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Nov 22, 2023

Meet The Scientists, Biotech And Healthcare Entrepreneurs On The 30 Under 30 Asia 2023 List

This story appears in the June 2023 issue of Forbes Asia. Subscribe to Forbes

This story appears in the June 2023 issue of Forbes Asia. Subscribe to Forbes Asia

Zhao Yaran has no shortage of ambition for the startup he cofounded in 2021. Targeting the fastest-growing market in China's beauty industry, his Beijing-based Veminsyn Biotech is developing and supplying ingredients for Chinese skincare products aimed at reducing the effects of aging and maintaining healthy skin.

"The likes of L'Oréal and Estée Lauder each have their own key ingredients, but the same can't be said for Chinese skincare brands," says Zhao, who earned a Ph.D. in biology from Peking University. "What we want to do is to innovate on the materials side, and to replace materials from abroad."

Zhao is one of the young entrepreneurs on this year's Forbes 30 Under 30 Asia: Healthcare & Science list who see opportunity in the biotechnology sector.

Veminsyn—where Zhao is CEO and the largest shareholder—produces active skincare ingredients for customers like local beauty brands Zhuben or GenuineNamir. With a compiled database of molecules of materials used in making skincare products, including collagen, researchers at Veminsyn are testing how to alter molecular structures to improve efficacy, such as by making it easier for ingredients to be absorbed.

"What we want to do is to innovate on the materials side, and to replace materials from abroad."

The startup isn't Zhao's first. While an undergraduate at South China University of Technology where he studied bioengineering, he launched a company to help Chinese students prepare for studies and international competitions abroad. Zhao then took a part-time job in biotech research for a local investment firm as he completed his doctorate and after finishing, set up Veminsyn with three friends. The company has raised $20 million to date from investors including Citic Capital, Next Capital and ZhenFund, according to local regulatory filings.

Lan Yuxuan is another biotech entrepreneur from China who made the list. His Beijing-based bioscience startup PhaBuilder redesigns bacteria genomes for industrial purposes. PhaBuilder is best known for altering the Halomonas bacterium to make it suitable for mass production for uses such as making biodegradable plastic. In February, PhaBuilder says it raised $52 million in its series A+ round from strategic investors including Kunlun Capital, the investment arm of China National Petroleum Corporation. The two sides also signed an agreement to jointly develop new and environmentally friendly materials.

In addition to biotech innovations, this year's listees are developing new and improved healthcare devices.

Singapore-based trio Abel Teo, Eleora Teo and Johannes Sunarko have founded Castomize to improve the comfort and convenience of traditional orthopedic devices. The team, a spin-off from the Singapore University of Technology and Design, uses 4D printing technologies to create medical casts that are potentially easier to apply and remove, while enabling faster healing due to better comfort and ventilation. Castomize says it has received research grants from Singapore's National Research Foundation and is working with regional hospitals in Asia to roll out its casts.

Yen Po (Peter) Wang, cofounder of INOPASE.

In Japan, Yen Po (Peter) Wang cofounded Inopase in 2021 to develop wirelessly-powered and miniaturized implants that act directly upon nerves to treat neurological diseases. Inopase's neuromodulation implants treat incontinence, epilepsy and post-traumatic stress disorder treatments, among others.

Wang Liu, a professor at the Hefei, Anhui-based University of Science and Technology of China, focuses on robotics and materials science in his research. Real-world applications abound, and one example is a minimally invasive robot that can be used to treat stroke and heart diseases through magnetic fibers, which can potentially better guide it through human blood vessels.

Wang Liu, a professor at the Hefei, Anhui-based University of Science and Technology of China.

And Zhang Yan, who works as a research scientist at the Hong Kong University of Science and Technology, is the lead inventor behind a patented medical imaging technology called Champ. It helps to detect residual tumors and provides doctors with information on resection margins. Currently in clinical trials, the technology could reduce the possibility of cancer patients undergoing repeat surgeries.

Healthcare entrepreneurs on the list are working on improving access to quality healthcare products.

Amrit Singh and Mayank Kale, for example, want to change how healthcare insurance is offered. Their Loop Health startup says it collaborates with more than 600 companies, providing group health insurance plans from prominent insurers, as well as free access to primary care for employees and their immediate families. Loop, which generates revenue from sources including prescriptions and membership fees, says it has raised a total of $40 million in funding. Its investors include Elevation Capital, General Catalyst and Y Combinator.

Elwinder Singh founded Connect and Heal as a one-stop healthcare service provider to Indian companies. With an in-house team of more than 250 doctors and a network of ambulances, clinics and hospitals, the startup offers corporate employees and their families access to emergency care, medicine delivery, home visits as well as online consultation.

Elwinder Singh, cofounder of Connect and Heal.

Focused on specialty wellness, Ashwin Swaminathan founded Mojocare in 2020. The platform connects patients in India with doctors for treatment of hair loss, fertility as well as sexual health-related disorders. It also delivers prescriptions as well as other nutritional products.

"Having witnessed this [lack of service providers] first-hand and gone through the struggles of getting decent primary care in specialty wellness, I felt that patients deserved better," says Swaminathan, who last year raised $21 million in its series A round from investors including Facebook cofounders Eduardo Saverin and Raj Ganguly's B Capital. "A massive, underserved opportunity was staring me in the face."

To learn more about these young scientists, researchers and entrepreneurs, read our complete Healthcare & Science list here – and be sure to check out our full Forbes 30 Under 30 Asia 2023 coverage here.