Singapore Healthcare Industry Outlook

As a developed and still growing country with a top reputation for high-quality governance, Singapore is pushing its healthcare industry to lead Southeast Asia's solution to the fast aging society coming in years to come. The country already has some of the best health outcomes globally, carrying long life expectancy and relatively low infant mortality than other developed countries, alongside adequate numbers of hospital beds, doctors, and nurses to cater to the growing needs of healthcare services.

The Singapore healthcare masterplan requires massive collaborations from both public and private sectors. The Ministry of Health provides a vertically integrated services system. It allows patients to compare costs and quality in their website for better consumer experiences, ensuring affordable and accessible healthcare services for everyone. The government also provides a wide array of subsidies designed to ease the process of healthcare services in the country that can be personalized based on per capita household income.

Digital Health

Singapore is undergoing a digital transformation in its healthcare industry. The country has started developing a video consultation application that enables patients to communicate with their doctors, further encouraging participation from the private sector through establishing the Future Primary Care program that serves as the regulatory framework for players seeking to join the revolution.

Elderly Care

With a rapidly aging population, Singapore stands as the second most elderly populated country globally; Singapore faces the challenge to enhance its elderly care segment to ensure high quality of life for its population. The Agency for Integrated Care has granted over SGD 300,000 through the Healthcare Productivity Fund for innovations centered around healthy aging, inviting Singaporean healthcare industry players to improve their technology constantly.

Recently, the Singapore government has launched the Healthcare Challenge that provides the country with a sandbox for experiments around older adult care solutions that include specific measures on the common diseases of the elderly.

Healthcare Education and Training

Singapore possesses a globally leading medical training system and consistently collaborates with foreign players to ensure the quality of its human resources. In recent years, the country's educational healthcare sector has hosted many joint ventures with giant industry players outside of the country. Additionally, the government still opens opportunities for organizations to join the education segment to allow more specialized training for human resources related to nursing and clinicians.

With the aging population standing as the country's major upcoming challenge, the government expects more niche education revolving around elderly care services and opens a new field for healthcare professionals to explore the nascent segment.

The Singaporean government has expressed that the key to the country's sustainable healthcare system is for the population to gradually realize self-accountability in their health, specifically through telecommunications technologies that provide mobile healthcare services. The future of healthcare in Singapore’s robust digital transformation will lead to efficiency in resources, eventually allowing healthcare professionals to care for more patients effectively. The feasibility of telehealth in the country can be seen from how Singapore dealt with the COVID-19, proving that digital transformation can continue regardless of the presence of mobility restrictions.

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