Jaehyeok Kim, CEO of Letinar, displays the company's Advanced AR Smart glasses at the Gitex technology show in Dubai on Monday. Pawan Singh / The National
Jaehyeok Kim, CEO of Letinar, displays the company's Advanced AR Smart glasses at the Gitex technology show in Dubai on Monday. Pawan Singh / The National
Jaehyeok Kim, CEO of Letinar, displays the company's Advanced AR Smart glasses at the Gitex technology show in Dubai on Monday. Pawan Singh / The National
Jaehyeok Kim, CEO of Letinar, displays the company's Advanced AR Smart glasses at the Gitex technology show in Dubai on Monday. Pawan Singh / The National


A vision for health tech that is available to all


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October 16, 2024

Technical innovation and human health have – sometimes literally – been in lockstep for millennia. An impressive example can be found in Cairo’s National Museum of Egyptian Civilisation. There, visitors can see one of the world's oldest prosthetics – a wooden toe dated back as far as 950BC that archaeologists believe helped an ancient noblewoman get around. Far from being a primitive aid, the hardwood toe’s advanced craftsmanship shows it was made to be robust, practical and comfortable.

Many of the 6,500 exhibitors from over 180 countries who are in Dubai for this year’s Gitex – the Middle East’s longest-running technology show – are walking much the same path, developing cutting-edge science that has the potential to improve millions of people’s quality of life.

Korean engineers at tech company LetinAR are exhibiting glasses that can deliver real-time patient information to help with complicated surgery. Another Korean firm, Mandro, has developed an exoskeleton glove that can restore grip strength for those who may have lost the use of their hands through chronic arthritis. Dubai-based Xpanceo’s smart lenses can detect early signs of glaucoma, resolve colour blindness and myopia, and monitor important health indicators, such as blood pressure.

The ingenuity on display is impressive, but a perennial issue with such health technology remains: how can we ensure that as many people as possible have access to such devices? It is in companies’ interest to have their product reach as many customers as possible – Xpanceo says a year’s supply of it smart lenses is expected to cost about as much as an iPhone – but many in middle and lower-income countries would still struggle to afford such health solutions.

From using cheap mosquito net mesh for hernia repairs or special drill covers that allow ordinary power tools to be used safely for surgery, there is no shortage of solutions that are both ingenious and affordable

Certainly, there are ways to incentivise companies and manufacturers into reducing costs for healthcare providers and individuals. Direct subsidies and tax incentives for businesses that develop or implement affordable health technologies is one way for governments to play their part. Public-private partnerships between public and private sectors can be an efficient way of funding research and development into affordable technologies. Indeed, the UAE has a considerable track record of supporting innovative healthcare ideas.

But there is a vast reservoir of smart, accessible and affordable health solutions coming from a different part of the tech market: the developing world. One approach has been called frugal innovation. This is when device designs and materials are re-engineered to be simpler and sustainable, often making use of locally available materials to make them cheaper to buy and operate.

From using cheap mosquito net mesh for hernia repairs or special drill covers that allow ordinary power tools to be used safely for surgery, there is no shortage of solutions that are both ingenious and affordable. The Tata Swach water purifier developed in India uses processed rice husk to provide clean water without the need for electricity. Even some manufacturers in the developed world have got in on the act – a good example is GE’s MAC 400, a handheld ECG machine that costs about $800 and has dramatically cut the cost of ECG scans in developing nations.

Such ingenuity and entrepreneurship, coupled with more generic technologies, open-source health tech platforms and meaningful business co-operation can not only complement even the most cutting-edge technology on display at Gitex, it could bring life-changing health solutions to more people than ever. As Gitex brings together the most innovative elements of technology, improving people’s lives remains a top priority.

SPECS

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Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: October 16, 2024, 3:19 AM