Singapore Healthcare in a glance
$44 Billion
by 2030
Overall Government Budget and Focus
• Budget 2021 - Health care spending will grow to
S$18.84 billion, up 13.2% from FY2021 , cater to
growth in patient subsidies
• 3 key shifts set by MOH
1. Shift focus from acute hospital to primary
care, community and home settings while
maintaining quality of service;
2. Effective health promotion and disease
prevention programs;
3. Ensuring appropriate and cost-effective care
Challenges
• Shrinking margins and rising costs
• Medical demand
• Push for personalized care, improve communication with
consumers, elevate patient experience lifecycle
Opportunity
• Smart Nation push à Advancement in digital healthcare
industry solutions, cybersecurity (new)
• Reduce cost, increase access, improve healthcare service
• Resident vs Non-resident
• Regulatory Sandbox under MOH – LEAP
SG’s health expenditure (in comparison)
100%
90%
80% Domestic general government health expenditure
50.35%
70% (2018)
60% Domestic private health expenditure (2018)
50%
Out-of-pocket Expenditure (% of current healthcare
40% 18.6% expenditure, 2018)
30% 31.0%
Public Healthcare Expenditure (as % of GDP, 2018)
20%
10%
4.46%
0%
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Source: https://data.worldbank.org/indicator/SH.XPD.OOPC.CH.ZS

• Highest in terms of % private financing covered by

private health insurance and other private funds
SG’s healthcare delivery and financing options
Birth Prevention and Screening and Primary care Tertiary care Post-acute care End-of-life
wellness early detection
Public, private Public health Mostly private Mostly private PCP, Public, private Home care, medical Hospice care,
hospitals, initiatives, sector polyclinics hospitals, escort, community IHPCS, public
Healthcare
polyclinics Insurance/ rehab, day care, hospitals, home
delivery
employer driven nursing homes, care
channels
initiatives community
hospitals
Govn subsidies Govn subsidies Govn subsidies Govn subsidies Govn subsidies, ComCare, Govn subsidies,
Medishield, Eldershield, Medisave,
Public
Medisave, Careshield, Medifund
financing
Medifund Medisave,
Medifund
Mostly OOP OOP, Employee Mostly OOP, Mostly OOP, Co- Personal/ Employer OOP, foundations, OOP, foundations
Direct
benefits Employee benefits pay, employer health insurance, personal/ employer
Private
insurance for co-pay, OOP insurance
financing
outpatient

Drive towards preventive High cost and stress on

healthcare and private public healthcare system
financing capabilities

Other observations:
• Medical insurance vs out-of-pocket (OOP) --> for inpatient vs outpatient
• Healthcare financing for Resident vs Non-resident
• Government-led initiatives (AIC, MOH) – PA, the Silver Academy, Action Plan for Successful Ageing
• Employer-driven initiatives – Mental Health, Physical Health, Financial Health, Social Health
Singapore Government’s Focus
Drive towards preventive healthcare and private financing capabilities
Healthcare
• National Master Plan
• R&D – Translational programs – Geroscience (Parkinson’s)
and Preventive (Cardiovascular disease and diabetes)
• Transformation from care provider to care partner - Address
3 drivers with 5 segments of care (Read more:
https://corp.nhg.com.sg/ROL/ )
• Key drivers of healthcare utilization and costs Frailty, Chronic
diseases, impact of Poor Lifestyle Habits
• Preventive – lifestyle programs
• Building social and community networks
• Increase access to primary care, age care services
• Promote a nation of healthier students, healthier workers,
and a healthier population
• E.g. Healthier lifestyle – healthier meals, step challenge, Total
Workplace safety and health initiative
Financing (and “cost control”)
• Income, employability – SkillsFuture, re-employment
scheme, workplace longevity
• Individual’s financial liquidity – Lease Buyback
Scheme, Medisave
• Universal healthcare coverage funded through a
combination of government subsidies and private
individual savings (cash/CPF medisave)
• Government support channel to low/mid income
and elders – Subsidies, Vouchers, Concession,
seniors package, enabling fund
• Foundations
• Improve efficiency - Single Electronic Health Record
(EHR) in use across the whole country – HealthHub
app
• Alignment of incentives and subsidies
 Singapore players to partner
Recommended strategy
• Find local partners, develop successful PoC, have a clinical champion to push the adoption of your solution
• Consider differences in willingness-to-pay, payer models, users’ perceived value and regulatory barriers
Public healthcare clusters
• SingHealth
• National Healthcare Group (NHG)
• National University Health System
(NUHS)
Private healthcare service providers
• Raffles Medical Group
• Parkway Pantai
• Healthway Medical Corp
• Singapore Medical Group (SMG)
• Fullerton Health
• Clearbridge Medical Group
• Singapore O&G
• ISEC Healthcare
• IHH Healthcare Berhad
Diagnostics
• Pathology Asia (Quest Lab,
Innovative Diagnostics)
• IHH Healthcare, Sunway
Medical, Raffles Medical
• Veredus Lab
Consumer health - Mental Health
• Holmusk - AIA
• Intellect
• MindFi - Healthcare Academy
• Safe Space
Note: Above is not an exhaustive list
Care on-demand (doc/nurse)
• Ping An Good Doctor - Grab
• Doctor Anywhere - Gojek, Cigna, LEAP
• DocDoc - SpesNet, Kaitaiming
• MyDoc - Aetna, Allianz, IHP, Guardian, LEAP
• Doctor World - Raffles Connect
• WhiteCoat - AIA, GrabExpress, LEAP
• HiDoc - SMG, DBS, Watsons, LEAP
• Speedoc - Mastercard, LEAP
• BetterHealth - LEAP
• DoctorxDentist
• Homage - Gigacover
• Jaga-Me - AXA
• NTUC Health - NTUC Income
Singapore FinTech in a glance
• >40% SE Asia FinTechs are based in Singapore
• >200 MN committed by gov to grow FinTech ecosystem
• >100 incubators
• 40+ Innovation labs
• 150+ VC Investors
• ~30 corporate investors
• 8% InsurTech, 23% Payments
• Regulatory Sandbox by Monetary Authority of Singapore (MAS)