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More than half of APAC Healthcare Technology start-ups surveyed see the pandemic as an enabler for innovation while talent recruitment is reported as the biggest challenge by the majority | Taiwan News

More than half of APAC Healthcare Technology start-ups surveyed see the pandemic as an enabler for innovation while talent recruitment is reported as the biggest challenge by the majority | Taiwan News

Medtronic hosted its to start with APAC Innovation Convention to go over with critical stakeholders about prospects and problems faced by healthcare engineering start-ups and SMEs in Asia Pacific

SINGAPORE – Media OutReach – 16 March 2022 – Medtronic plc (NYSE:MDT), a worldwide leader in healthcare technological innovation, currently held its first hybrid convention, Medtronic Open Innovation Meeting (MAIC 2022), in Singapore, themed ‘Accelerating Healthcare Technology Innovation’. Devoted to the healthcare know-how and health care know-how get started-up scene in APAC, the function was attended by Minister of State, Alvin Tan, Ministry of Trade and Sector and Tradition, Community and Youth, Governing administration of Singapore, as its visitor of honor.

(L-R) Chris Lee, President of Medtronic APAC, offers the Medtronic Mission Guide to Minister of Point out for Trade and Field Alvin Tan at the Medtronic APAC Innovation Convention.

Aimed at speaking about the issues and options offered about the health care and know-how ecosystem in medtech, the meeting observed the attendance of around 200 delegates from get started-ups, government establishments, and health care practitioners together with Medtronic’s husband or wife organizations. Having the direct in this discussion, Medtronic also unveiled a whitepaper titled ‘Asia Pacific’s Healthcare Technologies Ecosystem: Boosting Commence-up and SME success’, published by the Economist Effects and supported by the Singapore Financial Progress Board (EDB). Cementing Medtronic’s determination to innovation in healthcare know-how, winners from its recent Medtronic APAC Innovation Problem ended up also announced at the conference.

Medtronic APAC Innovation Problem – a reflection of the innovation increase expert through pandemic

The Medtronic-Economist Effect Whitepaper revealed that up to 55% of respondents cited COVID-19 as an enabler of ground breaking ideas, instead than a detractor. A reflection of this innovation increase, Medtronic observed too much to handle programs from 323 commence-ups and company enterprises from 46 nations around the world across Asia Pacific and beyond vying for a opportunity collaboration with Medtronic valued up to US$200,000. 5 start-ups were being topped winners of the Medtronic APAC Innovation Challenge at the meeting. Additional specifics about the winners can be observed below.

The survey observed a mix of things encompassing, far better governing administration assist (38%), larger collaboration with private sector (37%), greater funding availability (36%) and cross-understanding platforms between businesses (35%) as the motorists of innovation acceleration. This led to the observation that a multi-sectoral collaborative solution, led by governments in the location, was a crucial enabler for driving innovations. Even though not all findings were a surprise, the scale of some results did spotlight the magnitude of some challenges experiencing the health care sector all round. 1 these kinds of example was the overwhelming response citing recruitment as the leading lead to of problem for more than 80% of start off-ups surveyed. This echoes the Earth Wellness Organization’s (WHO) prediction of a world-wide shortfall of 14.5 million healthcare personnel by 2030[i] .

This to start with-ever research on the region’s healthcare technology sector requires inputs from 150 executives from startups and enterprise enterprises in APAC. The paper also involves in-depth interviews with quite a few business leaders from the health care technologies sector as nicely as from associates from corporations in the know-how sector these as SAP.iO Foundries and Microsoft Overall health.

For extra information and facts on the whitepaper be sure to refer to the factsheet or obtain the whitepaper below.

Motorists and obstacles emerged in to start with-at any time APAC analyze on medtech start off-ups and SMES resolved at meeting

Chris Lee, President for Medtronic, APAC claimed, “No a single organization can do health care alone. As the worldwide chief of health care technologies, Medtronic normally takes the accountability to lead the discussion and motivate a lot more significant collaborations throughout the innovation ecosystem. That’s why we introduced the open innovation system and hosted present day convention. It truly is great to see how all the stakeholders come ahead to share their views and are fully commited to operating alongside one another for better healthcare. We also recognize all the thought submissions and congratulate the closing winners. Much more importantly, I hope that our joint attempts will lead to a lot of new and improved options to meet the region’s unique health care desires.”

The convention also showcased a panel discussion amongst Chris Lee, Choo Heng Tong, govt vice president, New Ventures and Innovation, EDB, Ms. Lalitha Bhaskara, vice president, SAP.iO Foundries, and Dr. Rocky Lee, chief operating officer, Ventureblick. The panel weighed in on how governments can engage in a part of a facilitator in direction of driving collaboration for innovation in health care, the criticality of understanding affected person pathways and health care economics for a prosperous progress of health care engineering innovation, and the talent challenges confronted by the startup ecosystem in healthcare technological innovation.

Also presenting at the convention were being Dr. Tyler Hyungtaek Rim, chief clinical officer, MediWhale, Dr. Jade Kua, senior advisor, Emergency Drugs, KK Women’s and Kid’s Hospital and Jade Lifetime and Wellness Founder, and Shakthi Nagappan, director Existence Sciences and Pharma & CEO, Hyderabad Pharma Metropolis Ltd & BioAsia, Govt. of Telangana, India.

The convention and the problem occur on the heels of Medtronic’s system to invest up to US$50million below its Open up Innovation Platform in excess of the upcoming 5 several years and the forthcoming Electronic Medtronic Innovation Middle (dMIC) in Singapore, poised to serve the APAC location. This was declared in October 2021 at a memorandum of knowledge (MOU) signing ceremony with EDB. The MOU has enabled Medtronic and EDB to jointly entry the regional start out-up landscape, to assistance expertise and technology growth and to help Medtronic leverage AI, Robotics and Digital Wellness to tackle individual wants in the area.

Goh Wan Yee, senior vice president, Health care, EDB, reported, “Medtronic’s choice to push its Open up Innovation thrust from Singapore underscores our situation as a world wide business enterprise hub wherever businesses can correctly collaborate with vital stakeholders to seize new growth possibilities in the Asia-Pacific area. The discussions at MAIC 2022 are even more testament to the robust ecosystem of expertise and start-ups that Medtronic’s innovation staff will be ready to faucet below. We look ahead to partnering with more firms like Medtronic to interact and develop significant partnerships with innovators to carry daily life-preserving remedies to the marketplace from Singapore.”

Structured with the assistance of EDB, the convention was held at the Marina Bay Sands Expo and Conference Centre in Singapore and live streamed in excess of LinkedIn.

About Medtronic

Daring pondering. Bolder steps. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the major international healthcare technology company that boldly assaults the most hard overall health problems struggling with humanity by looking out and locating options. Our Mission — to ease soreness, restore well being, and increase everyday living — unites a world crew of 90,000+ passionate people today throughout 150 countries. Our systems and therapies deal with 70 overall health ailments and incorporate cardiac products, surgical robotics, insulin pumps, surgical instruments, individual checking units, and much more. Powered by our varied expertise, insatiable curiosity, and drive to enable all these who require it, we supply modern technologies that completely transform the life of two individuals each 2nd, just about every hour, each working day. Expect far more from us as we empower perception-driven treatment, activities that set persons very first, and far better results for our globe. In everything we do, we are engineering the extraordinary. For additional data on Medtronic (NYSE:MDT), stop by and abide by on Twitter and .

Any ahead-searching statements are matter to challenges and uncertainties these kinds of as people described in Medtronic’s periodic reports on file with the Securities and Exchange Commission. Genuine benefits may well vary materially from predicted benefits.


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