Four things we learned in Singapore
HBI’s senior reporter recently paid a visit to Singapore – a small country famed for its cleanliness, and sunny weather. She took the opportunity to meet healthcare providers based in the country to find out more.
Despite being an island of just 719km2, the city-state is a global financial centre and hosts many well-known healthcare brands – Raffles Medical Group, Fullerton, Q&M Dental, and Parkway Pantai to name but a few. Funds with significant healthcare investments, such as Tamasek Holdings, TGH Healthcare and Quadria Capital are also based in the country.
There was a sense of optimism among operators – especially about demand in Asia.
Here are four things to note
- The only way is east
The expansion efforts of many companies in Singapore are largely focused on emerging markets in Asia, especially China. A number of new hospitals will start operation in China this year, including Raffles’ 700-bed hospital in Chongqing, southwest China and Parkway Pantai’s 350-bed facility in Chengdu. Nonetheless, healthcare investments in China could be a minefield due to the differences in culture, law and governance. Many operators have invested in China through joint-venture with local partners to navigate the complicated market.
- Traditional Chinese Medicine (TCM) holds a lot of sway in Asia
The 5,000-year history of TCM has an enduring legacy in Asia, particularly in China. According to data published by Xiyuan Hospital China Academy of Chinese Medical Sciences (CACMS) in Beijing, more than 70% of the Chinese population use TCM services every year. TCM are practised side-by-side with conventional “Western” medicine in China – and many TCM clinics are in effect primary care providers.
- Lifestyle problems remain at the forefront
Despite the rise of luxurious healthcare services driven by the demand for comfort and aesthetics, the main focus will be in treating real health issues such as diabetes and heart diseases, one source tells Healthcare Business International.
- Some prestigious foreign brands are increasingly trusted in China
Due a barrage of food safety and medical scandals in China over the past decade, many Chinese are now highly suspicious of some of their home-grown brands, to the benefit of countries like Singapore. As other options are available, more wealthy middle-class people in China are opting to buy foreign brands, be it milk powder, cosmetics, dentistry or medical procedures.
Subscribers can read interviews from our Singaporean sojourn in full below.
We would welcome your thoughts on this story. Email your views to Yoke Wong or call 0207 183 3779.
