New Solutions for Old Problems: The Business of Caring for the Elderly

New Solutions for Old Problems: The Business of Caring for the Elderly

In an interview organized by HKTDC, experts in Hong Kong's 'silver economy' sector expressed growing concerns about the challenges posed by the city's aging population, projected to rise from 1.45 million seniors in 2021 to 2.74 million by 2046. Professor Yongping Zheng, Director of the Research Institute for Smart Ageing at PolyU, emphasized the urgent need for both the private sector and government to collaborate in addressing these challenges, stating, “Tackling these challenges will require the private sector to seize the opportunities presented by Hong Kong’s aging population.” He highlighted the necessity for careful planning, as one-third of Hong Kong’s population will be over 65 years old, necessitating innovative solutions in various service industries. Zheng also pointed out the importance of developing scalable products and innovative business models to meet the unique needs of the elderly, while acknowledging the government's efforts to support social innovation in gerontechnology.

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