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 Asia Pacific.
APACMed also helps member companies improve market access and reimbursement pathways. As a neutral party in MedTech, the organisation helps share knowledge by bringing the ecosystem together.
Founded in 2014 with 300 organisational members, 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. Approximately 600-700 industry representatives are across committees established by APACmed.
In this Global Health Talks, Michael Lesner speaks with Harjit Gill, the APACMed CEO following the MedTech Forum in October. The event was attended by 1700 and had 145 speakers. During the Forum, key themes discussed included economic recovery, patient access, new care models and capacity and capability in the region.
APACMed has formed partnerships in the region, but also with MedTech Innovator based in the United States for screening startups in the Asia Pacific region. This reflects 40% of APACmed members being multinational MedTech companies. However 50% of APACMed members are startups from the region itself.
The Asia Pacific MedTech market is forecasted to become the 2nd largest in the world, yet has varying levels of maturity across a diverse number of countries. The region also has large numbers of the ageing population, but spends less than 5% on average in healthcare, for a region where the main disease states are in cardiovascular, orthpedics and diabetes.
There are 25,000 MedTech companies in the Asia Pacific region, employing approximately 350,000. APACMed CEO, Harjit Gill, talks about the current transformative era in healthcare, with populations more health literate due to COVID and open to other healthcare settings.
APACMed helps the MedTech Industry in Asia Pacific navigate regulatory and reimbursement hurdles between each country in the region through its “Regulatory Reliance” program. The aims of the program are to help expedite approvals, which can take years.
In closing, Harjit sums up the opportunity, with the creative solutions necessary for affordable access across a very diverse range of markets. She sees expenditure on healthcare increasing, leading to greater innovations tackling the challenges.