Singapore, 17 November 2015 – AIA Group Limited ("AIA") and Konica Minolta, Inc. ("Konica Minolta") today jointly launched the 'AIA – Konica Minolta Digital Health Accelerator' in Singapore. The 12 week programme is designed to support entrepreneurs and business to deliver innovative solutions through integrating data to healthcare delivery.
Rising healthcare cost has been an ongoing concern across Asia and in Singapore. The Government's spend on Healthcare in Singapore is expected to double to SG$8 billion by the end of 2015, from SG$4 billion in 20111. 'Digital Health' solutions present one of the most promising growth segments in the healthcare sector, as innovative solutions empower people to better manage and improve their health and provide better diagnostics and treatment options using sensors, data and imaging that are now within the consumer ecosystem.
The 'AIA – Konica Minolta Digital Health Accelerator' is a unique collaborative effort between two major players in their industries – a leading pan-Asian life insurance group and a global leader in digital imaging, printing and medical diagnostics. It aims to create opportunities to groom and nurture start-ups and supports the Singapore government's push on adopting information and communication technologies to develop an integrated healthcare delivery system in the country.
The programme will be run by Nest, a prominent investment incubator which has successfully worked with large corporations to operate customised accelerator programmes. Startups with innovative ideas and technology around digital healthcare are invited to apply for the programme. Participating start-ups will be able to take advantage of the vast access to resources, expertise, markets and mentor network spanning across industry, education, research and government that the programme has assembled.
Following the review, up to 10 companies will be guided through their business growth and development plans, culminating in a formal 'demo day' in Singapore in June 2016 when they will demonstrate their progress and seek investor support.
Patrick Teow, Chief Executive Officer at AIA Singapore said, "This launch is yet another extension of AIA's strong belief in the power of Collaborative Innovation to help manage healthcare costs in Singapore and create value for families here. The protection gap in Singapore is estimated to be US$305 billion2, and healthcare spending is expected to increase with government health spending expected to increase to SG$12 billion annually by 20201. Digital health can play a meaningful role in addressing both these issues as we seek to ensure the well-being of families in Singapore".
"Konica Minolta has long embraced Open Innovation, and combined our expertise in Optics, Sensing and Nanotechnology to create cutting-edge medical field products for more than 30 years now," said Yuji Ichimura, Executive Officer at Konica Minolta, Inc. "Since 2014 we have opened 5 Business Innovation Centres in Silicon Valley, London, Tokyo, Singapore and Shanghai to work with customers, collaboration partners, startups, research institutions and even with crowdsourcing channels throughout the world. This accelerator program is yet another Open Innovation step to reach out to promising start-ups and Konica Minolta will make available R&D assets, and go-to-market channels to accelerate their entry into the Digital Health space."
Details of the 'AIA – Konica Minolta Digital Health Accelerator' are available at aia-km-accelerator.com. Applications will be accepted from 1 December 2015 till 31 January 2016. The 12 week programme will commence on 22 February 2016.