Since 1996, Malaysia has achieved the status of the upper-middle-income country and has an annual GDP growth rate of 6.86% (according to the World Bank), and GDP per capita of USD 10,401.79 in 2020. Healthcare spending per capita in 2018 accounted for USD 427, which translates to 3.76% of the GDP, which is substantially lower than OECD countries (8.8% as a share of GPD). Though Malaysia has an excellent framework for the universal healthcare system, about 38% of total healthcare expenditure was out of pocket and totaled RM 21.5 billion in 2017. Out of pocket payments have grown at 10% every year since 1997, and if the trend continues, the total healthcare expenditure is projected to reach RM 55 billion by 2027.
Fintech for Health offers innovative solutions to address the challenge of growing out-of-pocket expenditure in healthcare. Fintech for Health is defined as bringing digital financial solutions into the healthcare ecosystem so that people can pay for their healthcare expenses. Innovative models have boomed in the financial industry in the last decade – such as digital savings, digital lending, micro-investment, insurtech, among many others. These models would empower patients to plan and save for their healthcare costs when integrated with the healthcare ecosystem. In emergency healthcare situations, digital lending solutions allow patients to access much-needed healthcare seamlessly. While these solutions bring efficiency, transparency, and the ability to afford, their seamless integration within the healthcare ecosystem and supporting regulatory landscape is the key to success.
Join us on the webinar to know more about Fintech for Health solutions, including innovative insurtech models that meet the needs of the target audience comprehensively, changing role of different stakeholders, and how the models could be scaled to meet the needs of the mass population.
||Dr. Monica Mittal
ACCESS Health International, Singapore
Dr. Monica Mittal is the Innovation Lead at ACCESS Health International, Singapore office. She leads Fintech for Health projects across six markets- India, China, Bangladesh, Malaysia, Nepal, and Vietnam. She also leads the Accelerator Program for start-ups under Health Futures.
Dr. Monica Mittal is a seasoned healthcare professional with 8+ years of experience spanning strategy, business development, account management, and marketing across her entrepreneurship ventures, start-up experience, and corporate MNC exposure in Singapore and Southeast Asia.
A medical doctor and MBA by education and an entrepreneur at heart, she brings strong expertise at the intersection of healthcare, business, and technology.