An on-site poll at The Longevity Summit – Is Asia ready for 100? in Singapore revealed that the majority (60%) of the 200 Asian business leaders, government officials, and healthcare professionals present didn’t believe the current pace of innovation could address the challenges of increasing longevity. Attendees convened to explore how to better integrate Asia’s senior population into the workforce and promote healthier, longer lives.
A Call for Total Change
Kanwaljit Soin, Founding President of Women’s Initiative for Ageing Successfully, emphasized the need to overhaul the current linear life model. Penny Wan, Regional VP and GM, JAPAC, at Amgen, criticized the existing healthcare approach that delays intervention until illness arises. She advocated for a preventative model that identifies patients early to circumvent disease progression.
Wan highlighted the potential of digital technologies like machine learning (ML), artificial intelligence (AI), and robotics in enabling routine screenings, predicting health issues, and potentially saving healthcare systems billions of dollars. The focus, she argued, should shift from simply extending lifespan to enhancing the quality of those additional years.
Adapting to Silver Needs
Wilf Blackburn, CEO of Prudential Singapore, stressed the need for societal adaptation to accommodate older individuals working longer, on their own terms. He refuted the notion that seniors in Singapore are reluctant to upskill, citing a call center example where older workers transitioned from providing data for chatbot training to becoming trainers themselves. This allowed remaining staff to handle more complex inquiries.
Blackburn emphasized the importance of age-friendly workplaces, particularly flexible work arrangements that appeal to older demographics.
Ecosystem Needed
A recurring theme was the necessity of collaboration among policymakers, financiers, tech companies, and scientists to effectively address longevity challenges in the region.
Wan stressed the need for an ecosystem-based approach to move away from a reactive healthcare system to a preventative one. Such collaboration, she argued, would improve health outcomes, lower costs, and enhance patients’ and families’ quality of life.
Blackburn echoed this sentiment, highlighting Singapore’s SkillsFuture government reskilling program as an example of a multi-stakeholder approach to equip individuals for long-term workplace relevance.
During a panel titled Age of Innovation, Elizabeth Cha, Country Manager of Insilico Taiwan, illustrated how AI and deep learning are being applied to molecular medicine. She highlighted their potential for quick cross-community comparisons, faster validation, and the discovery of new applications for existing medications.
Cha emphasized the importance of comprehensive data analysis, encompassing social behavior alongside medical data, to improve healthcare, especially for age-related issues. This, she emphasized, necessitates collaboration between experts from diverse fields.
What’s Hot in Healthcare
Anne Kim, Founder and Chief Executive of Alphavita Capital, observed a broadening investment landscape in longevity, extending beyond aging to encompass chronic disease management and patient lifecycles. This has attracted interest from high-net-worth individuals and family businesses seeking to invest in products, services, and technology-driven business models.
Products that enhance quality of life as individuals age, telemedicine services, and shared economy platforms optimizing care delivery are attracting significant interest. However, Kim stressed the need for more comprehensive data to bridge the gaps in care provision across various patient needs, emphasizing the distinct requirements of different demographics.
Tan Hwee-pink, Academic Director of SMU-TCS iCity Lab at Singapore Management University, highlighted the challenge of translating research findings, such as those identifying seniors at risk of social isolation, into practical action.
The Prudential Ready for 100 Study
A Prudential-commissioned study by The Economist Intelligence Unit (EIU) surveyed over 1,200 Singapore residents to assess their preparedness for longer lifespans. The study, titled Ready for 100: Preparing for longevity in Singapore, revealed that despite understanding healthy living principles, Singaporeans often struggle to implement them. The report identified four key areas for improvement:
Relationships: While most respondents expressed confidence in finding support during unexpected life events, the report recommended cultivating diverse networks beyond immediate family to mitigate potential financial and emotional strain.
Health and Wellness: Despite acknowledging the importance of healthy eating and exercise, Singapore residents often fall short of recommended practices due to lifestyle factors and cultural influences. This, the study warned, contributes to the rise of chronic diseases like dementia, heart disease, and diabetes.
Financial Health: While saving is common, accumulating sufficient funds to cover an extended lifespan beyond the standard retirement age of 62 remains a challenge. The report urged individuals to prioritize financial planning and consider extending their careers.
Work: Despite government provisions allowing individuals to work up to age 67, the study found a lack of proactive career planning among Singapore residents. Embracing opportunities in reskilling and new industries, particularly those driven by technology, is crucial for extending working years.
Changing Behaviours
The summit also addressed the psychology of behavioral change. Nawal Roy, Chief Executive of Holmusk, highlighted the importance of patient engagement, particularly in managing chronic diseases like diabetes. He stressed that consistent engagement is critical for influencing health outcomes, even with effective medication.
Addressing skepticism towards traditional healthcare advice, Tan suggested leveraging peer influence, particularly by engaging influential figures within senior communities.
Roy emphasized the importance of customizing solutions for different markets, acknowledging that a one-size-fits-all approach is insufficient when scaling across Asia.
Peggy Liu, Chair of the Joint US-China Collaboration on Clean Energy, shared insights from her work promoting sustainable food practices. She stressed the importance of early intervention, particularly targeting children aged five to nine, using gamification and play-based learning to instill healthy eating habits.
Liu advocated for a holistic approach that engages emotions and aspirations, rather than relying solely on statistics, to drive behavior change. She proposed public-private partnerships that leverage blockchain technology to incentivize positive food-related behaviors.