Singapore has arguably one of the most efficient healthcare systems in the world, with a life expectancy of 82 years achieved through a modest health spend of about 5% of GDP (vs. average of 9% in OECD countries) and a Pharmaceutical spend of about 8% of total healthcare cost (vs. average of over 16% in OECD). Singapore is also internationally recognized as a biomedical hub, serving as a base for manufacturing, regional headquarters, and R&D activities for many international healthcare companies. The biopharmaceutical industry generated around S$30 billion in manufacturing output and accounts for one fifth of the total manufacturing activity in Singapore. The industry also provides employment for more than 25,000 people.
However, a number of healthcare challenges lies ahead, including an aging population together with its associated healthcare needs. Singapore is in the unenviable position of being No. 2 in diabetes prevalence among developed countries. In addition, cancer is the leading cause of mortality in Singapore at 116 deaths per 100,000 population, which exceeds the average cancer mortality rate across 20 Asian countries. Innovative and sustainable solutions are needed to address these urgent and growing healthcare needs.
The EuroCham Healthcare committee in Singapore aims to bring together stakeholders to find solutions to address the healthcare challenges facing Singapore. The committee represents the various sectors of the European healthcare industry in Singapore, including pharmaceutical, insurance and medical devices companies. It seeks to engage and partner with relevant government bodies, non-governmental organisations and other relevant stakeholders, with the fundamental belief that these challenges are best addressed when we come together.
Mr Anbu Srinivasan, Managing Director, Fresenius Medical Care Singapore (Chair)
Mr Samuel Koh, Corporate Affairs & Market Access Director, AstraZeneca Singapore (Co-Chair)
Mr Low Cheaw Hwei, Head of Design, Philips ASEAN & Pacific and; Head of Government and Public Affairs, Philips Singapore (Co-Chair)
Ms Siow Ai Li, Managing Director, Siemens Singapore (Co-Chair)
- Qualitative interviews with three healthcare sectors: Insurance, medical devices, pharmaceuticals
- Position paper on the healthcare transformation in Singapore
- Increasing healthcare challenges due to socio-demographic changes
- Technology and automation for potentially new methods of healthcare delivery
- Innovation through public-private collaboration
- Ministry of Health (MOH)’s Office for Healthcare Transformation
- Health Promotion Board