Updated on 26 April 2014
How is the healthcare industry going to evolve in the coming years?
Mr Radder: The aging population and their increased burden on the healthcare system have driven a level of need not experienced by South-East Asia in the past. A rapidly aging population, coupled with an expanding middle class and the rise of NCDs - with limited resources in the healthcare sector across the region - has led to increased access and quality but at increasingly accelerating economic cost to the society. Basic insurance is not common, healthcare systems are developing continuously, and this has an impact on affordability for many.
While countries can continue to add more hospital beds and attempt to train more doctors and nurses, it is not a sustainable approach to meet the level of healthcare that an aging population demands. The rise of chronic diseases is also straining healthcare resources, as they are the most common and costly of health problems. The solution to provide care for more patients with existing healthcare resources is straightforward - of, maximize the utilization and take benefit of the current medical resources by managing patients from home and reduce their length of stay and mortality rates.
What are the future plans of Royal Philips and are there any collaborations in the pipeline?
Mr Radder: At the moment, the most urgent need of the healthcare sector in the region is to focus on providing the public with access to affordable healthcare services. As the region continues to age rapidly, especially among developed countries, and will see more need for home healthcare solutions. Monitoring and managing patients from their home will ease the burden on healthcare institutions. Philips also works continuously to help cater to the needs of healthcare institutions in developing markets, especially healthcare institutions in rural areas, and introduces innovative solutions to these markets.
By bringing together expertise from across our businesses, our ambition is to deliver innovative solutions like Hospital-to-Home that connect and empower the entire care teams, patients, families, friends, and providers. Our goal is to improve the system for clinicians, patients, and caregivers. As such, Philips is introducing healthcare innovations that will help health systems in Asia to address the growing challenges linked to a fast growing and aging population.