Explores the opportunities and challenges faced by health technology start-ups and SMEs in the Asia-Pacific region with key stakeholders
Medtronic plc, a global health technology leader, held its first hybrid conference, Medtronic Open Innovation Conference (MAIC 2022), in Singapore on March 16, 2022, with the theme “Accelerating Innovation in Health Technology”. .
Dedicated to the medical technology and health technology start-up scene in APAC, the event was attended by Minister of State, Alvin Tan, Department of Trade and Industry and Culture, Community and Youth, Government of Singapore, as Guest of Honour.
Aimed at discussing the challenges and opportunities available around the health and technology ecosystem in MedTech, the conference saw the participation of more than 200 delegates from start-ups, government institutions and health practitioners. as well as Medtronic partner organizations.
Leading this conversation, Medtronic also unveiled a white paper titled “Asia Pacific’s Healthcare Technologies Ecosystem: Enhancing Start-up and SME success,” authored by The Economist Impact and supported by the Singapore Economic Development Board (EDB).
Cementing Medtronic’s commitment to health technology innovation, the winners of its recent Medtronic APAC Innovation Challenge were also announced at the conference.
Medtronic APAC Innovation Challenge – a reflection of the innovation boom experienced during the pandemic:
The Medtronic-Economist Impact White Paper found that up to 55% of respondents cited COVID-19 as a catalyst for innovative ideas, rather than a detractor. Reflecting this innovation boom, Medtronic saw overwhelming applications from 323 start-ups and business ventures from 46 countries in Asia-Pacific and beyond vying for a potential collaboration with Medtronic worth up to $200,000. Five start-ups were crowned winners of the Medtronic APAC Innovation Challenge at the conference.
This first-ever study of the region’s health technology sector saw a combination of factors encompassing better government support (38%), greater collaboration with the private sector (37%), increased availability of funding ( 36%) and cross-learning platforms between organisations. (35%) as drivers of accelerated innovation. This led to the observation that a multi-sector collaborative approach, led by the governments of the region, was a key catalyst for driving innovations.
Chris Lee, President of Medtronic, APAC, said, “As a global health technology leader, Medtronic takes responsibility for leading the conversation and fostering more meaningful collaborations in the innovation ecosystem. That’s why we launched the Open Innovation Platform and organized today’s conference. I hope our joint efforts will lead to many new and improved solutions to meet the region’s unique health care needs.
The conference also included a panel discussion between Chris Lee, Choo Heng Tong, Executive Vice President, New Ventures and Innovation, EDB, Ms. Lalitha Bhaskara, Vice President, SAP.iO Foundries, and Dr. Rocky Lee, Director of operating, Ventureblick. The panel weighed in on how governments can play a facilitating role in fostering collaboration for healthcare innovation, the importance of understanding patient journeys and healthcare economics to the successful development of health technology innovation, and the talent challenges facing the healthcare startup ecosystem. Technology.
Also presenting at the conference. & CEO, Hyderabad Pharma City Ltd & BioAsia, Govt. from Telangana, India.
Medtronic’s plan to invest up to $50 million in its Open Innovation Platform over the next five years and Medtronic’s upcoming Digital Innovation Center (dMIC) in Singapore, ready to serve the APAC region. This was announced in October 2021 during a Memorandum of Understanding signing ceremony with EDB. The MOU enabled Medtronic and EDB to jointly access the regional start-up landscape, support talent and technology development, and help Medtronic leverage AI, robotics and of digital health to meet the needs of patients in the region.
Goh Wan Yee, Senior Vice President, Healthcare, EDB, said, “Medtronic’s decision to lead its open innovation push from Singapore underscores our position as a global business hub where companies can successfully collaborate with key stakeholders to seize new growth opportunities in the Asia-Pacific region. Discussions at MAIC 2022 are further testament to the strong ecosystem of talent and start-ups that Medtronic’s innovation team will be able to tap into here. We look forward to partnering with other companies like Medtronic to build and grow meaningful partnerships with innovators to bring life-saving solutions to market from Singapore.