Virtual bootcamp helps Australian digital health companies understand Chinese market
07 Oct 2020
According to some metrics, China now leads the world in digital health adoption with 94 per cent of China’s healthcare professionals using a digital health technology or mobile application.
Patients are also among the most likely to act on their digital health data by following up with healthcare professionals. Spending on digital healthcare in China is estimated to hit US$110 billion this year and has accelerated during the COVID-19 pandemic.
CSIRO & AstraZeneca partner with Austrade
Observing this trend, Austrade’s Landing Pad program in Shanghai partnered with CSIRO, IP Australia, and AstraZeneca’s Wuxi I.Campus to deliver its first online Innovative Health Bootcamp.
In July, participants from 13 Australian companies and institutions undertook a series of workshops to help them craft their China strategy. The workshops provided practical steps on navigating local regulations, clinical pathways, protecting intellectual property, pitching, business structures and how to access funding.
‘The digital health bootcamp was well organised and tailored to the participants’ interest,’ says Dr Kim Fung, Principal Research Scientist, CSIRO. ‘While learning a great deal about the health systems and commercial opportunities in China, it also provided me with potential pathways and opportunities for our technology to succeed in China.’
Showcasing digital health technologies
During the bootcamp, companies were also introduced to leading industry partners, venture capital firms and local government stakeholders. The bootcamp ended with an Australian Innovative Health Showcase, where participants pitched their innovative technologies to more than 70 Chinese companies.
‘Our partnerships with AstraZeneca’s Wuxi I.Campus, CSIRO, IP Australia and the Department of Industry’s Entrepreneur’s Program – as well as the calibre of participants – made this first event a real success,’ says Dane Richmond, Austrade’s Trade and Investment Commissioner based in Shanghai.
‘Australia has a vibrant health-innovation sector that is at helping to address global health challenges,’ he added. ‘As China becomes the world’s largest health market, opportunities for Australian companies will continue to grow, as evidenced by the strong interest in the participants from Chinese investors and partners.’
Partnership with global pharma
AstraZeneca has forged a close partnership with Austrade to help deliver Landing Pad programs.
‘Although currently under the impact of COVID-19, AstraZeneca retains full confidence in the life science industry in China and globally,’ says Tina Xu, Vice President of AstraZeneca China and Head of Digital and Commercial Innovation. ‘It’s been great to co-host the Innovative Health Bootcamp for those high-growth Australian health companies from the drug, device, diagnostics and digital areas.’
‘I.Campus will continue to drive forward excellent opportunities globally and provide a platform for companies to explore the Chinese market and interconnect with the global market,’ she added.
Austrade’s virtual bootcamps are a new service delivered by the Australian Landing Pad.
The events continue to help Australian companies engage with international markets despite the current pandemic. The overall positive response to the first Innovative Health Bootcamp has meant planning for the next one has already begun.
Are you an innovative Australian health company interested in our next China-focused bootcamp? Register your interest
For more information on the Innovative Health Bootcamp and the Australian Landing Pad in Shanghai, please contact: Emily.Ma@austrade.gov.au