Real AI opportunity in Asia-Pacific’s medtech industry lies in its ability to tailor and advance solutions to meet local market demands

SINGAPORE - November 25, 2024 - Artificial intelligence (AI) can be a gamechanger in Asia-Pacific's medtech industry in the long run, according to a joint report launched today by APACMed and Bain & Company, in partnership with the Singapore Economic Development Board. The key is in harnessing its vast potential to tailor and advance medtech products and solutions to meet local market demands.

Traditionally, AI has been embedded in healthcare products and processes. Recent advancements, such as generative AI, have turned AI into a key component of customer expectations. In Asia-Pacific, near-term AI implementations have been focused on regulatory, manufacturing, and commercial applications. Medtech organizations are integrating AI across functions-from product development and regulatory filings to sales and post-sales support-driving automation, personalization, and productivity improvements at every step.

"The true AI opportunity lies in R&D processes, such as region-specific data collection and the ability to build models that are free from biases found in many Western-developed AI solutions," said Vikram Kapur, global head of Bain & Company's Healthcare & Life Sciences practice. "An Asia-Pacific AI development hub can ensure technologies are fit-for-purpose for its diverse populations and their unique healthcare needs."

As the industry moves from commercial applications to R&D, the need for AI expertise increases. At the most sophisticated level, technical leads, architects, and engineers specializing in software, machine learning (ML), and cloud infrastructure need to leverage advanced skills in AI, ML, full-stack software engineering, and data science to drive innovation and create AI-powered solutions. There is also a growing need for cross-functional talent that can blend technical expertise with business insights. This highlights the importance of collaboration between technical and commercial teams in an AI-driven medtech landscape.

"One of the biggest challenges in AI adoption is the intense competition for skilled talent. By building 'bilingual talent' who are proficient in both AI and medical domains, Asia-Pacific can address its talent shortage problems and harness the benefits of AI in healthcare. APACMed believes that collaboration across the ecosystem is key to building a robust AI talent ecosystem for medtech," said Harjit Gill, CEO of APACMed.

The Asia-Pacific region also needs several key enablers to advance its AI capabilities. It is critical to expand the region's talent pool, enhance data accessibility, strengthen computational resources, and build complementary AI ecosystems that are tailored to specific regional markets.

Individual countries within the region have distinct AI strengths and capabilities. China and India stand out for their vast technical talent pools, while Japan and South Korea are notable for having a large pool of users for AI-enabled solutions. Singapore and Australia are recognized for their well-established healthcare data infrastructure and strong capabilities in AI development.

The report notes that Singapore is well-positioned to become a regional AI capability hub for medtech. It is supported by a robust ecosystem, strong data infrastructure, a growing pool of AI talent, and strategic connections with global markets.

"AI has tremendous potential to enhance healthcare delivery across the care continuum. Singapore is ramping up efforts to develop AI talent, grow the necessary infrastructure, and foster local partnerships to drive AI innovation and adoption in the medtech space. Our established and diverse medtech ecosystem, alongside the growing pool of AI-related firms, will make Singapore a key partner for companies looking to tap into opportunities in this space and impact healthcare around the world," said John Eng, Vice President, Healthcare, EDB.

Singapore is a trusted hub in Asia to the world's leading medtech corporations and has a local pool of over 400 medtech and healthtech start-ups. It also benefits from significant government investments in medtech R&D and AI. Access to high-quality healthcare data from efforts such as those under its National Precision Medicine initiative could support companies in developing AI-powered tools that are tailored to its local population and extend to those in the region.

The medtech industry in Asia-Pacific has a unique window of opportunity to claim a leadership position in AI capability development. To take advantage of this moment, the industry needs to embrace talent development, collaborative exploration, and proactive dialogue.

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Editor's Note: For more information or interview requests please contact:

Shinae Baek (APACMed) - [email protected]

Ann Lee (Bain & Company) - [email protected]

About APACMed

The Asia Pacific Medical Technology Association (APACMed) represents manufacturers and suppliers of medical equipment, devices and in vitro diagnostics, industry associations, and other key stakeholders associated with the medical technology industry in the Asia Pacific region. APACMed's mission is to improve the standards of care for patients through innovative collaborations among stakeholders to jointly shape the future of healthcare in Asia-Pacific. For more information, visit www.apacmed.org.

About Bain & Company

Bain & Company is a global consultancy that helps the world's most ambitious change makers define the future.

Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today's urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.

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