The Future of Medtech in ASEAN
Binh Thai & Pacharee Pantoomano
Asia Actual Thailand’s, Binh Thai, sat down with Pacharee Pantoomano, the CEO of Brand Now Asia to discuss some of the upcoming changes in Medtech for the ASEAN. With such a diverse collection of markets that offer vastly different cultures, healthcare systems, and regulatory environments, there are significant opportunities and challenges going into 2020.
While the SEA countries are moving towards regional regulatory harmonization, the regulatory requirements are still different country-by-country. This variable poses a challenge for any medical device company that wants to commercialize their products across Southeast Asia.
This rapidly growing population of over 660 million people is showing an increase in the middle class with more willingness to spend on healthcare and governments are looking to increase access to better healthcare solutions. Despite the unique regulatory requirements for each country, it is still substantially easier and faster to get products approved compared to developed markets.
Speed to market is a critical success factor, notably for a market such as Southeast Asia which is still a greenfield for innovative products and posses the opportunity for first-to-market mover advantage and
In the SEA Medical Tourism market, innovation is key. With products such as the use of AI, digital health, oncology, pain management, and neuroscience, recent innovation is driving exciting startups. Taking a queue from the pharmaceutical industry, medical device companies are implementing sales force expansion and a focus on brand loyalty through marketing excellence.
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Because of the diversity across SEA, companies cannot depend on a one-size-fits-all strategy
An increasing middle class + easier regulatory processes creates significant opportunity for medical device companies
As of 2019, ASEAN has a combined population of over 660 million
An aging population and increased wealth for the middle class has made Southeast Asia a dynamic market
Contact Asia Actual with questions about Medtech in ASEAN.