Market Opportunity in Singapore
According to the World Health Organization (WHO), Singapore’s healthcare system ranks sixth globally and has the fourth best healthcare infrastructure in the world.
Singapore has been serving as a healthcare and medical hub in the ASEAN region, drawing more than 350 thousand patients annually with its high-quality healthcare infrastructure. The government spends approximately 4% of its GDP annually on healthcare, and this is expected to increase to 8% GDP in a long-term healthcare plan. It is estimated that healthcare expenditure will increase from $6 million in 2015 to $9.6 billion per year by 2020. Among the ASEAN members, Singapore is by far the most developed and efficient healthcare system in the region.
Singapore has a national healthcare plan which covers almost 100% of its population. The healthcare plans include Medisave, MediShield Life, Medifund and Eldershield. Singapore continues to strengthen its reputation as the ASEAN region’s healthcare hub and center of healthcare excellence. With the consistent increase in the government’s expenditure in the medical industry, the island is an attractive market to both local and foreign investors.
Andaman Medical can act as your in-country representative
Medical devices and IVD devices are well regulated under the Health Sciences Authority (HSA) who oversees and safeguards the quality, safety and efficacy of Medical devices and IVD devices in Singapore. As with many other countries in the ASEAN region, foreign manufacturers who are not established in Singapore will need to appoint a local representative to register the medical device in the country. Andaman Medical offers services to act as your local representative to handle product registration in the country. We can assist in the preparation of the submission dossier in accordance with the ASEAN Common Submission Dossier Template (CSDT) as per the HSA requirements, submit your application, and liaise with the authorities until marketing authorization for your devices in Singapore is obtained.