Increase in Global Healthcare Spending Offers Opportunities
More than 150 exhibitors from 12 countries took part at the inaugural Hong Kong International Medical Devices and Supplies Fair, from 4th to 6th November this year, at the Hong Kong Convention and Exhibition Centre. The auspicious event was organized by Hong Kong Trade Development Council (HKTDC).
The new fair offers manufacturers a chance to link up with buyers from around the world. It will also help buyers identify distributors to help them tap the lucrative Chinese mainland market and the Asian region in general.
“The debut event represents a timely opportunity for healthcare product distributors and manufacturers, in part because medical and healthcare spending on the Chinese mainland have been expanding despite the recent financial turmoil,” said Hong Kong Trade Development Council (HKTDC) Assistant Executive Director Raymond Yip. “The mainland’s recent medical system reforms, worth some RMB850 billion (US$124 billion), are expected to push up medical spending.”
The mainland is not the only growing consumer of healthcare products and services. The World Health Organisation estimates that global spending on health has exceeded US$4.1 trillion a year. Such expenditures are increasing as a percentage of GDP among all major economies. “The trend has been further strengthened by outbreaks of such diseases as bird flu, SARS and, most recently, H1N1 influenza,” said Mr Yip.
Tech Exchange
Fair highlights include the Tech Exchange, a platform for getting technology to the marketplace. Exhibitors showcasing their innovations at the Tech Exchange inclusive of Centre for Innovation and Technology at the Chinese University of Hong Kong, Hong Kong Polytechnic University and the Hong Kong University of Science and Technology. Displays were ranging from Chinese University’s fall-prevention shoes for the elderly to Polytechnic’s PDA-based wireless ultrasound devices and the University of Science and Technology’s CRP rapid tests for diagnosis of acute myocardial infarction. The Hong Kong Government’s Innovation and Technology Commission was on board at the exchange as well.
Fair participants inclusive of medical companies such as 3M. Its ESPE Asia-Pacific Professional Services Manager Dr Young-Chul Kwon speaks at a seminar on the future of dentistry. Johnson & Johnson sponsored a seminar led by Shanghai Fudan University Professor Chen Jie on healthcare reform in the mainland and its implications for the health devices market.
Exhibit categories at the fair include: Accident and Emergency Equipment; Building Technology and Hospital Furniture; Chinese Medical Devices; Diagnostics; Medical Technology; Laboratory Equipment; Medical Components and Materials; Medical Supplies and Disposables; Physiotherapy, Orthopaedic and Rehabilitation Technology; and Textiles.
Regional Regulation
The fair also host the 14th meeting of the Asian Harmonization Working Party (AHWP), the first time the AHWP has met in Hong Kong. The AHWP is working to unify the region’s regulations regarding medical devices, and hundreds of government officials and representatives of regulatory authorities from the AHWP’s member economies are taking part in the meeting.The AHWP featured meetings and workshops on daily basis. In addition, the Hong Kong Doctors Union held continuous medical education courses during the fair period.
A day-long conference, “ Hong Kong – A Medical and Health Device Industries Development Hub,” took place on 5th November, organised by HKTDC and the Hong Kong Medical and Healthcare Device Industries Association (HKMHDIA). The HKMHDIA, which is also hosting a pavilion, is organising the fair in concert with the HKTDC.