What are your contemplations about the advancement of Singapore’s MedTech industry?
I think that in recent years MedTech has been playing important role in diagnosing and treating conditions or diseases which affects human health. I had read recently about the McKinsey report which says that the Asia Pacific MedTech sector is expected to grow from US$88 billion in 2015 to US$133 billion 2020, becoming the second largest market globally after the U.S. As consumers increasingly take a proactive approach to seek higher quality medical care and lifestyles, demand for MedTech is expected to increase. I read from the Market Intelligence firm emerging strategy that the MedTech industry in Singapore contributed more than S$4 billion to the economy in 2016. I trust the Singapore government that it will identify MedTech as a key sector with the biomedical sciences industry for development. Singapore is strategically placed to enable MedTech companies to tap into the opportunities in Asia. I can say that Singapore is also home to more than 60 multinational MedTech companies, which undertake a range of activities from regional headquarter and manufacturing operations to research and development.
MedTech is kind of good business and safe but in few cases, it is unsafe. I think MedTech is a safe business not only me but everyone thinks that where I heard from lot of people. Singapore’s MedTech sector has also seen strong growth in the first half of 2017.
What changes do you think will help the local MedTech industry develop?
As I think there is a problem in health care’s value which should be changed and it can be easily fixed. The growing organizational complexity of modern health systems is an obstacle to delivering improved health care value. The solution which I thought according to my research is to change how caregivers work together by unleashing their autonomy and putting it to the service of more effective cooperation. According to my research in BCG it has identified six most effective steps which organizations can use to implement value based operating model and accelerate the rate of change. The other change is the politics in health care. I feel that changes should be done in fixing the MedTech commercial model. A variety of forces will squeeze MedTech margins in the years ahead, making it critical for companies to adopt a new commercial model. The MedTech industry in Singapore is going to be perfect in future if few changes are made. By our company all the efforts are made, and we are trying to develop the local MedTech industry by making the changes.
What are your opinions regarding Singapore as regional MedTech hub?
In my opinion Singapore’s reputation as a trusted business hub leaves it well positioned to thrive in the fast-growing medical technology sector. Singapore could strengthen its position as gateway for MedTech companies both local and foreign to access the growing markets in the region. According to my recent research the MedTech market in Asia- Pacific is expected to grow to S$181 billion in 2020. MedTech is an important growth sector for Singapore and the value add of Singapore’s MedTech manufacturing grew in millions. Our company aim is to meet the needs of customers in key markets. My opinion is Singapore needs to ensure that its MedTech sector continues to create value and develop innovative products. I stress on the point to the research, innovation and enterprise 2020 plan announced this year which allocated the health and biomedical sciences sector a budget of $4 billion. There are two exhibitions which are being held, medical manufacturing Asia and medical fair Asia which features about 1200 companies from over 40 countries. Singapore is fast emerging in the global market especially in MedTech sector because Singapore has excellent infrastructure, central and highly connected location and adaptable workforce which we can say Singapore as a regional MedTech hub.
Among your many products, one is hydrophilic coating so what are the benefits of this technology?
There are many benefits of this technology which you are asking. I can list few of the benefits. Hydrophilic coatings participate in dynamic hydrogen bonding with the water. First is it is used in advanced applications, such as drug delivery and biological interactions. It incorporates molecules that have a biological function into the coating which can interact with the body’s tissues. It attracts the water to the surface and make the water sit flat on the surface. It increases the patient comfort and reduces tissue damage. It enhances the fabricating productivity.
What all products do you offer and in what applications do you use these products?
In the medical field technology is making much impact in many forms. The most important product which we use is hydrophilic coating which cures the tissue damage and is useful in many ways. The products which are used are like hydrophilic based on coatings such as polyvinylpyrrolidone(PVP) and hyaluronic acid in medical device coatings. PVP and HA are two entirely different technologies. Most medical devices are based on PVP which is well known biocompatible material. There are other products like polyethylene glycol and polyethene oxide which these polymers incorporate polar nitrogen or oxygen-based groups which has affinity to water molecules in solution.
Do you think AI will completely replace human beings?
I think in future AI might replace human beings. According to the wired magazine next generation of personal healthcare robots that make use of artificial intelligence to take over the job your domestic nurse, performing such functions as reminding you of your medication, coaching patients on the challenges of dealing with chronic illness and communicating with healthcare professionals to help track patient progress. The robots, referred to as the Mabu Personal Healthcare Companion from Castalia Health, are part of the company’s new project on using innovative techniques to increase patient engagement. The idea of having an all-time domestic robot to care for your health may sound creepy at first, but when you really think about it, it is a much more convenient and cost-friendly option for senior citizens who live alone and need minor full-time medical attention. Robotics and AI are removing the human constraints and physical limitations on surgery and placement of innovative medicines. With ultra-high resolution robotic assistance, we can now consider the optimal site to place stem cells in the eye, brain, heart to drive regeneration. Or where to place cellular anti-cancer therapies to kill cancers. In the future, AI will further remove the speed, complexity and precision limitations inherent in a human being driving the robotic arm. As you know many new technologies are coming which can replace humans. Invention of robots and other technologies reduces work load, but it is a huge loss for the people. But AI will be able to cure disease only but not mentally like humans treat.