The Republic of Singapore consists of the main island of Singapore and some 54 islets. Singapore is one of the smallest nations in the world, with a total area of about 633 square kilometres. The Singapore economy saw exceptional growth in 2004, expanding by some 8.6% in real terms, as compared with just 1.4% seen over the period 2001 to 2003.
Singapore is keen to keep healthcare competitive and financially viable in order to retain her status as a leading destination for healthcare tourism within the Southeast Asian region. This has been made possible by the high standards of healthcare present. However, steep competition is being faced from Malaysia and Thailand in terms of the lower prices being offered there. Relatively higher prices, coupled with strict controls on medical procedures (particularly in the area of cosmetic procedures and lifestyle medicine) could well pose obstacles to growth in the future. Health tourism was anticipated to earn some $500 million in revenue in 2004.
The key drivers for health services, treatments and market growth in Singapore are:
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The ageing population;
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Increasing prevalence of western-lifestyle related illnesses;
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New products that address unmet needs;
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Lifestyle products driven by a better informed public and increased awareness and;
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Patent expiries and the rapid penetration of generic competition will further erode the market value for high profile brands. Therefore, price increases will remain restricted as the market becomes increasingly competitive.
