Updated on 20 February 2014
Healthcare continues the journey home
Home healthcare is emerging as a key focus area for governments and providers due to aging populations and infrastructure congestion. Service models that are coming into play in emerging markets will revolve around assisted nursing care, meal delivery, holistic care services, retirement villages and aging-in-place establishments. US and Japanese models may also see application in countries like Australia and Singapore. Through these developments, industry stakeholders are working towards the vision of smart communities where concerted advancements in healthcare as well as other industries will pave the way for the progress of society as a whole.
These developments will be enabled by innovation and technology in healthcare. Today, Asia has become a power house for R&D, with the realisation that the concept of high technology does not have to mean high cost. Frugal innovation is the art of making more out of less. Two important trends have resulted in this concept within healthcare - the first is emerging markets are no longer markets that simply adopt Western innovation and the second is the need to serve larger populations, forcing stakeholders to use resources more efficiently. Start-ups as well as multinational companies are investing in frugal innovation by setting up R&D centres in emerging markets, and the products created from such labs are being commercialised in both emerging and mature markets.