Singapore ranks 12th in the 2021 world index of healthcare innovation, heavily investing in its healthcare system, which is expected to grow significantly by 2030 due to an aging population. The country emphasizes the importance of affordable healthcare not only for economic productivity but also for societal well-being, facing challenges with a rising elderly demographic. Additionally, medical tourism contributes to the economy, as Singapore is a favored destination for treatment, enhancing local healthcare services and outcomes.

1. Smart Healthcare Revolution
The Role of Health
Sectors: Contribution
to the Nation

2. Singapore was ranked 12th in the 2021 World Index of
Healthcare Innovation, offering its citizens several
layers of universal healthcare coverage. Among its
ASEAN counterparts, Singapore spends the most on
healthcare per person per annum.
According to the Ministry of Health, by 2030, the
Singapore National Health Expenditure is slated to reach
$43 billion. Healthcare spending, including public and
private healthcare costs, is estimated to account for
5.9% of GDP and could rise to 9.0%. This spending is
predicted to increase faster than GDP due to the country's
rapidly ageing population and demographic changes.
Reference
https://www.trade.gov/country-commercial-guides/singapore-healthcare

3. Why does Singapore put such great focus on developing
an efficient healthcare system? From a financial
perspective, widespread health issues within a population
can hurt a nation‘s productivity and incur hefty costs.
But more importantly, access to affordable and high-
quality healthcare is a social and ethical responsibility to
support a population's long-term growth and well-being.
A healthy and happy population is equipped to be m
healthy and h, which is why accessible and effective
healthcare plays a vital role in the prosperity the
prosperit
Reference
https://www.smartnation.gov.sg/initiatives/health/

4. On the other hand, Singapore’s population is rapidly ageing. The
number of elderly citizens in Singapore is projected to reach
900,000 by 2030. Combined with our low birth rate, younger
generations will have to shoulder an increasing burden of care
for the growing elderly population. It is a race against time for
Singapore to develop sustainable solutions to support
generations young and old. One such solution is Singapore’s
Smart Nation efforts, where technology is proactively explored
and employed to assist and enhance in sectors like healthcare
and senior care.
Singapore's healthcare system is well regarded for delivering
quality care. This is evidenced by Singapore having the fourth-
highest life expectancy and lowest infant mortality rate
worldwide.

5. The health sector can also contribute directly to a
country's economy through medical tourism. Medical
Tourism occurs when people travel for medical
purposes, like check-ups and treatments in another
country (seeking better treatment or affordable prices).
With the advancement and development of technology
and medical services, Singapore is a preferred
destination for treatment amongst patients from
neighbouring countries. This is a valuable source of
revenue for health providers in Singapore and a
contribution to the national economy.
Health providers can invest this revenue in developing
or employing new technology, facilities, and services
available to the local population. As such, it enhances
overall well-being and improves the quality of care.

6. The healthcare sector is essential to the well-
being of a society. The vitality of Singapore‘s
healthcare sector has shone through in recent
years, one example being the swiftness and
efficiency in managing the Covid-19 pandemic
within a densely populated city.
It is paramount that the healthcare sector
continues to remain vigilant, expand expertise,
and improve offerings. Prioritizing quality care
and remaining connected with the community
will in the long run provide invaluable support
to Singapore‘s economy and help us forge a
better future.

7. Find out more about our services at
www.werkdone.com
werkdone