Singapore has recently announced plans to roll out a new healthcare reform “Healthier SG” to shift the country’s healthcare strategy from reactive to preventive care. The initiative will not only offer a solution to rising healthcare costs, but also highlights the importance of individuals taking responsibility for their health, says GlobalData, a leading data, and analytics company.

GlobalData’s latest report, “Singapore Healthcare (Pharma and Medical Devices) Market Analysis, Regulatory, Reimbursement and Competitive Landscape,” reveals that the medical devices market of Singapore is expected to reach $3.5 billion in 2022. Singapore provides a solid foundation for enterprises to develop new business models based on big data and patient-centric care. More than 60 global MedTech enterprises now call Singapore home, with operations ranging from regional headquarters and manufacturing to research and development (R&D).

Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData, comments: “Aging population and increasing burden of chronic diseases such as hypertension and obesity are the two key factors behind Singapore’s decision to launch the new healthcare reform plan. The initiative will help improve the country’s healthcare network as an aging society needs more healthcare services.”

Through this initiative, Singapore aims to provide a family physician, health plan, and affordable medicines to treat chronic diseases initially to the population aged 60 years and above, and then gradually to people of other age groups. The plan will help individuals understand their health status, provide medical needs and health goals, and then develop an action plan, such as lifestyle adjustments, weight management, plan screenings, or vaccinations. Individuals will be given enough flexibility to choose and change their physician as needed.

Thammanabhatla concludes: “Singapore has always considered health a priority and is committed to transforming its healthcare sector by staying open to innovation and collaborations, adapting to new technologies, and initiating new government programs/policies. The nation always sets an example for other nations when it comes to demonstrating government efforts and policies that, if properly formulated and adhered to, can make a big difference in people’s lives.”