A report into ‘Australia-China healthcare opportunities’ by the University of Sydney’s China Studies Centre, National Australia Bank and the George Institute for Global Health has identified areas where Australian businesses can capitalise on China’s increasing demand for quality healthcare.
The report was released by Christine Yates, NAB Private Wealth at the annual Sydney China Business Forum where this years focus was on China’s Health Care Revolution.
Within the background of ChAFTA, one of the most important developments in recent history, the report is timely with China’s transition to a middle income country.
“China is changing its disease profile from that of a developing country, where infectious diseases are much more dominant to that of a developed country in which cancers, heart disease and obesity are much more prevalent.” – Professor Kerry Brown, China Studies Centre
Australia has high quality health services and there are tremendous opportunities for the Australian health and aged care industries, to take our expertise, capability and education knowledge across China, and into the Asia Pacific region.
The report identified the major health challenges China will face over the coming decades, and key business opportunities for Australian healthcare companies:
- Pharmaceuticals – China is Australia’s second largest market for pharmaceuticals including vitamins and health products
- Aged care – with the rapidly ageing population and the legacy of the one-child policy, there is now a strong demand for aged care institutions
- Private hospitals – the Chinese government’s decision to build 7,500 public hospitals through the private sector over the next decade creates significant business opportunities for Australian private hospital operators.
The demand for high quality health care is a constant, unlike the boom and bust cycles of many other industries such as the resources sector. Almost half of NAB’s corporate and SME clients have growth plans which incorporate China.
“Our future is in facing north. The potential and possibility is there for enduring growth for the prosperity of generations to come. China is one of the largest markets in the world, and unlocking access to this market will change the landscape for Australian businesses. ” – Angela Mentis, NAB Group Executive Business Banking
You can download a summary and the report here.