Third Age & Longevity Economy Forum

The United Nations predicts the number of people over 60 will increase to two billion by 2050, and the proportion of those over 80 will rise even faster. According to Deloitte’s estimates, Asia will account for 62.3% of the world’s aging population by 2050. Malaysia will be no exception. By 2050, there will be more Malaysians aged 65 and above than 15 and below. By 2070, the country’s population will decline for the first time, according to UN estimated. The concern is not only about the size of the ageing population, but also their health, welfare, care and living arrangements.

Malaysia’s Healthcare National Key Economic Area estimated that the country will reach ageing nation status in just 10 years, with more than 15% of the
population being aged 60 and over by then.

Age is the single greatest risk factor for most causes of death and disability. The odds of developing diabetes, heart disease, most cancers, kidney disease, dementia and many other conditions significantly increase in later life. The length of life spent free from severe age-related disease. This paradigm shifting approach, to focus on slowing the aging process and extending health span, could immediately add another decade or two of healthy, productive life for most people. But our infrastructure and services haven’t moved in tandem to keep up with the needs of the elderly.

In addition, the burden of managing ageing societies should not rest solely on the shoulders of governments. The private sector has much to contribute, and could stand to benefit considerably. Longevity presents a massive opportunity for health-care providers, insurers, technology firms and other companies that can bring innovative products and services to market, and help societies adapt to living longer, better-quality lives. How can the public and private sectors work together to help the ageing populations thrive?