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Asia Pacific weighing in on the risks of rapidly ageing population, pushes for reforms on Elderly Care
Professional services firm Marsh & McLennan has released this year an Asia-focused study on the region's rapidly ageing population. The study aptly titled "Advancing into the Golden Years" covered 14 countries and estimated that the number of adults over the age of 65 will rise by 71% within the next 15 years, while the annual expenditure spent on healthcare will hit US$2.5 trillion per annum, or five times the current level. Comparing that with North America's 55% and Europe's 31% spike in the elderly population over the same period, Asia Pacific is certainly looking like the global home of the elderly.

In Singapore, the elderly population is expected to rise from 11 to 20 percent in the next 15 years - while France took more or less 49 years to experience the same level of spike. While considered to be one of the greatest achievements of the twentieth century, the dramatic rise in life expectancy is not without its share of baggage. When combined with declining birth rates, this demographic shift has caused many to worry about the financial and socio-economic risks affecting multiple stakeholders, with the spiralling cost of elderly healthcare beating at the heart of it. According to the report, elderly healthcare represents an immense financial burden and a risk to the fiscal health of countries and it is estimated that the cumulative elderly healthcare expenditure from 2015 to 2030 will be more than US$20 trillion in APAC alone.

In the upcoming Innovating Care Elderly & Home Care Forum to be held in Singapore this November, decision makers, practitioners, researchers, service providers, and community members will gather not only to look at the elderly landscape and how countries in the region are responding to the call of innovation but also to promote healthy ageing, independent living & better future for senior care management. Roadmap for Reform, Reshaping the Future of Elderly Care and Disruptive solutions and other Business Innovations are only some of the key topics to be discussed at the forum.



Elderly health costs to rise tenfold by 2030: Report

Elderly healthcare costs in Singapore are projected to rise tenfold over the next 15 years to more than US$49 billion ($66 billion) annually, according to a report. This means an average of US$37,427 will be spent on healthcare for each elderly person by 2030. This is the highest in the Asia-Pacific region, just ahead of Australia. Read more...



China ready to take some elderly care lessons from Japan

SHANGHAI -- A Chinese elderly care project is opening a rather big door to Japanese businesses. China is beginning to deal with a problem Japan has faced for decades: how to care for an aging population. And it thinks it can gain some expertise from Japan's care industry. At the end of last year, there were 220 million Chinese age 60 and over -- a huge potential market for Japanese companies that, by themselves, might have difficulty expanding into the country. Read more...

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INNOVATING CARE ELDERLY & HOME CARE FORUM 2016:
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Join us at the Innovating Care Elderly & Home Care Forum which is part of the Innovating Care Asia Pacific initiative to provide a platform for decision makers, practitioners, researchers, service providers, and community members to share their experiences to support and empower rapidly ageing populations. This forum with the theme "Making our health and care systems fit for an ageing population" aims to accelerate key learnings from global and regional perspective.

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