RAPID ADOPTION OF DIGITAL TECHNOLOGIES SPURS TRANSFORMATION OF THE HEALTHCARE SECTOR

The past eighteen months have seen a digital surge, as awareness of online services turned to broader acceptance and ultimately to adoption. - By Derek Yung

While healthcare services were very much part of the digital landscape prior to the pandemic and ensuing lockdowns, COVID-19 undoubtedly fuelled their rise to prominence.

This trend is validated by the Prudential Hong Kong Smart Health COVID-19 Study 2020, which showed a sharp increase in appetite for telemedicine services as a result of the pandemic. This was accompanied by a corresponding drop in the number of visits for medical services, such as dental, medical checks and physiotherapy.

Respondents keen to use telemedicine services expressed interest in online appointment booking, virtual queuing, and payment (75%), delivery of prescribed medicine (69%), and COVID-19 testing (63%).

The use of telemedicine services is rising across Asia

The value of virtual consultations as a quick, convenient, and inexpensive way to talk to a doctor became obvious during the pandemic, even in developed markets where access to healthcare is readily available. Such advantages are likely to be even more pronounced in less developed markets where the number of doctors per capita is much lower. For example, Cambodia has two doctors per 10,000 people and Indonesia has five, in contrast to China with 20 doctors and Singapore with 23.[1]

In Asia, where 80% of the population do not have any insurance cover,[2] access to affordable healthcare via a mobile is a game changer.

Giving customers greater access to healthcare services through Pulse by Prudential

At Prudential, efforts to leverage digital technology to help customers take greater control of their health and wellness predate the pandemic.

A case in point is Prudential’s exclusive partnership with Babylon Health, a UK-based artificial intelligence (AI) developer, to provide a suite of AI-powered health services.

[1] WHO, https://www.who.int/data/gho/data/indicators/indicatordetails/GHO/medical-doctors-(per-10-000-population)

[2] Prudential estimate. Prudential Corporation Asia 2020 full year results

These services are integrated with Pulse by Prudential, an all-in-one digital health app designed to empower users to proactively manage their health. Pulse was launched in Hong Kong in 2020 with tools such as health risk assessment, symptom checker and telemedicine services made available to Prudential’s customers and the community.

A shared vision to make healthcare accessible to all

Digital healthcare offers the community a plethora of advantages in terms of accessibility, quality and affordability.

In Hong Kong, there is a vision to make high-quality, accessible, and sustainable healthcare available to all. The COVID-19 pandemic has underlined the need and urgency for change and coming up with new ways to deliver medical services in a more flexible and modern manner.

Meanwhile, market integration in the GuangdongHong Kong-Macao Greater Bay Area creates an opportunity for Hong Kong to establish and lead a regional digital health ecosystem. The paper “Digital Health for Hong Kong and the Greater Bay Area” by the British Chamber of Commerce in Hong Kong outlines the vision, strategic objectives, priority focus areas and implementation principles for an effective digital health strategy, all key to navigating through challenges and achieving greater success.

Looking forward

Looking forward, as digital health technologies evolve, we hope to see more people taking greater control of their health and wellness goals, and for healthcare to be made more accessible and affordable to everyone.

The pandemic has accelerated the rise of innovative health technologies. Healthcare services such as doctor consultations, medicine delivery, health records management, research information for selfhelp and payments will all increasingly be handled digitally.

Further down the road, it is possible to envisage a time when health consultations and diagnostics will be handled in different time zones to reduce costs while enhancing accessibility and convenience.

These are only a few examples of the many ways health technologies have already begun to transform how we experience medical services. While progress made over the past few years has been substantial, these technologies retain the potential to open many more doors and usher in further change still.

About Prudential Hong Kong Limited

Prudential has been serving the people of Hong Kong since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide a range of financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance and employee benefits.

Please visit www.prudential.com.hk for more information.

Derek Yung, Chief Executive Officer, Prudential Hong Kong Limited