Singapore seems to believe not only in attracting medical tourists to its highly advanced health care facilities, but also in taking its expertise abroad to those who seek affordable medical treatment options, but have not traveled yet or are not considering travel as a suitable option. Singapore is a small island and many health care service providers say that potential is limited and may reach a saturation point soon. So far it has been successful in attracting medical tourists by the sheer quality of services it offers and not merely the price. This seems to have started the trend of taking medical care options to those who seek them instead of, or in addition to, encouraging people to travel to Singapore.
Many Singapore based companies are already sold on this idea and they either already have clinics and hospitals in overseas countries or are planning to start soon. Having an overseas presence benefits businesses in two ways. The overseas customers benefit from the lower cost service and from savings on airfare and accommodation. An overseas presence also raises the hospital’s profile and reputation in the regional market rendering it an attractive option for local customers as well.
Parkway Holdings is one of Singapore’s most successful health care service providers. Its network of 16 medical centers and hospitals throughout Asia was augmented by operations in the Middle East and they have successfully bid to manage the Abu Dhabi based Danat-Al-Emarat Women and Children's Hospital. They are so successful that a third of their revenue comes from their overseas operations. The hospital also has plans to open five more hospitals in Malaysia within the next five years.
Raffles Medical Group which is Singapore’s largest private group practice operates on a 65 strong multi-disciplinary clinic network across Singapore and has 3 clinics in Hong Kong as well. The airport clinics in Changi International Airport, Singapore and Check Lap Kok International Airport, Hong Kong are managed by the Raffles Medical Group.
The largest non-hospital based health care provider of specialist medical services in Singapore is Pacific Healthcare. They currently run operations from China, Hong Kong and India. They also have offices in Bangkok, Jakarta and Ho Chi Minh City. Their cardiology and imaging facility in Shanghai, wellness facilities in Shenzhen and centres in Bangalore and Goa, in India are fast gaining reputation for quality health care. Pacific Healthcare is also planning to open a medical centre in Jakarta later this year.
Thomson Medical Group, which is another healthcare company in Singapore also runs the Hanh Phuc International Women and Children Hospital in Binh Duong Province of Vietnam.
It is quite obvious that many companies are eyeing the slice of pie that taking medical services overseas brings. International Enterprise Singapore, which is a government agency that promotes the growth of Singapore based enterprises, sees great potential in building and operating hospitals and clinics overseas, especially in India, China, Russia, Ukraine, Indonesia and UAE. Middle East and China are seen as offering great potential in healthcare on a long term basis.
Singapore is a strong contender for the slice of healthcare business overseas, especially in emerging markets. With its highly advanced medical facilities and technology, coupled with the high healthcare management standards, Singapore is likely to emerge as number one in this area as well.
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