of major BRI infrastructure developments.
In June China’s Ministry of Foreign Affairs announced that 30-40% of BRI projects had been affected by the virus, while a further 20% had been “seriously affected”. Restrictions on the flow of Chinese workers and construction supplies were cited as factors behind project suspensions or slowdowns in Pakistan, Cambodia and Indonesia, among other countries.
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