The Silver Economy
A GovLab report
As one of the fastest-ageing populations in the region, Singapore faces an urgent and critical imperative to prepare for the rise of the silver economy. The idea of leveraging digital solutions to harness efficiencies is, of course, not new. Indeed, Singapore has already made much progress in this respect, particularly in the health care sector. Nonetheless, more can be done.
From a government perspective, the pertinent focus should surround the provision of a nurturing overall environment for digital elderly solutions, especially to secure more breakthrough innovations in the sectors where the impact of digital solutions is likely to be the highest and where the intrinsic nature of business is most conducive for digital implementation.
From a business perspective, the crux would be to have the industry take cognisance that digital plays in the Silver Economy is more than implementing new and better technologies; it is about aligning businesses with the needs of the Silver Economy, investing in the right digital opportunities, and rethinking how everyday work can be remodelled in order to improve the user experience for elderly.
In this report, we will explore some of the latest digital solutions within four priority sectors identified for Singapore– Health Care, Food & Beverage, Transportation and Retail – to capture the full potential of an expanding Silver Economy. We will also take a closer look at how the digital solutions in these sectors can complement the Silver Industry Standards Roadmap, and leverage different types of innovation for success.