The Singapore Healthcare Market is majorly supervised by the Ministry of Health and the Singapore Government. Singapore has acquired universal health coverage through a mixed financing system. The financing of these health care units is facilitated through direct government subsidies, compulsory savings, national healthcare insurance, and cost-sharing.
MediShield Life is the country’s statutory health insurance system that covers large bills that is generated from hospital care and outpatient treatments. MediShield Life does not cover primary care, outpatient specialist care, or prescription drugs.
MediSave is a medical savings account under the CPF that is used for the payment of future medical expenses and premiums of the insurance policy. The savings scheme helps cover out-of-pocket expenditures. The MediSave contributions are usually 8-10.5% of the individual’s wages. MediFund is another facility provided under the regulations of CPF that are used as the government’s safety net for citizens who cannot afford medical services.
ElderShield is another insurance scheme that was introduced for people with severe disabilities. This facility ensures the cost of private nursing homes and related expenses.
Singapore Healthcare Market services
Singapore’s healthcare facility is based on an efficient and widespread system of private and public hospitals. The high sustenance and popularity of this system are due to optimal levels of medical savings account management, cost-sharing, and government regulations. The regulatory bodies adjust policies to actively regulate the prices associated with the supply and upkeep of health care services. However, government bodies do not regulate private facilities through direct means.
Private costs vary vastly with the type of service and medical specialty. Thus, private amenities are subject to forces that change with the type of facility offered to the patient. Several citizens of Singapore make use of private insurances to supplement the government insurance coverage.
The mixed financing system employed by the Singapore government includes nationalized life insurance schemes and deductions from compulsory savings plans. The Central Provident Fund is a mechanism that is employed by the listed citizens of Singapore to reduce the overuse of health care services.
The economics associated with the Singapore Healthcare industry:
In the year 2018, the Singapore health sector had 13,766 general practitioners. The number of GPs were 2.8% more as compared to the year 2017. Additionally, by the year 2019, the number of doctors increased by a value of 3.5% to reach 14279. Additionally, the doctor to population ratio has decreased in the last 3 years. The number of GPs per 1000 citizens has increased by a value of 0.1 as compared to the year 2018. For 2018 and 2017 the value remained steady at 2.4. Moreover, the number of nurses increased from 33,614 to 34609 between the years 2018-2019. The number of dentists has also improved by a value of 4.7% as compared to the year 2018 according to Singapore Health care market research reports.
In the year 2019, the Singapore government announced that they were allocation USD 6.1 Billion for the new Merdeka Generation Fund. In the year 2018, the program was announced as the National Day Rally. It was aimed to assists citizens of Singapore born in the 1950s with their active aging. The facility helps reduce medical bills as the aging population of Singapore increases. As the median age of the population increases, health care spending is also expected to rise within the Singapore Health care sector.
According to Health care market research reports approximately, 70-80% of the population acquires health care services from public facilities. The overall health care spending accounts for roughly 1.6% of the GDP on an annual basis. This amount translates to an average value of USD 1104 per person.
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Singapore Healthcare Market- Government Initiatives:
The acting minister for health care Khaw Boon Wan launched SingaporeMedicine to promote Singapore as a regional medical hub in the year 2003. According to health care market research reports, the geographic location experienced a footfall of 200,000 foreigners who visited Singapore for their renowned medical services. The objective of this program was to treat 1 million patients from countries outside of Singapore in the coming years.
The Singapore government introduced another initiative the Pioneer Generation Package. This program was USD 9 Billion initiative that focused on providing health care services to people residing in Singapore who attained their citizenship before the year 1949. In 2011, another initiative launched was the National Electronic Record Program. This facility promoted telehealth and telemedical services.