Australian and Thai experts identify business opportunities brought by aging population trend
7 November 2014
The Australian Trade Commission (Austrade) hosted the inaugural ‘Australian Retirement Living, Health and Wellness Solutions Seminar’ on 7 November 2014.
The seminar brought together Australian and Thai experts in senior care businesses to exchange expertise, and identify opportunities and challenges brought by the aging demographics in both countries.
The event was organised in collaboration with the Appropriate Environment for Elderly and Disabled Persons Research Unit, Faculty of Architecture, Chulalongkorn University.
‘Australia first encountered the challenges of an ageing society many years ago, and as a result has developed a sophisticated system to provide multiple levels of care for seniors, their carers and families.’ H.E. Mr Paul Robilliard, Australian Ambassador to Thailand, said during the opening ceremony.
The ageing population trend is creating opportunities and challenges for governments, healthcare systems, social services and cultural traditions in many countries including Thailand. All organisations will need to be aware of this demographic shift and adapt to this emerging group’s needs and demands.
Statistics show that persons aged over 60 years now account for 13 per cent of total Thailand’s population, however in the next 20 years this figure is expected to grow to 25 per cent.
With regards to the challenges in Thailand, the Ambassador emphasised that businesses can play an important role in providing solutions. ‘While there are clearly necessary adjustments needed to be made at different levels from the government to households to cater for this demographic shift, there are also opportunities for businesses which have the right ideas and expertise to fill the gaps in the market.’
The Australian aged care system is a global benchmark for best practice due to strong government funding; a robust framework for accreditation, quality and regulation; and a long history of cooperation between government, service providers and the community. Both private and public sectors have capabilities in such areas as operations and facility management of aged care and retirement facilities; training for geriatric care and geriatric nursing; advisory and consultancy for aged care and retirement set-ups; medical and healthcare products; and architectural services, construction, building materials and fittings.
Click here for Thai version