SINGAPORE'S PROSPECTS AS A REGIONAL MEDICAL HUB

Abstract

Singapore takes pride in having won accolades from international bodies for possessing one of the best airports and busiest container ports in the world. Further plans are in store to develop a world-class transportation system and transforn1 the city state into an international financial centre, informational technology hub, international business hub, regional broadcasting hub and tourism hub. These prompted the addition of a regional medical hub to the list and formed the precipitation to this study. Having achieved healthcare standards that are comparable to the developed nations, Singapore's healthcare industry appears poised to scale greater heights. The objective of this study is to uncover Singapore's competitive advantages and disadvantages in the medical services industry. In addition, some implications that the nation may experience on becoming a medical hub are highlighted to ascertain if the export of medical services should in fact be undertaken. Writings on this subject have been deplorable, in part because many societies remain uncomfortable with the commercialisation of medicine. It is regretted that some of the data is not truly up-to-date. As the industry continues to grow in attractiveness, chances are that research interest in this area will be sparked off. The methodology of inquiry consists of a cross-country structure-process-outcome analysis. An attempt is made to embrace an inter-disciplinary approach in this study. It is strongly felt that an economic exposition will not suffice in handling this complex field of study that is a woven convolution of medicine and business, the objectives of which may be inherently conflicting. The diversities of the various academic disciplines in medical sciences, economics, marketing, management, technological and organisational innovation and bioethics will each play a complementary role in assessing international competitiveness in healthcare services. On the whole, Singapore fares well in the structure-process-outcome study. It is well-supported in its quest by sound infrastructure and a disciplined and efficient workforce. Most foreign patients express satisfaction with the healthcare services rendered. As a latecomer to the development process, it has been able to profit from the labour of the developed nations by relying on the transfer and diffusion of knowledge. International competition in healthcare, however, involves competition on a higher gear. Knowledge absorption and adaptation assume diminished roles in relation to knowledge development for the enhancement of the existing pool of skills and knowledge. There is also a need to pay greater attention to increases in healthcare costs which have been rising faster than most countries in the study. There are three elements on which the success of a medical hub crucially hinges: industrial opportunity, ability and strategic marketing and management. The study focuses on the second issue after establishing that the opportunity is awaiting entrepreneurial exploitation. A third area, concerned with how marketing should be employed as a tool to communicate the nation's capabilities to the region, is an area for further study.