South East Asia is a heterogeneous region consisting in different countries, each with its healthcare development initiatives and unique medical systems.
Despite the many differences, one factor that binds these countries together is the need to overcome the infrastructural limitations and shortage of technologically advanced medical solutions, specifically created for the region’s unique challenges.
The region’s fast economic development and imminent chronic disease bursts caused by a rapidly ageing population have exposed many deficiencies in this sector, opening a door to new healthcare and medical solutions brought in by foreign companies.
As a consequence, in recent times, South East Asia has become a central focus for European companies in the Healthcare & Medical Technologies sector.
With ambitious goals, the governments in South East Asia are creating a healthy business environment to attract the best of the best companies in the field, regardless of their origin, and help lessen the current societal and economic burdens.
This open environment encourages European companies to participate and venture onto new markets, like Singapore and Indonesia.
Singapore is a healthcare & medical hub, spearheading the region’s development in the areas of health tech, medical tourism, clinical research and biomedical services.
In the light of the Free Trade Agreement (FTA) between the EU and Singapore recently entered into force, prospects are looking up for European companies. They can now take full advantage of growing market access and fewer barriers to overcome to reach new customers directly.
Unsurprisingly, Singapore often becomes a regional headquarters for many European companies, who can then easily attempt to branch out on other ASEAN markets.
Given its healthcare & medical hub status, Singapore can enable new entrants to build networks that include a variety of sector stakeholders, from local governmental bodies to manufacturing companies, from distributors to end customers, not only on the Singaporean market but also all across the ASEAN.
Solutions catering to issues like ageing, obesity and chronic diseases are particularly welcomed in South East Asia.
There is also a need for innovative diagnostics equipment, assistive technologies, telemedicine and remote health monitoring, population health management (PHM) systems, medical equipment, biotechnology for health, health tech solutions, and research & development technologies and services for the healthcare and medical sector.
European companies offering solutions in any of these sub-sectors can now take advantage of an EU-funded opportunity that brings them to South East Asia.
In 2020, the EU Gateway | Business Avenues mission for this sector focuses on the Singaporean and Indonesian markets.
Once again, 50 companies will showcase the most innovative European solutions for medical and health tech in a weeklong event in the two countries.
It is a chance to establish new regional collaborations and clients in South East Asia and beyond.
Interested in expanding to Asia?
This business mission is now open for applications. Check out application details and send your expression of interest before 30 April 2020.