The pandemic, COVID-19 is actually going to encourage reforms especially in Asia healthcare sector. COVID-19 will also open new opportunities to invest in numerous fields including telehealth, diagnostic medicine, pharmaceuticals, and biotechnology.
Members of Asia are slowly but sure committing to the universal healthcare systems. Indonesia for example, is having the biggest healthcare program for free. That program is covering about 180 million Indonesian citizens.
Why Investing in Asia Healthcare Sector
There is one reason why investment in Asia, especially in the healthcare sector, is the best decision: Asia is now spending almost 40% of the GDP on healthcare. The number is about to increase since Asian customers now become more conscious about their health since the pandemic.
Countries in Asia are all committing to more universal healthcare systems. Also, the national insurance systems are now becoming the key driver to change the Asia citizens’ behavior towards better health.
The result is consumers in Asia become more conscious of their own health and their family’s health. Then they will be spending more on the health services. It is a huge opportunity for healthcare businesses to expand to countries in Asia.
Asia investment strategy for Successful Development
However, expanding your healthcare business to Asia requires a proper strategy to keep everything running smoothly. Opportunities are opened in various sectors in Asia. Each sector sure needs a different strategy.
- Medical devices
BMI Research stated that the industry of medical devices in Asia is expected to generate about 8 billion US Dollar or more in the 2021 revenue. Opportunities in this industry depend on the country’s economic development.
The best strategy for this sector of Asia healthcare opportunity is the proper product segmentation. Chronic diseases like cardiovascular disease and diabetes can get a new solution such as 3D printing, robotic surgery, or the implantable devices to prevent the disease.
High end medical devices producers can target Singapore which is a wealthy country. Countries with middle income economies like Malaysia and Thailand may also be able to afford those devices. But for price sensitive countries like Philippines, Indonesia, and Thailand, offer low end products.
About 2.2 % of the pharmaceutical’s global market is dominated by Asian countries since these countries valued 25 billion US Dollars in this sector. The number is dominated by generic drugs. Unfortunately, limited manufacturers can provide the generic drugs most Asian people need.
It happens because not all manufacturers are able to manufacture the generic pharmaceutical ingredients. Major ingredients are imported from India or China. If you want to be successful in investing in the pharmaceutical sector in Asia, you need to choose the right manufacturer.
Before you start investing in Asia, especially in the healthcare sector, there are lots you need to learn and know. Find a professional support who will analyze the possible solutions in order to identify the volatility of your financial situation before you start entering the Asia business.
The best team will give you the overview about competitiveness of the healthcare market in Asia. Then you can build the best strategies that haven’t been used in the market like finding the development space, local market’s weak spots, and figuring out the untapped markets.
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