Singapore's shift to preventive care to address healthcare costs: report
The country plans to roll out a healthcare platform to make healthcare accessible.
Singapore’s plans to roll out a new healthcare reform “Healthier SG,” seeking to shift the country’s healthcare strategy from reactive to preventive care will offer a solution to rising healthcare costs in the city-state, according to a report from GlobalData.
Through this initiative, Singapore aims to provide a family physician, health plan, and affordable medicines to treat chronic diseases initially to the population aged 60 years and above, and then gradually to people of other age groups.
The plan will help individuals understand their health status, provide medical needs and health goals, and then develop an action plan, such as lifestyle adjustments, weight management, plan screenings, or vaccinations, GlobalData said. Individuals will be given enough flexibility to choose and change their physician as needed.
“Singapore provides a solid foundation for enterprises to develop new business models based on big data and patient-centric care,” the report added.
The move also highlights the importance of individuals taking responsibility for their health, the report stated.
Based on GlobalData’s report, the medical devices market of Singapore is expected to reach $3.5b in 2022. More than 60 global MedTech enterprises now call Singapore home, with operations ranging from regional headquarters and manufacturing to research and development (R&D), the report stated.
Pratibha Thammanabhatla, medical devices analyst at GlobalData, said an ageing population and an increasing burden of chronic diseases such as hypertension and obesity are the two key factors that may have influenced Singapore’s decision to launch the new healthcare reform plan.
“The initiative will help improve the country’s healthcare network as an ageing society needs more healthcare services,” Thammanabhatla said.
Thammanabhatla said Singapore has always considered health a priority and is committed to transforming its healthcare sector by staying open to innovation and collaborations, adapting to new technologies, and initiating new government programs/policies.
“The nation always sets an example for other nations when it comes to demonstrating government efforts and policies that, if properly formulated and adhered to, can make a big difference in people’s lives,” she said.