Singapore has one of the best health infrastructures in the world. The population is ageing and medical tourism will drive the demand in Singapore even more in the near future. The total healthcare spending will grow to on average 3,000 USD per capita. There are many opportunities for new entrants.
The Singapore medical industry
Singapore will showcase the best in healthcare delivery and medical technology with the 3 healthcare strategies that the govenment has formulated: the pursuit of clinical research, long-term care improvement, and a focus on more sophisticated care.
Singapore has also implemented Medishield Life, healthcare insurance that will assure people with pre-existing editions along with the whole Singaporean population health coverage and full access to medical care.
Indeed, the healthcare industry in Singapore will be a good avenue for opportunities in an industry that’s only gonna grow and grow.
Government policy for healthcare in Singapore
The Ministry of Health (MOH) is the one responsible for formulating policies and programs for the development and regulation of healthcare products and services. The nation’s goal is to transform the healthcare sector through IT-enabled delivery systems that will focus on achieving integrated and high-quality care, cost-effective services, an increased ability of the public to manage health, and strong clinical and health services research. In order for MOH to meet these goals, they have been allocated with enough money to set up projects and funding is only expected to grow in the years to come.
Public healthcare groups operating under MOH
|Public Group||Anchored By||Specialty Institutes and Projects||Number of Acute Beds|
|Alexandra Health||Khoo Teck Puat||Woodlands Integrated Healthcare Campus (1,800 bed facility); Admiralty Medical Center (specialty care facility)||795|
|Eastern Health Alliance||Changi General Hospital||Integration of Changi General Hospital and St. Andrew’s Community Hospital||1000|
|Jurong Health||Ng Teng Fong Hospital||Integrated general hospital, community hospital, and outpatient clinics||700|
|National Healthcare Group||Tan Tock Seng Hospital||Institute of Mental Health, National Skin Centre, NHG Diagnostics, Johns Hopkins Singapore International Medical Centre||1,700|
|National University Health System||National University Hospital||NU Cancer Institute, NU Heart Centre||1,239|
|Singhealth||Singapore General Hospital, KK Women’s and Children’s Hospital, Alexandra Hospital||National Cancer Centre Singapore, National Dental Centre Singapore, National Neuroscience Institute, Singapore National Eye Centre, Sengkang Health (1,400 bed integrated facility)||2,830|
Singapore market size and trends
- Most of the expensive tertiary care services are provided by public hospitals.
- Primary healthcare services are mostly provided by private sector practitioners and some by government polyclinics operating under MOH.
- Public hospitals and specialty centers engage in clinical research.
- Singapore’s goal is to become the premier healthcare cub via attraction of foreigners.
- An emphasis is placed on a healthy lifestyle and a focus on preventive care.
- According to the MOH, a major source of beds are public acute hospitals.
- Majority of private and public sector hospitals have been accredited by the Joint Commission International (JCI), a branch of the U.S.’ main hospital accreditation agency.
Market entry opportunities in the Singapore medical industry
Most potential distributors would request exclusive rights to sell a product. They would probably ask for distribution rights for the nearby countries as well.
As of the moment, there are no barriers with regard to the entry into Singaporean economy since the country is an open economy and believes in keeping the trade open. No custom duties on medical devices. A 7.0% tax on goods and services locally and imports are subject to GST, but payments are refundable one exports.
In order to protect public health while continuing to allow access to new technologies, the Medical Devices Regulations was implemented in 2007 to 2010 to serve as a framework.
Competition in the market
Major competitors of the U.S. in the market are medical device manufacturers from Germany and other European economies. The local production in Singapore though is primarily for export or contract manufacturing.
The healthcare industry will open several opportunities for economic growth. It has been predicted that customs will see an influx of people from various countries willing to invest in an industry filled with potential. The prestige of healthcare will only grow in Singapore for the years to come.