Southeast
Asia’s healthcare systems are facing a dramatic shortage of funding recently.
Total public and private healthcare spending accounted for only 3.9% of
Southeast Asia’s GDP in 2012—which is less than any other region globally.
While the average American and European drops thousands of dollars on
healthcare each year, per capita spending in most Southeast Asian nations
averages less than $250 annually.
As
healthcare systems across Asia modernize, health tech firms are competing to
capture new opportunities. Although their business models and target markets
vary, many have one thing in common: they’re setting up their home in
Singapore, one of Southeast Asia’s most dynamic healthcare innovation hubs.
Singapore
has been a focal point for so many tech companies to provide their operations
in Asia Pacific. This city has attracted much attention in last few decades due
to its diverse workforce, linguistic diversity, smart city initiatives and
start up friendly ecosystem.
There are
many regions why most of the startups and companies are trying to have a base
in Singapore
Singapore’s
efficient operating environment and reliable legal framework.
One of
the world’s most business-friendly countries.
Ease of
setting up
Rich
human resource
A great
place to conduct original R&D
Singapore
also hosts top notch universities in the world and had connected well with the
industry providing great career growth for the professionals.
Geographical location
Singapore
has a great advantage of being in proximity to Asia’s fast growing markets such
as Vietnam, Indonesia & Philippines. Most of these nations have great human
resources and skilled workers. The improving middle class consumers and
enormously underdeveloped healthcare systems with significant amount of disease
problems makes it more advantageous.
Further,
nations like Myanmar and Cambodia are in proximity to Singapore which possess
great opportunities for healthcare tech innovators focusing on developing
nations.
Startup hub
Singapore
has also been a central part of emerging Asian market, where many global
leading medical device, biotechnology and pharmaceutical service companies have
their HQ offices. This has resulted in the enrichment of healthcare
professionals which provide a rich supply of ideas, strategic partnership
opportunities and most importantly funding for the healthcare businesses.
Heathcare
startups developing Virtual clinics and Pharmacies, Mobile applications for
public health NGOs and many more innovative applications on their way for
enhancing the healthcare and life style quality in Asia with the advent of
startup friendly city of Singapore.
Singapore
offers a great platform for the regional expansion for promising healthcare
startups who have a great potential to achieve global impact.
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