During a discussion with Prisila, Correspondent for Asia Business Outlook Magazine, Lim Jing expressed his thoughts on the effects of the COVID-19 pandemic on the medical device sector and the anticipated repercussions.
Lim Jing holds a Master's in Mechanical Engineering and a PhD in Bioengineering. Joining the company in 2014, he played a pivotal role in expanding its global presence.
With more than 80,000 implants worldwide, Osteopore’s groundbreaking technology utilizes 3D printing and absorbable materials to regenerate bone and tissues, addressing a diverse range of medical needs.
Additionally, he explores potential avenues for advancement and creativity within the medical device industry as we navigate our way through the post-COVID-19 landscape.
Impact of the COVID-19 pandemic on the medical device industry: Long-term effects and growth opportunities
The impact of COVID-19 on the medical device industry has been profound.
Before the pandemic, there was a strong emphasis on globalization, with efforts to internationalizes technology and supply chains.
However, the disruption caused by the virus highlighted vulnerabilities in global supply chains, leading to a shift in focus towards building domestic resources and self-sufficiency.
Even though COVID-19 is mostly in the past, the interest in ensuring countries can meet their own needs has continued to grow. This has spurred the development of domestic technologies and collaborations with local companies.
The key to growth and innovation now lies in the ability of manufacturers to reach every corner of the world and establish domestic supply chains.
Each nation is eager to translate research efforts into commercialised products. Globally, companies can partner with local research institutes to facilitate this transfer of technology.
This shift towards self-sufficiency and collaboration at the domestic level presents significant opportunities for growth and innovation in the post-COVID era.
The COVID-19 pandemic has accelerated digitalization, and prompted countries to focus on being self-sufficient and resilient.
The pandemic's impact on digital health technology adoption in the medical device sector: evolution and developments
The COVID-19 pandemic has undeniably spurred the imperative for digitalisation and digitisation across various industries, with the medical device sector experiencing a notable acceleration in these advancements.
From my perspective in Singapore, the shift towards digital records has become increasingly prominent, and both patients and healthcare systems are actively embracing this change.
The advantages of replacing traditional paper records with easily accessible and retrievable online or cloud-based systems are clear, despite valid concerns about data security and potential leaks.
Overall, the adoption of digital solutions appears robust. Additionally, I've observed significant progress in technological developments relating to remote monitoring and diagnostics.
The extent and permanence of this impact remain uncertain, but there is a growing recognition of the potential benefits.
The medical sector's embrace of digitalisation is likely to have a lasting influence on healthcare practices, potentially reshaping the industry for years to come.
"In the field of tissue engineering, significant strides are being made to promote sustainability in medical device design, aligning with circular economy principles."
Pandemic disruptions prompt reevaluation of medical device supply chains and resilience measures
During the pandemic, the transportation of essential medical supplies has remained relatively stable in my experience.
The urgent need for these supplies for patient care has ensured a consistent flow. However, what appears to have undergone some alterations are taxation issues.
While most countries have established free trade agreements for medical devices, customs procedures can sometimes present challenges. Harmonized codes may be interpreted differently, especially for equipment sourced from various countries.
This variance can lead to disagreements regarding the device's origin and nature. While there have been some changes in this regard, they have not escalated to the point of causing significant strain, at least as far as I have observed.
Revolutionising healthcare: sustainable medical devices and tissue engineering unleash a new era of patient-centric regenerative medicine
As technology continues to advance, the promise of tissue engineering and regenerative medicine grows increasingly robust. Our company stands at the forefront of this field, fully aware of the transformative potential it holds as a sustainable therapy.
By synergising medical device design, manufacturing, and surgical excellence, we can create conditions where a patient may require just one treatment, sparing them from multiple corrective surgeries.
This enhances patient quality of life and alleviates the socioeconomic burden on healthcare systems.
This approach yields a significant win-win scenario. Hospitals become more efficient, patients experience improved well-being without the ordeal of repeated surgeries, and healthcare resources can be redirected towards high-value care.
A 2021 publication in the New England Journal of Medicine (Catalyst) underscores the magnitude of unnecessary healthcare spending, highlighting the opportunity to save around $15 billion in the healthcare ecosystem by reducing approximately 20% of preventable readmissions stemming from low-value care.
Our commitment to sustainable treatments embodies this vision, driving positive change in healthcare and enhancing the lives of countless individuals.
Unlocking sustainability: tissue engineering and regenerative medicine revolutionize healthcare waste reduction through circular economy principles
In the field of tissue engineering, significant strides are being made to promote sustainability in medical device development, aligning with circular economy principles. One notable advancement lies in the integration of 3D printing technology.
This additive manufacturing approach minimises waste by efficiently utilising raw materials, eliminating the need to carve structures out from large blocks, generating substantial waste in the process.
Beyond resource conservation, the broader societal impact involves reducing unnecessary medical treatments, curbing expenditure, and improving patient outcomes.
Moreover, continuous innovation in tissue engineering seeks to expedite tissue regrowth and enhance healing processes.
This innovation encompasses novel biomaterials, cutting-edge medical printing techniques, alternative treatment methods, and advanced equipment. These collective efforts aim to accelerate recovery, elevate patient quality of life, and drive sustainability in the healthcare industry.
Conclusion: The appropriate application of tissue engineering principles in medical device design and development enables the advancement of healthcare and surgery.
It demonstrates great potential to lower the socioeconomic burden while driving sustainability in patient-centric care.
The future of surgical therapy is upon us, and Osteopore is playing a leading role.