APACMed’s MedTech Forum report: Ushering in a New Era of Intelligent Healthcare

AI Peaks of Excellence -

Senior Minister of State, Ministry of Trade & Industry and Ministry of Culture, Community & Youth, Ms Low Yen Ling, opened the forum by highlighting how the healthcare industry is poised for a significant transformation with the advent of AI, and that Singapore is well-positioned as a launchpad for MedTech companies, particularly in harnessing AI. SMS concluded her speech by encouraging everyone to come together as a MedTech ecosystem to cooperate and drive progress, growth, and innovation in the MedTech industry.

Education is the Foundation for a Healthier Population -

In a much-anticipated fireside chat, Nobel Laureate Malala Yousafzai discussed the transformative impact of education. She said that education prepares a child for the future and that future includes their health. Many aspects related to health are part of one’s school life. Reproductive health, for example, is one of the fundamental foundations that helps keep girls in schools. Malala emphasised that education can be a powerful catalyst for improving health outcomes. By expanding access to education, nations can empower many with better healthcare opportunities, particularly those who are often left behind. Education creates a ripple effect of positive change. She called on young girls today to pick up where she left off to create their own powerful movements.

Malala spoke powerfully on the intersection of education, technology and healthcare. Her words were a catalyst for policymakers, healthcare practitioners, medical technology companies and other stakeholders to reimagine access to patient care in the age of AI. She particularly highlighted the importance of having more female representation in the healthcare sector, both in research and corporate leadership.

A New Dawn for AI in Healthcare -

Tom Lawry, renowned unconventional thought leader and author of ‘Hacking Healthcare,’ spoke on the region's critical role in the global healthcare landscape. He pointed out that Asia-Pacific, being the fastest-growing region in healthcare spending is on the verge of becoming a key player in global health innovation. By 2030, the region is expected to account for over 20% of the world’s healthcare expenditure, presenting unparalleled opportunities for the integration of AI in medicine and healthcare systems. He underscored his talk with a large number of specific examples, but the one point he wanted everyone to remember: AI success will come to those who Think, Practice and Lead differently.

The Art of Storytelling in MedTech -

Matthew Luhn, acclaimed storyteller with Pixar and The Simpsons, illustrated how innovative storytelling can enable the MedTech industry to captivate stakeholders, build trust, and drive meaningful engagement through authentic and compelling narratives. He explained that storytelling is not just a business skill but a vital tool to connect, motivate and lead people in today’s world, compelling us to engage in experiences that define our values and ourselves in an organisation. He gave specific examples: start off with a good hook. Something unusual, unexpected, action or conflict, because the attention span of the average person is just 8 seconds. This is how it’s done. All Pixar films started off with an 8 second pitch. They started with something enticing: what if a rat wanted to be a French Chef?

Building Successful AI in Healthcare: It's All About Implementation -

Dr. Brent James, an innovator in healthcare systems, highlighted the importance of a strategic approach to incorporating AI into healthcare. He outlined five critical elements necessary for the successful implementation of AI:

Clinical Decision Support, Clinical Workflow, Mass Customization, Data, and Feedback Loop. By focusing on these components, healthcare providers can create solutions that are not only effective but transformative, paving the way for a new era of intelligent healthcare. Dr James also talked about execution. When he started out - and it’s still similar today - if we could simply execute what we already know, we would have far better patient outcomes than the next 30 years of healthcare innovation. Executing efficiently is key to improving patient outcomes.

Realising the Value of AI in MedTech -

KPMG, in collaboration with APACMed, created a White Paper that surveyed global practices in healthcare and consulted MedTech Industry Stakeholders to understand the priorities with regards to AI. The ambition from these stakeholders was crystal clear: they expect AI to deliver transformation in the form of next-generation, intelligent healthcare. The report highlights key considerations to help improve trust, access and adoption in the use of AI in MedTech.

Showcasing Innovation: The MedTech Innovator Grand Prize -

"We're honoured to host the showcase and finals of our APAC Accelerator program at the Asia Pacific MedTech Forum 2024 in Singapore, where the most promising startups will vie for the audience vote and our annual grand prize," said Paul Grand, CEO, MedTech Innovator. "Many of our startups leverage AI, so it's especially fitting that the focus of this year's MedTech Forum is on harnessing AI's transformative potential in healthcare. This event is a unique convergence of cutting-edge technology, visionary leadership, and the brightest minds in medtech, all working together to advance healthcare across Asia Pacific and beyond."

The Human Impact of AI Innovation -

Harjit Gill, CEO of APACMed, reflected on the profound impact that AI will have on the future of healthcare. She noted that AI is set to become a ubiquitous force, driving innovations across diagnostics, data analytics, and personalised medicine. Moreover, robotics and AI are expected to introduce a new level of autonomy within healthcare systems, enhancing efficiency and improving patient outcomes. This vision of the future underscores the essential role of AI in shaping the next generation of healthcare.