OVERVIEW
Asian countries like Japan, Singapore, South Korea and China are facing a demographic crisis. The aged are starting to dramatically outnumber the young, an issue that affects every aspect of society. Businesses are struggling to adapt to the changing nature of their workforces, and health care systems are coming under increasing financial strain. While governments are acting—Singapore has signaled a rise in GST tax and Japan is investing in pension reform and productivity improvements—they may not be doing enough to prepare their societies for the reality of living to one hundred. How can ageing societies get ready for extended life expectancy? And what are the opportunities for those investing in the ‘silver economy’?
About the 2018 summit:
The world’s over-60 population is already nearing a billion—and it’s still growing. Low fertility rates and increasing life expectancy have the United Nations predicting that by 2050 there will be 2.1 billion of these older people, and around half of them will live in Asia.
Longevity is a polarising issue. Optimists enthuse about advances in biotechnology and the market power of a silver economy; doomsayers fear skyrocketing health-care costs and inadequate workforces. A more plausible, middle position is to see the challenges associated with an ageing population as inextricably linked with their solutions. Governments and businesses need healthy populations to sustain demand, productivity and growth. And as people age, they want to stay healthy, engaged and purposeful. Happily, these are complementary demands.
But across Asia, progress in meeting the challenges of ageing has been patchy. Japan and Singapore have made great strides in helping their populations cope with longevity. Hong Kong, Taiwan and Korea are catching up by embracing new ideas and policy solutions. Philippines, Vietnam and Malaysia enjoy demographic buoyancy, with younger populations for the moment, but in the coming decades they will face the same pressures as their greying neighbours. What lessons can Asia’s longevity leaders share when it comes to engaging the over-60 population in the economy and society? Can the longevity dividend offset the costs of increased demand for health care and social services?
In 2017, for the first time, The Economist brought together Asian business leaders, political decision-makers and health-care entrepreneurs to discuss how to make longevity a source of healthy innovation. At the Longevity Summit 2018, The Economist will build on this momentum to foster thinking on the topic of “living to 100”.
WHY ATTEND
In 2017, for the first time, The Economist brought together Asian business leaders, political decision-makers and health-care entrepreneurs to discuss how to make longevity a source of healthy innovation. At the Longevity Summit 2018, The Economist will build on this momentum to foster thinking on the topic of “living to 100”.
The event will answer the following key questions:
- How are the interests of individuals, governments and businesses aligning around longevity?
- Can developing countries establish ‘ageing in place’ infrastructure and community care rather than expensive inpatient hospital systems?
- How can companies incorporate longevity into their operations?
- What can other countries learn from the policies and ideas already being implemented to ease the burden of ageing around the region?
- What’s stopping longevity-enthusiasts and entrepreneurs from successfully executing on their business strategies?
AGENDA
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8:00 AM
REGISTRATION AND REFRESHMENTS
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9:10 AM
OPENING KEYNOTE INTERVIEW
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9:30 AM
POLICYMAKERS PANEL: IS ASIA PREPARED FOR THE LONGEVITY CHALLENGE?
The Asian Development Bank warns that the rising proportion of older Asians will reduce productivity and diminish growth. Health-care spending is already ballooning as diseases of ageing such as cancer, dementia, diabetes and cardiovascular disorders become more prevalent. Studies have shown that those chronic conditions are the biggest factor keeping older people from work.The challenges presented by ageing populations are inextricably linked with the solutions. Economies need healthy workers to support growth while older people’s physical and mental health benefits from the engagement and financial security that comes from staying in their jobs. How are Asian policymakers tapping this synergy to protect their economies’ fiscal health as populations age? Are integrated health systems helping support productivity?
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10:10 AM
SPECIAL INTERVIEW: HOW THE SCIENCE OF AGEING IS EXTENDING LIFESPANS
In recent years, our understanding of the causes of ageing has advanced dramatically. Health care and technology have converged, speeding the pace of research and transforming biology into an engineering project. In this interview, a leading scientist in the field of ageing research will share their insights into the most important experimental advances now underway.
- Is regulatory caution hampering progress, or do the risks merit the wait
- Where in Asia are the most exciting biotech innovations emerging?
- What are the most promising tools for extending and improving life? And when will we see them come to market?
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10:40 AM
NETWORKING BREAK
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11:10 AM
EIU BRIEFING: IS BUSINESS “READY FOR 100”?
The Economist Intelligence Unit will present insights from new research on ageing in Asian workplaces. What motivates employees to stay in the workforce? What workplace changes would encourage employees to delay retirement? How are employers preparing for ageing populations? And, can companies incorporate expectations of longevity into their operations?
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11:40 AM
THE AGE OF INNOVATION
As populations live longer, demand for health care grows. This is especially so in rapid technology-adopting Asia where the latest gadgets and longevity treatments are eagerly embraced. From virtual reality and automatic vehicles to artificial intelligence and robotics, disruptive innovations are changing health and aged care. In-home sensors, wearables and digital health have made ageing in place possible for those with the necessary resources and know-how. But what of the digital poor in remote areas, who lack access to education and resources? How can product and service designers ensure the digital revolution reaches those who need it most?We will hear from health entrepreneurs about the technologies and tools with the most promise to transform ageing.
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12:20 PM
NEW THINKING FOR OLD PROBLEMS: IS FOOD THE BEST MEDICINE?
Culture plays an under-scrutinised role in ageing, shaping our attitudes and choices about work, family, finances and food. As health care moves from treating symptoms of disease towards wellness and prevention, food and nutrition are becoming a focus for clinicians and policymakers alike.Studies have shown that caloric restriction extends lifespan in some animals and reduces the incidence of heart disease, obesity and diabetes in humans. On the other hand, ageing diminishes our ability to absorb nutrients, causes dental problems and dulls senses like taste and smell, contributing to malnutrition among older people. How can food be used as a tool to manage ageing? And how can we sustain our planet as well as ourselves?
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12:50 PM
NETWORKING LUNCH
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2:00 PM
IN CONVERSATION: AGEING IN PLACE STILL UNDER DEVELOPMENT
A study published in The Lancet attributes Korea’s world-leading life expectancy to universal health. Speedy development has seen longevity increase and fertility rates plummet. What lessons do Asia’s “greying tigers” have for developing economies in the region? Can once-young workforces in Vietnam, Thailand and China age gracefully while their countries develop? As NGOs and governments work to bring vote-winning universal health coverage to populations in developing countries, how should they manage their increasing longevity? And can developing countries contain costs by establishing infrastructure and community care that allows people to “age in place”, staying in their homes rather than entering expensive inpatient hospital systems?
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2:40 PM
PANEL: THE SEARCH FOR A LONGEVITY BUSINESS MODEL
There is consensus among commentators that longevity is an enormous business opportunity. Advocates argue that over-65s are the fastest-growing and most lucrative global market. Consumer goods, housing, financial services, infrastructure and transport are all predicted to boom in the “silver economy”. But so far, few firms have enjoyed commercial success by targeting the senior spend.This panel will examine the barriers businesses face in bringing age-friendly products and services to market. The histories of the electric engine, personal computers and artificial intelligence all show that technology diffusion is rarely swift. Initial breakthroughs often excite inventors and journalists but then languish for decades before reaching mass adoption. How can regulators, entrepreneurs and investors overcome today’s longevity-lag?
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3:10 PM
NETWORKING BREAK
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3:40 PM
PLANNED OBSOLESCENCE: GENERATIONAL DIVERSITY AT WORK
As Asia ages, tight labour markets are squeezing business. In Singapore, the health-care industry alone needs to recruit an additional 30,000 workers in the next two years to keep up with demand. But across the region, bosses have been slow to accommodate older workers. Smart policymakers are stepping in with age-friendly workforce reforms, but governments can only do so much. How can employers leverage the productive capacity of ageing societies?
- From offering flexible hours and life-stage sabbaticals to partnering with not-for-profits, what are the most effective strategies for employers wanting to retain older workers?
- How are employers helping ageing workers to reskill? Are traditional notions of filial piety keeping otherwise productive workers out of the economy?
- Can workers continue to expect the traditional three-stage life—education, work and retirement—in today’s ageing world?
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4:20 PM
SPOTLIGHT ON“ULTRA-AGED” JAPAN: THE WORLD’S OLDEST AND HEALTHIEST CITIES
Japan’s southern island of Okinawa is home to more centenarians than anywhere else on earth. On the mainland, in the small town of Nagi, the local government is working to boost fertility rates by subsidising housing and child care. And further north, the city of Toyama has embraced innovation to adapt to its shrinking and ageing population. With 30% of its people over 65, Toyama has had to overhaul its finances, services and town planning. Schools have been converted into retirement homes, and residents are offered incentives to live in the city centre, where they have easier access to transport and services. What can other countries learn from the policies and ideas Japan is implementing to ease the burden of ageing?
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4:55 PM
WRAP-UP AND REVIEW
Join the conference moderators in this interactive wrap-up of key points from the day. Tweet your takeaways or share them in person.
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5:00 PM
CONFERENCE CLOSE