Patient private capital is needed to help Asia plug its healthcare gaps

Asia’s healthcare challenges include aging populations, rising disease, and strained infrastructure, but the crisis is better understood at the kitchen table, where families decide what conditions to treat, and what to ignore, according to their savings.

While the APAC region makes up 60% of the world’s population, the region accounts for a mere 22% of global healthcare spending. According to the World Health Organization, most developing Asian countries spend just 2–3% of GDP on health, and in many cases public funding amounts to less than $150 per person annually, compared with more than $4,000 per person under OECD norms. Government procurement bottlenecks add further friction, delaying nearly 40% of major health projects. This means that in practice, families often absorbed costs, doctors improvised, and communities carried the burden.

However, with populations aging faster than incomes are rising, that model is no longer viable. Rising rates of chronic illness demand lifelong care, rather than one-off interventions. At the same time, climate stress amplifies respiratory and waterborne diseases, while wealthier Asians are demanding higher-quality, more dignified healthcare.

Governments have reached the threshold of what public finance alone can deliver. Healthcare is competing with education, defense and infrastructure...