China is Australia’s biggest trading partner and in 2016-17 FY, the two way trade in goods and services was worth $735 billion- a vital component of Australia's economic prosperity. China’s FDI into Australia is also fast growing. With economies of the two countries being very complimentary, the trade and investment volumes are set to increase even further.
With an ageing and increasing affluent population, China’s demand in healthcare has seen significant expansion. It is projected that the Chinese health expenditure will reach RMB 8 trillion (AUS $1.6 trillion) by 2020, which makes it the second largest health market globally. The Chinese Government has put in place a number of policies and strategies to develop the healthcare sector. However due to many years of underinvestment, the increased health demand is very much under-serviced by supply. Australia has much to offer to China in assisting them to develop a better health system and industry.
Despite promising opportunity to collaborate in healthcare, in my experience as the Head of Engagement-Greater China at Victorian Department of Health and Human Services, there were very few actual health agreements that have been implemented between Australia and China. This market failure is resulted from: lack of understanding of each other’s healthcare market/system by Australian and Chinese organisations, lack of culture awareness, scale and domestic focus nature of many Australian organisations.
Australia China Health Accelerator is a vital platform to address the market failure and to facilitate health collaborations between Australia, China and other countries within the Asia Pacific Region. We believe international collaborations will bring about more healthcare innovations and health system improvements, this will ultimately benefit health statues of the people in our region.
I look forward to re-engaging colleagues in my new role and establish new partnerships to achieve common objectives.
Australia-China Health Accelerator