Medical Products Marketing in Singapore
Singapore is one of Asia's most advanced countries with state-of-the-art healthcare infrastructure and a digital foundation to serve all major industry sectors. In a 2000 survey, the World Health Organization ranked Singapore sixth in terms of quality of healthcare out of 191 countries surveyed. (The same survey ranked Japan tenth and the United States, 37th place.) The primary reasons for Singapore's high score were Singapore's medical savings plan, subsidies for low-income patients and greater autonomy in the management of public hospitals. Public hospitals, under the oversight of the Ministry of Health, account for 70% of local demand. In 2001, Singapore's Ministry of Health received a 30% budget increase expanding its budget allotment to nearly $200 million.
In 2000, Singapore's total market size for medical devices was estimated to be $297 million. During that same year, Singapore imported $496 million worth of medical devices. Of that amount, $187 million or 38% was provided by U.S. medical products exporters. Japan followed with 17% market share or $25 million in sales to Singapore. Other major importers to Singapore include Germany and the Netherlands. The Singapore government is making a significant commitment to the development of its life sciences industry, allocating $600 million to develop an indigenous biotechnology sector in Singapore. This effort will stimulate demand for lab equipment, reagents and related biotechnology research products and services. The Singapore government imposes minimal duties or taxes on imported goods. There are no custom duties on medical devices. A 3.0% goods and services tax (GST) is imposed on all products sold locally. Imports are subject to this GST, but payments are refundable on re-exports.
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