GuideMeSingapore

If there is one industry that has emerged recession proof in Singapore, it is the healthcare industry. The logic is simple – downturn or no downturn, people cannot ignore their health issues and as a result seek the best possible medical care at affordable costs. Singapore has gained from its position as a medical tourism hub to the extent that it had to turn down foreign patients last year – a time when the economic crises was at its hilt. While medical tourism may have marginally dropped this year, the healthcare industry has performed well in general and Singapore’s medical tourism is expected to rise in the near future, as per this news report.

Singapore’s prices for medical procedures are much lower than what patients are charged in countries like the US and this is what keeps medical tourists coming into Singapore, especially during an economic crisis. For instance a heart bypass which costs $140,000 in the US costs $25,000 in Singapore. While India and Thailand offer even more competitive prices medical shoppers prefer to undergo treatment in Singapore due to its state-of-the-art medical facilities that are comparable to what one would find in the developed countries. Most of the medical travellers to Singapore are patients who are either uninsured or those who find it economical to seek healthcare outside the their home country. Additionally, this profile is expanding to include a new category – Americans covered by private insurers. Recently, U.S. insurance companies have turned to providing medical tourism as an option for their clients.

To meet this increased demand from medical tourists, Singapore is building upon its medical infrastructure, hiring and training healthcare professionals and encouraging medical research. The health care sector in Singapore will continue to grow and presents many opportunities for players in this field.

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