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Telco and insurance firm partner to build Malaysian digital health ecosystem

According to a recent report, the data-centric telco, signed a memorandum of understanding (MoU) with a Malaysian insurance and family takaful provider, strengthening their working relationship.

The latest MOU will see the telco collaborating with the insurance firm to explore 5G trials on digital health use cases. Secondly, the two parties will leverage each other’s strengths, capabilities and network of providers to potentially build a digital health ecosystem.

The third area that two firms will be working closely together is to venture into the possibility of setting up a digital health innovation incubator and accelerator focused on providing funding, relevant mentorship and investment resources to selected digital health content developers and providers.

The chief executive officer of the telco noted that his firm believes in the unlimited potential of 5G. Hence, it is working to conduct testbeds and trials in various business verticals to attain relevant insights to minimise challenges upon the roll-out.

In this instance, the telco believes advances in technology and connectivity will enable healthcare services to be more accessible and inclusive than ever.

It is hoped that this partnership will be able to bring even greater benefits to Malaysians through 5G technology.

The chief executive officer and president/country head of the insurance firm noted that technology offers immense opportunities for them to build a sustainable business, as shown through the existing digital distribution of its insurance products through leveraging on the telco’s infrastructure and network.

The insurance company is also constantly looking for partnership opportunities to increase its engagement with consumers, by understanding their behaviours to better evaluate risks and reduce costs of its solutions to ensure more can be insured.

The company believes this expanded collaboration will give them access to the potential of 5G technology and with its established relationship with the telco; the insurance firm can be at the forefront to give Malaysians smarter, simpler and more cost-effective insurance solutions and services.

The MOU signifies the extension of an existing partnership, allowing the two firms the possibility to explore and expand into the digital health space through 5G testbeds and trials.

One such example may include the telco potentially working with the insurance firm’s network of medical providers on remote healthcare use cases. Another trial could see the use of Analytics and Machine Learning for wellness monitoring so that deeply personalised wellness recommendations may be presented to end user.

Other digital healthcare initiatives in Malaysia

In October 2018, a Memorandum of Understanding (MoU) between Collaborative Research in Engineering, Science and Technology (CREST) and the Ministry of Health (MOH) was inked, signifying a historic milestone in revolutionising digital healthcare in Malaysia, according to a report.

The two parties agreed to collaborate in Research & Development & Commercialisation (R&D&C) in the field of digital healthcare which focusses on the digital innovation in healthcare delivery and solutions, joint cluster development activities, industry network engagement, manufacturing alliance, talent development and digital health innovation hubs.

The Digital Healthcare Cluster was established to focus on the application of wearable embedded systems, Internet of Things (IoT) and connected devices technology; and the successful commercialisation of healthcare products, solutions and services by the Electrical & Electronics (E&E) industry.

Led by the industry, supported by academia and government, flexible wearable embedded systems and connected devices utilising artificial intelligence and data analytics are poised to advance Malaysia healthcare industry into the next plateau of benchmark locally while opening up new opportunities globally.

CREST, collaborating with Telemedicine Development Group (TDG), aims to provide the necessary ecosystem for these innovations.

TDG was established in 2016 to nurture collaborative and innovative digital healthcare services ecosystem for Malaysia. It plays an active role in regulation/policy, knowledge dissemination, clinical trials & go-to-market for digital healthcare in Malaysia.

The signing of the MoU indicates that various IoT solutions will be developed and enhanced for better diagnosis and significant savings in healthcare costs.

It was noted that the first digital health innovation hub certainly augurs well for Malaysia which is undergoing a renaissance after the tremendous results of GE14. The innovation hub will bring together medical fraternities, industry collaborators and academic researchers in ideating, researching and innovating digital healthcare solutions.

Thus, both it is evident that both industry players and governmental agencies are working to enhance and develop the digital healthcare ecosystem in Malaysia.

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