IE Singapore Leads Healthcare Team To Guangdong

IE Singapore Leads Healthcare Team To GuangdongA business mission for local healthcare services players to the Chinese province of Guangdong is being led by trade promotion agency IE Singapore, with 17 representatives from 10 Singapore-based firms a part of the healthcare services mission Monday till Saturday.

The delegation which will be there from 22nd May will visit first-tier cities like Guangzhou and Shenzhen, including the rapidly developing second-tier city of Foshan.

During the mission, government agencies like the Guangdong Health Bureau and top public hospitals like The First Affiliated Hospital of Sun Yat-Sen University will be visited by the delegation, including meeting with private healthcare providers and private sector players keen on healthcare partnerships.

The local healthcare industry players are being urged by IE Singapore to tap on the growing market in China, especially the unexplored potential of markets in Guangdong, Jiangsu and Shandong provinces, where Singapore’s value chain of players ranging from healthcare service providers, trainers and medical device players can contribute.

IE Singapore Assistant Chief Executive Officer Yew Sung Pei said: ‘We hope to have fruitful exchanges with key officials and players in Guangdong’s healthcare sector to understand their needs and to explore mutual collaboration.’

It is estimated the total Chinese market health expenditure is around 925 billion yuan or some S$190 billion, with Guangdong at 11% accounting for the largest share.

China's growing affluence also makes it an important market for Singapore companies seeking new, sustainable growth opportunities and partnerships. In 2009, the Chinese Central government ear-marked RMB850 billion (S$173.8 billion) for healthcare reform, signalling a commitment to improving China’s public healthcare system.

China's healthcare expenditure has grown steadily over the past 20 years at an estimated compound annual growth rate of 17%, outstripping GDP growth.