Singapore’s healthcare infrastructure is world renowned, having earned numerous accolades and has been lauded for its high efficiency and outcomes. Moreover, healthcare also remains relatively affordable in comparison to other developed economies globally. However rising healthcare costs brought about by an ageing population and increased prevalence of chronic diseases has seen the Ministry of Finance boosting healthcare spending to S$10 billion in 2017, more than double from S$4 billion in 2010. The Singapore government is also investing in innovation through collaboration to yield state-of-the-art solutions.
The EuroCham healthcare committee supports the transformation of the healthcare industry in Singapore and the measures taken by the health ministry to rein in healthcare inflation while improving healthcare delivery. Committee members believe that strong collaboration between the public and private sector is necessary for the efficient administration of sustainable healthcare solutions that will be beneficial for all stakeholders.
The healthcare position paper aims to contribute and participate in the regulatory dialogue between the government and healthcare industry to ensure healthcare affordability and efficiency in Singapore. The paper was written with expert opinions obtained by qualitative interviews with companies from the pharmaceutical, insurance, and medical devices sectors of the healthcare industry operating in Singapore, and seeks to address the challenges faced and proposes certain recommendations.