Internet of Things and Cloud technologies. By leveraging our nation's infrastructure and government schemes to connect the unconnected, SMEs can bring about greater economic benefits, such as more efficient asset utilisation, improved productivity, enhanced customer experiences and value-added services.
Beyond value-added services, Singapore is also encouraging companies to capitalise on R&D to create value for their businesses. Singapore's next Research, Innovation and Enterprise five-year plan will also focus more on helping companies develop, test and commercialise new solutions. The aim is to spur SMEs to innovate their businesses beyond value-adding towards value-creation. As Singapore's nationwide network of sensors and data analytics platform continues to mature, there will be plenty of opportunities for organisations to monetise the dataset generated by these initiatives. Businesses will be able to produce original, 'made-in-Singapore' applications, pioneer new business models and create new industries that they can leverage to penetrate overseas markets and expand their footprint internationally."
On supporting Singapore's healthcare system with connected healthcare
"Singapore's healthcare spending is projected to reach S$13 billion in 2020, up from S$9 billion this year. This amount will continue to grow as Singapore bolsters its healthcare infrastructure and capacities to address the needs of our elderly citizens, which is forecasted to triple to 900,000 by 20301. While the spending and subsidies earmarked for healthcare and the silver generation are critical in ensuring adequate medical coverage for Singaporeans, a connected healthcare ecosystem linking critical information, people, and healthcare expertise would provide a holistic, long-term solution for our nation.
We are excited to see Singapore pioneering the use of connected devices and wearable technology, through programmes such as the IoT@Home initiative, to monitor and manage the overall health and wellness of citizens. In addition, telehealth technology, which integrates high-definition video, advanced audio, third-party medical devices, and collaboration tools, can enable medical professionals to administer high-quality patient care and clinical collaboration across any distance, making homecare a feasible and preferred option, especially for the elderly.
By developing these connected and collaborative technologies, and creating the applications to support them, Singapore will be able to tap on the power of the Internet of Everything to increase the efficiency and effectiveness of our healthcare sector. Connected healthcare will shape the future of our country's healthcare model and alleviate Singapore's burgeoning healthcare demands by reducing our citizens' illness incidences through preventive care, increasing the viability of homecare and encouraging citizens to lead a more active lifestyle. This will allow Singapore to develop its healthcare sector at a sustainable rate, while enabling a higher quality of life for its citizens."
Sign up for CIO Asia eNewsletters.