Medical Devices
Singapore
Overview
2004 2005 2006 (estimated)
Total Market Size 559 685 833
Total Local Production 999 1012 1134
Total Exports 1377 1557 1836
Total Imports 937 1230 1535
Imports from the U.S. 215.2 248 357
Footnote: Exchange rates used:
2004: US$1 = S$1.63
2005: US$1 = S$1.66
2006: US$1 = S$1.56
The above statistics are unofficial estimates
Figures are in millions of US$
Singapore’s healthcare services are comparable to those of other industrialized economies. The island state’s national healthcare expenditure is approximately 0.9% of GDP and 6.3% of total government expenditure.
In 2005, U.S. exports to Singapore increased by 15% from 2004 to US$248 million. Market share, however, decreased a marginal 3% with U.S. imports to Singapore constituting 20.2% of total imports. Based on trade figures for the first ten months of 2006, U.S. export of medical equipment to Singapore is set to register an increase over 2005. Overall, the regional economies have been steadily improving, and this is expected to translate into a steady increase in market size and an increase in imports from the U.S.
Singapore’s Health Sciences Authority (HSA), through its Centre for Medical Devices Regulation (CMDR), will be implementing a system of statutory control to safeguard the quality, safety and efficacy of medical devices available in Singapore. This is expected to occur in mid 2007. After the system comes into effect, the agency will allow a two-year transition. The control measures are to keep pace with global trends and standards. The agency will take into consideration the regulatory decisions of benchmark agencies like those of the U.S. Food & Drug Administration, the U.K. Medicines Control Agency, Therapeutic Goods Administration of Australia and the European Agency for the Evaluation of Medicinal Products.
Best Products/Services
The Singapore government is focused on moving up the value chain through the provision of services that assist research and healthcare delivery in Singapore and the region. In July 2006, the government announced that it will pump nearly a billion dollars into the biomedical sciences sector over the next five years to boost health-care standards and clinical research capabilities. The challenge is to develop 'bench to bedside' research that will see the fruits of this work making its way into mainstream medicine and benefit all Singaporeans. With 23 hospitals and six specialty centers, Singapore has expertise in a breath of specialties. The government’s vision is to develop Singapore as the Healthcare Services Hub in Asia and projects that its share of this growing market will expand to 3% by 2012, achieving one million healthcare visitors per year. Singapore is also emphasizing caring for an aging population, living a healthy lifestyle with a focus on preventive care, and doing a better job of tackling chronic illnesses. U.S. firms with revolutionary or cutting-edge medical technology or focus on health screening and disease management would find Singapore an ideal place to launch their products.
Opportunities
Government hospitals account for 80% of the 11,830 hospital beds in Singapore. Singapore is renowned for its role as the healthcare hub for the region, treating patients from neighboring Malaysia, Brunei, Indonesia, Thailand, the Philippines and more recently, from the U.S., Britain, Japan, Seychelles, China, Hong Kong and Bangladesh.
Demand for medical equipment comes from public and private hospitals and clinics. The Health Ministry is the largest consumer, accounting for nearly 70% of local demand. Parkway Healthcare, the largest private sector healthcare player in Singapore, is also a significant consumer of medical equipment. More than 80% of local demand is met through imports. There is a premium placed on American made products, and U.S. manufacturers with revolutionary products will find Singapore a good launch market.
Most of the public sector hospitals have been extensively refurbished or totally rebuilt in recent years. New developments include a US$235 million general hospital to be built in the north of Singapore by March 2009 as well as plans for another regional hospital. The latter facility is expected to have between 300-500 beds, offering all the specialties found at other regional hospitals. Observers estimate that Singapore will need another 2,000 private hospital beds to accommodate 1 million foreign patients per year by 2012. The Health Ministry announced in December 2006 that it is looking to acquire more sites for new private hospitals, medical suites and other supporting facilities.
Resources
Trade Show / Conference
Diagnostics Asia 2007 – Clinical In-vitro Diagnostics
March 27 & 28, 2007
http://www.ibc-asia.com/diagnosticsasia
IDEM 2008 – International Dental Exhibition & Meeting
April 4-6, 2008
Hospimedica Asia – Hospital, Pharmaceutical, Medical and Rehabilitation Equipment & Supplies
September 16-18, 2008
http://www.mdna.com/shows/hospimedicaasia.html
Singapore Government Offices
Singapore Economic Development Board
Ministry of Health (MOH)
Health Sciences Authority (HSA)
Health Promotion Board (HPB)
U.S. Commercial Service, Singapore Contact
Luanne Theseira, Commercial Specialist
Email: Luanne.Theseira@mail.doc.gov