04/10/2022

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More than half of APAC Healthcare Technology start-ups surveyed see the pandemic as an enabler for innovation while talent recruitment is reported as the

More than half of APAC Healthcare Technology start-ups surveyed see the pandemic as an enabler for innovation while talent recruitment is reported as the

Medtronic hosted its first APAC Innovation Convention to examine with critical stakeholders about possibilities and challenges faced by healthcare know-how start off-ups and SMEs in Asia Pacific

SINGAPORE – Media OutReach – 16 March 2022 – Medtronic plc (NYSE:MDT), a international leader in health care engineering, nowadays held its initial hybrid convention, Medtronic Open Innovation Meeting (MAIC 2022), in Singapore, themed ‘Accelerating Healthcare Technology Innovation’. Devoted to the medical know-how and healthcare technological innovation start out-up scene in APAC, the celebration was attended by Minister of Condition, Alvin Tan, Ministry of Trade and Market and Society, Local community and Youth, Govt of Singapore, as its guest of honor.

More than half of APAC Healthcare Technology start-ups surveyed see the pandemic as an enabler for innovation while talent recruitment is reported as the

(L-R) Chris Lee, President of Medtronic APAC, offers the Medtronic Mission Reserve to Minister of Condition for Trade and Field Alvin Tan at the Medtronic APAC Innovation Convention.

Aimed at discussing the problems and chances out there around the healthcare and technology ecosystem in medtech, the meeting noticed the attendance of around 200 delegates from commence-ups, govt establishments, and health care practitioners alongside with Medtronic’s associate businesses. Using the guide in this conversation, Medtronic also unveiled a whitepaper titled ‘Asia Pacific’s Healthcare Systems Ecosystem: Maximizing Start out-up and SME success’, prepared by the Economist Influence and supported by the Singapore Economic Development Board (EDB). Cementing Medtronic’s determination to innovation in healthcare technology, winners from its recent Medtronic APAC Innovation Challenge ended up also declared at the conference.

Medtronic APAC Innovation Obstacle – a reflection of the innovation boom expert throughout pandemic

The Medtronic-Economist Impression Whitepaper disclosed that up to 55% of respondents cited COVID-19 as an enabler of innovative suggestions, alternatively than a detractor. A reflection of this innovation boom, Medtronic noticed too much to handle apps from 323 commence-ups and enterprise enterprises from 46 nations throughout Asia Pacific and over and above vying for a potential collaboration with Medtronic valued up to US$200,000. Five commence-ups have been topped winners of the Medtronic APAC Innovation Obstacle at the conference. Much more information about the winners can be observed listed here.

The study noticed a mixture of components encompassing, better government help (38%), greater collaboration with private sector (37%), amplified funding availability (36%) and cross-learning platforms in between organizations (35%) as the drivers of innovation acceleration. This led to the observation that a multi-sectoral collaborative strategy, led by governments in the area, was a important enabler for driving improvements. When not all results ended up a shock, the scale of some findings did spotlight the magnitude of some challenges facing the health care sector in general. A person this sort of example was the too much to handle reaction citing recruitment as the top result in of issue for about 80% of start-ups surveyed. This echoes the Planet Well being Organization’s (WHO) prediction of a international shortfall of 14.5 million health care workers by 2030[i] .

This very first-at any time study on the region’s health care technology sector will involve inputs from 150 executives from startups and enterprise enterprises in APAC. The paper also includes in-depth interviews with many sector leaders from the health care technological know-how sector as very well as from representatives from corporations in the technological innovation sector these kinds of as SAP.iO Foundries and Microsoft Wellbeing.

For much more information and facts on the whitepaper you should refer to the factsheet or obtain the whitepaper listed here.

Drivers and barriers emerged in first-ever APAC analyze on medtech start off-ups and SMES tackled at convention

Chris Lee, President for Medtronic, APAC said, “No a single business can do health care on your own. As the international leader of health care technological innovation, Medtronic takes the accountability to guide the dialogue and motivate a lot more significant collaborations throughout the innovation ecosystem. That is why we introduced the open up innovation system and hosted modern convention. It really is excellent to see how all the stakeholders arrive ahead to share their views and are fully commited to doing work with each other for greater health care. We also take pleasure in all the strategy submissions and congratulate the closing winners. Additional importantly, I hope that our joint endeavours will lead to numerous new and enhanced methods to meet up with the region’s special health care desires.”

The meeting also showcased a panel dialogue among 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, chief working officer, Ventureblick. The panel weighed in on how governments can engage in a function of a facilitator in the direction of driving collaboration for innovation in health care, the criticality of knowledge individual pathways and health care economics for a thriving enhancement of health care technological innovation innovation, and the talent worries faced by the startup ecosystem in health care know-how.

Also presenting at the conference have been Dr. Tyler Hyungtaek Rim, chief medical officer, MediWhale, Dr. Jade Kua, senior specialist, Emergency Drugs, KK Women’s and Children’s Clinic and Jade Existence and Wellness Founder, and Shakthi Nagappan, director Existence Sciences and Pharma & CEO, Hyderabad Pharma City Ltd & BioAsia, Govt. of Telangana, India.

The conference and the challenge arrive on the heels of Medtronic’s approach to commit up to US$50million beneath its Open Innovation Platform more than the upcoming five years and the upcoming Digital Medtronic Innovation Middle (dMIC) in Singapore, poised to provide the APAC area. This was introduced in Oct 2021 at a memorandum of knowing (MOU) signing ceremony with EDB. The MOU has enabled Medtronic and EDB to jointly entry the regional start out-up landscape, to aid talent and technological innovation advancement and to enable Medtronic leverage AI, Robotics and Electronic Overall health to handle patient wants in the location.

Goh Wan Yee, senior vice president, Health care, EDB, claimed, “Medtronic’s determination to generate its Open up Innovation push from Singapore underscores our posture as a international enterprise hub where by providers can productively collaborate with critical stakeholders to seize new progress opportunities in the Asia-Pacific region. The conversations at MAIC 2022 are more testomony to the strong ecosystem of talent and start out-ups that Medtronic’s innovation staff will be equipped to faucet right here. We search ahead to partnering with more corporations like Medtronic to interact and build significant partnerships with innovators to deliver daily life-saving answers to the sector from Singapore.”

Structured with the guidance of EDB, the meeting was held at the Marina Bay Sands Expo and Conference Centre in Singapore and are living streamed over LinkedIn.

About Medtronic

Bold considering. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Eire, is the primary international health care technology enterprise that boldly attacks the most difficult wellbeing difficulties dealing with humanity by seeking out and getting options. Our Mission — to reduce soreness, restore health, and lengthen existence — unites a world wide workforce of 90,000+ passionate persons throughout 150 international locations. Our technologies and therapies handle 70 health situations and incorporate cardiac units, surgical robotics, insulin pumps, surgical instruments, individual checking systems, and extra. Driven by our diverse expertise, insatiable curiosity, and drive to enable all all those who require it, we supply modern technologies that renovate the life of two individuals each individual next, every single hour, just about every working day. Anticipate more from us as we empower insight-pushed care, activities that place folks initial, and superior results for our earth. In anything we do, we are engineering the extraordinary. For additional info on Medtronic (NYSE:MDT), go to Social Media Iconwww.Medtronic.com and abide by on Twitter and Social Media IconLinkedIn.

Any forward-seeking statements are issue to challenges and uncertainties these types of as those explained in Medtronic’s periodic studies on file with the Securities and Exchange Fee. Real effects may well vary materially from predicted success.

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