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Singapore's healthcare facilities are widely recognized as the best in Asia, with a
strong influence of US and European products and an emphasis on quality
over price. The demand for medical equipments is from the high-end
segment. As a result of this, national
per capita healthcare expenditure is about US $700 per person, the
second highest in Asia behind Japan and is not likely to change. Further
more, a rapidly aging population and double digit growth in the
incidence of cancer is also driving the medical industry's commitment to
maintaining its high standard of care. The device market is expected to
grow 7.3% in 1999, and both the overall market and the import market for
medical devices are expected to grow an average of 5% annually for the
next two years.
Singapore has built a sound healthcare
infrastructure since its independence in 1965 and is bent on maintaining
its position as a regional centre for health-care facilities, especially
among customers in Southeast Asia. With patients arriving from
as far away as India, healthcare generates nearly $ 3 bn (us$1.8bn) in
annual turnover. The government has committed large sums towards the
development of the industry, with latest data showing it invested $4 bn
in 1997, 2.8 per cent of GDP.
An attempt at improving expertise in the
healthcare industry, is the linking up with reputable healthcare
management companies, foreign hospitals and medical centres. Over the
past years, various major hospitals have teamed up with well-known
institutions such as Pennsylvania University Medical Centre, Standford
University Hospital and Royal Melbourne Hospital.
By the year 2000, its Ministry of Health has
plans to build one community hospital, one hospital for the chronically
sick, 10 nursing homes, and a further 10 rehabilitation centres. The
country is also developing its IT initiatives with
healthcare-telemedicine, being high on its priority.
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