The annual Frost & Sullivan Healthcare gala is the premier banquet in Asia Pacific which recognizes companies operating in the entire spectrum of Healthcare. Companies in the field of pharmaceuticals, contract research, imaging, medical devices, generics, biotech, clinical diagnostics and healthcare services will be honoured for their best practices at the 2009 Frost & Sullivan Asia Pacific Excellence in Healthcare Awards. The banquet will be held on April 21, 2009 at the InterContinental Singapore.
Past years' awards have demonstrated increasing competitiveness of home-grown names amidst their global, longer-standing counterparts. Domestically established names Parkway Health and Pharmaniaga Berhad stood alongside multinationals such as Roche, GE Healthcare, Siemens Medical at last year's banquet. Attended by over 150 industry leaders, the dinner hosted presidents, vice-presidents and directors amongst other senior level executives from the region's healthcare sector.
This year the race is further intensified as the global financial melt-down weighs down on players across fields. Though not as apparent in the healthcare sector, the current economic worries could have an implication on the healthcare industry long believed to be a recession-proof sector.
"The Healthcare sector is in a highly dynamic state, influenced by the immediate implications of the current economic climate and a multitude of industry issues. Irrespective of their size and stage of development, companies are faced with higher interest rates, cost rationalization and divestment of non – core assets, amongst other challenges. Nevertheless, the economic downturn has affected the healthcare industry relatively less adversely, and the industry has out –performed the general economy" comments Reenita Das, Senior Vice-President for the Healthcare practice at Frost & Sullivan.
Reenita adds that Frost and Sullivan anticipates Asia will continue to decline thru 2009 with a modest recovery beginning in first half of 2010. She further elaborates that the economic crises will particularly drive higher levels of innovation than ever within the healthcare sector.
"With creative destruction, companies will rationalize right-size and realign themselves for the new age. This new age will be based on biology becoming the single largest driver of the global economy, with wealth creation closely linked to the life sciences." sums Reenita on the effects of the current economic turmoil on the healthcare space.
The pursuit to identify the most deserving and all-withstanding healthcare players is a process involving a great magnitude of data collation and intelligence analysis. Starting with a detailed evaluation process the selection is streamlined to short-list a set of organisations by Frost & Sullivan senior analyst team who study the market in depth. Their thorough and independent research on the selected organisations includes the organisations' market performance, positioning, year on year growth amongst numerous operating climate analysis.
The information on each company is then consolidated and a competitive matrix is prepared for judging. An internal panel of judges comprising veteran analysts in the healthcare research and consulting fields further deliberate the findings of the team to decide on the ultimate recipient for each award.
The annual Awards program has grown in scale and prestige over the years. It has since earned a reputation as the platform for champions, showcasing Asia Pacific's top-most achievers in the healthcare industry.
Infinity 21 is the supporting organisation for the awards and the official newswire is PR Newswire. Media partners include Asia Pacific Biotech News, BioSpectrum Asia, Business Today, China Medi.com, Pharma Asia, Pharma in Focus, Medical News and Medical Supplies Annual Directory.
About Frost & Sullivan
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