Wed, Apr 10, 2019 - 5:50 AM
EY describes this transformation as the sector's move to"Health 2.0, the consumercentric, outcomes driven, prevention focused future of healthcare". And while medical advances may be winning the fight against communicable diseases, the challenges and costs of treating non-communicable ones such as cancer, heart disease and diabetes, continue to grow, says Deloitte.
"The lifeblood of meeting these challenges will be data and technology," PwC says. Integrating technology – artificial intelligence, smart medical devices and more – in a way that meets patients' needs is what top healthcare companies must now aim for. Many of these trends shaping global healthcare are salient here in Singapore too. In addition, the private healthcare specialists interviewed also face the challenges of rising competition and business costs. The latest snapshot of the health services industry here from the Department of Statistics – which excludes pharmaceutical companies and other businesses – attests to this.
This could be attributed to rising manpower costs, which accounted for close to half of the sector's business costs in 2017. But some also cite a slowdown in medical tourism from the region as a contributing factor.
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