Singapore has one of the best health infrastructures across the world. The population is ageing and medical tourism will propel the requirement for healthcare services in Singapore during the near future. Most of the luxurious tertiary care services are brought by public hospitals at reasonable rates. This is assisted by the application of MediShield Life which is the National Health Insurance Scheme. Primary healthcare services are mostly delivered by the private sector practitioners and some by legal authority’s polyclinics operating under the MOH. Public hospitals and specialty centres engage in clinical research.
According to the report analysis, ‘Singapore Healthcare Market Forecast to 2022 – by Type of Clinics (Medical and Dental), by Hospitals (Private, Public and Not-for-Profit), by Prescription and OTC Drugs, by type of Medical Devices (Consumables, Diagnostic Imaging, Patient Aids, Orthopedics & Prosthetics, Dental Products and Others)’ states that Singapore Medical group, Q&M Dental Group, Singapore General Hospital, Changi General Hospital, GSK, Singapore, Beacon pharmaceuticals, Guardian Pharmacy, Unity Pharmacy, Singapore Clinical Research Institute, QT Vascular, Biosensors International, National Healthcare Group Diagnostics, Innovative Diagnostics and Radlink are the key companies which recently working in the Singapore Healthcare Market more efficiently for leading the highest market growth, generating the highest percentage of revenue, obtaining the competitive edge, keep maintaining the governing position, registering the great value of market share and maintaining the governing position by analysing the strategies and policies of government as well as contenders, spreading the awareness connected to the applications and advantages of developed healthcare infrastructure, delivering the better customer satisfaction, increasing the features and benefits of healthcare expenditure, implementing the policies of profit making and strategies of expansion, improving the qualitative and quantitative measures of such and establishing the several research and development programs.
Singapore Pharmaceutical market can be classified by the existence of best-in-class infrastructure, integrated and improved hubs for pharmaceutical manufacturing and research and admittance to regional markets and skilled workforce. Singapore Pharmaceutical market has registered an augment in the revenue at a positive CAGR during 2012-2017 Prescription drugs have registered for the largest share in the revenue in Singapore pharmaceutical market during 2017 propelled by new brands, high prices for prevailing drugs and fewer patent expires. OTC drugs have registered for the remaining share of the revenue owing to increment in trend of self-medication in Singapore. Patented drugs have registered for largest share in the revenue in Singapore prescription drugs market during 2017. Generic drugs have registered for the remaining share of the revenue.
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Singapore hospitals market augmented at a declining rate throughout 2012-2017. Macro trends positively affecting the hospital market entail ageing population, growing chronic disease prevalence, escalating healthcare requirements and growing complexity of care needs. Revenue from outpatients have registered for the key share in Singapore hospital market in 2017 followed by revenue created from inpatient services. This was majorly owing to shift in aim towards preventive healthcare services which developed the revenues from outpatient services. Acute hospitals have registered for majority share in the number of hospitals and largest proportion of beds during 2017 followed by Community and psychiatric hospitals.
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Ankur Gupta, Head Marketing & Communications