Riding on the rapid development of cutting-edge technologies, the healthcare service industry, with a history of thousands of years, is being innovated to lift its efficiency and effectiveness, and enhance user experience, industry leaders and professionals told the fifth Greater Bay Area Conference in Hong Kong on Thursday.

In the coming decades, the greatest company will emerge from the healthcare industry as it's now the tipping point where the sector can be digitalized with relatively mature biotech technologies related to artificial intelligence, the Internet of Things and big data, said Gary Zhang Gaobo, chairman of the Oriental Patron / iCarbonX Health Care Investment and Business Committee.

He made the remarks during the second panel discussion themed "Evolution of Smart Healthcare: Technology & Connected Data" held in conjunction with the conference co-organized by China Daily and the Silk Road Economic Development Research Center.

From a global perspective, 70 to 90 percent of a person's medical expenses are spent on chronic diseases, said Zhang. In this case, healthcare is not just a treatment but a process of management which needs technology's support.

He reckoned that the greatest healthcare or biotech company would more likely come from China as the country has several advantages. On top of it, the country's 1.4-billion population provides 1.4 billion biological samples, which means the data size for better medical research, treatment innovation and personalized medicine is considerable.

Besides, China's mobile internet foundation is sound, enabling the new technologies to get grounded easily, said Zhang, stressing the pivotal role the mainland authorities have played in promoting the evolution of the healthcare business by implementing regulations.

He said his company has plowed huge investments into the biotech and healthcare startups and companies, eliciting a positive outcome, and the new technologies can significantly optimize productive relations and improve efficiency.

Lo Chung-mau, hospital chief executive of The University of Hong Kong Shenzhen Hospital, said technology is an important tool in improving healthcare, especially when it comes to efficiency.

Lo, who was born in Macao, grew up in Hong Kong and now works in Shenzhen, described himself as a true Guangdong-Hong Kong-Macao Greater Bay Area citizen who has experienced the advantages and challenges on the mainland.

He said Hong Kong's medical system boasts its professionalism and the high quality of healthcare services, while the mainland's advantages are case samples and medical efficiency.

"The volume of patients is the key as the quantity is a real advantage or challenge on the mainland which gives us an edge in using technology," Lo said. The University of Hong Kong Shenzhen Hospital has adopted a series of digitalization and automation efforts in providing medical services.

"I would say Hong Kong has the most socialistic healthcare system in China, whereas across the boundary in the other nine cities in the Bay Area, there's a strong element of capitalism," Lo said. He noted that it's a challenge and what the industry needs to think about is to try to let the two systems collaborate and leverage the strengths.

As to concerns that technology may eventually replace human work in healthcare, Lo explained that the machines and technologies are to improve patient experience instead of replacing healthcare personnel.

Nancy Tse Sau-ling, former chief financial officer and director of finance and information technology services of Hong Kong Hospital Authority, said technology not only has a great impact on healthcare but also other areas like e-payment or e-banking. "So, a lot of business opportunities are out there."

"For the healthcare sector, you should consider looking at collaborating with other partners, such as fintech companies and other technological companies, in developing the system to provide more efficient and cost-effective packages," Tse said.

Seeing the government's determination to push the development of biotech industry, Ricky Chiu Yin-to, founder and chief executive of biotech startup PHASE Scientific, set up his company's global headquarters in Hong Kong, with manufacturing, research and development work, clinical trials and other supporting facilities based in the United States and in Suzhou, Jiangsu province.

"The biotech industry's ecosystem in Hong Kong is still in its infancy as many global companies set up their headquarters and branches in Hong Kong not for research and development, but for commercial, sales and marketing purposes," said Chiu.

He saw fundraising and attracting talents as the major challenges for biotech startups in the region, but said such challenges can be overcome, and the entire Bay Area initiative can compensate the shortcomings.

Chiu urged biotech startups to expand their market visions to the Bay Area.

pamelalin@chinadailyhk.com

(HK Edition 10/11/2019 page8)