Hong Kong as high-end medical hub pushed

Cheng Wong

University of Hong Kong health experts led by microbiologist Yuen Kwok-yung have urged Financial Secretary Paul Chan Mo-po to develop the city's high-end medical services - specifically toward prolonging lifespans and improving quality of life - to attract wealthy clients.

Submitting suggestions for the upcoming budget yesterday, the experts also appealed to the government "as scientists and citizens" to invest in strategic medications and medical equipment to prepare for potential outbreaks amid the fiscal deficit.

The experts said the city faces unprecedented challenges with five deficits in six years and an unpredictable international landscape, suggesting the need for "rapid and visionary actions" to transform Hong Kong economically into "a cutting-edge innovation and technology hub."

They suggested that the government rapidly develop and support high-end medical concierge services, given the rapid growth of global demand for such and the city's renowned health-care industry.

"[The services] attract ultra-high and high-net-worth clients and important personages with both the ability to detect and treat subnormal health or early disease to achieve prolongation and optimization of highly functional longevity, but also to tackle the most difficult medical problems which may seem hopeless today," they said.

To develop Hong Kong as an international health-care center, Yuen said, the main focus must be on "cutting-edge medical interventions and drug therapies," showcasing the city's unique strengths in services such as evidence-based acupuncture, to set it apart from typical advanced medical check-ups in Southeast Asia.

"These new services should couple well with increased high-end passenger flow from world-class exhibitions, award ceremonies and concerts," the group said.

They added that developing high-end medical services would create "knock-on beneficial impacts" on such sectors as insurance and wealth management, as combining these services with tourism and finance could transform the city into a "one-stop destination" for high net-worth individuals.

"This, of course, would also lead to increased government revenue and improvements in our health service."

The experts said the government must ensure long-term funding for medical education and research while allocating funds and making necessary land available for private health service investors, adding that a long-term investment of at least 10 to 20 years is necessary to achieve meaningful results.

"The long-term benefit to the city's gross domestic product from the concomitant synergistic development of its financial and health-care sectors should achieve an attractive return on this investment."

They said this is expected to benefit public medical services, technology transfers and healthcare personnel training.

They also suggested that the government lead investments in strategic technologies such as diagnostic tests, antimicrobials and vaccines, which typically face little investor interest due to low profit margins.

"Because all governments rush for them when they are needed - without a viable alternative research and supply chain, Hong Kong may not be able to afford them due to a worsening economic situation or blockade from overseas suppliers during the next pandemic."

cheng.wong@singtaonewscorp.com