SINGAPORE:
Homegrown company Ageing Asia has
created the region's first industry network on the business of ageing.
The
Ageing Asia Alliance aims to nurture investments, and develop new products and
services to address the needs of Asia's growing ageing population.
The
alliance was launched at an ageing investment conference on Wednesday morning,
and currently comprises some 800 business, government and community leaders.
Ageing
Asia's managing director, Janice Chia, said the eldercare industry in Asia is
relatively new and growth potential is high.
She
said: "From the business community, what we hear a lot is they're very
interested in how they can develop products and services that can help the elderly
age better.
"And
whenever we travel overseas as a platform, a lot of international business
leaders tell us they're interested in looking at the Singapore market... on how
they can introduce new products here."
Minister
of State for Community Development, Youth and Sports, Halimah Yacob, added that
the private sector has a role to play in the eldercare industry.
She
said: "The elderly community is not a homogeneous one. Indeed, more needs
to be done to cater to the needs and aspirations of the elderly who're
financially better off.
"In
order for us to address the needs of our elderly across various generations,
backgrounds and life circumstances, government's initiatives alone are not
going to be enough."
The number
of seniors in Asia is estimated to reach 1.2 billion in 2050, representing over
63 per cent of the world's population of seniors.
With
such a diverse, growing demographic, one objective of the new Ageing Asia
network is to draw up industry standards for each country that can raise the
quality of eldercare in the region over time.
Ms Chia
said: "Currently across the Asia-Pacific, we don't really see health and
housing standards being implemented across eldercare. For example in terms of
housing, if an elderly person chooses to move into a retirement village in
future, we need something that protects the consumers who move in, so that
they're assured that a certain level of care is given year upon year."
Ms Chia
said retirement home developers can also stand to gain from having a set of
standards that they can benchmark across the industry.
Experts
said Asian societies will eventually come to embrace nursing homes and
retirement villages once the proportion of elderly in society becomes
significant - around 20 per cent.
Barry
Hirschfeld, CEO of Asia Investment Partners, said: "Across Asia, because
of Confucian thought and filial piety, there's a real sense that a family
should live together. And senior housing, there's been resistance to that
concept.
"However
what has happened in the case of Japan, because the need has become great,
because the percentage over 65 is so high, that it just becomes much more
difficult for the families to take care of everyone."
That is
when quality, accessible housing for seniors will become an attractive option
for many.
He
added that beyond housing, business opportunities in the eldercare sector
abound, from electronics to bedding.
He
said: "Any business, not just in Asia but worldwide, has to address the
demographic changes we're looking at. Every company is looking at how we can
address the needs of the elderly. (Like) how can we create phones that work
better for elderly people?
"Another
example is beds, which people spend a lot of money on. The same thing is true
with senior housing facilities - that's actually a very large growth area for
bed manufacturers."
Some
200 eldercare industry professionals are in Singapore for an ageing investment
forum from April 11 to 12.
-CNA/ac
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