London, England -- (SBWIRE) -- 03/21/2012 -- Singapore had a population of approximately 5.1 million and a low population growth rate of 1.8% in 2010. The available data for the age distribution of the population of Singapore indicates a decrease in the 0-19 year-old age group population, and an increase in the 60 years and above age group population from 2005 to 2020. The population in 0-19 age group is expected to decline from 24% of the total population in 2010 to 20% of the total population in 2020. However, the population in the 60 years and above age group is expected to increase from 14% in 2010 to 21% of the total population in 2020. An increase in the elderly population of Singapore will result in an drastic increase in the healthcare burden in the future. The population aged 60 years and above is increasing at a steady rate and is projected to reach approximately one million by 2020. Moreover, a decline in the population group of working age is an added concern for the future of Singapore’s economy. Thus, the low population growth rate and rising elderly population represent a challenge to the policy planners in Singapore.

The pharmaceutical market in Singapore was estimated at $375m in 2010. It is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.6% and is projected to reach approximately $845m in 2020. The major factors contributing to the growth of Singapore’s pharmaceutical market include efficient intellectual property protection which is globally ranked one, excellent infrastructure including the development of a biomedical industrial park – Tuas Medical Park and the research centre, Biopolis. The government of Singapore also offers incentives to the multinational biomedical companies to establish their production and research units in the country.

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The five types of healthcare insurance plans available in Singapore are Medisave, MediShield, Medisave- Approved Integrated Shield Plans, MediFund and ElderShield. A Medisave plan can be used to pay for a person’s own or immediate family member’s hospitalization, surgery and outpatient treatment expenses on payment of the premium. MediShield is a catastrophic medical insurance scheme, with features such as ‘deductibles’ and ‘co-insurance’, which help to meet the treatment expenses for serious illnesses or prolonged hospitalizations at Class B2/C wards. The Medisave-Approved Integrated Shield Plans scheme provides higher insurance coverage for treatment in Class A/B1 wards in restructured hospitals or for treatment in private hospitals. MediFund is an endowment fund set up by the government for Singaporeans who cannot afford the subsidized charges at the restructured hospitals with their Medisave and MediShield schemes. The ElderShield plan provides basic financial security to elderly patients. It provides a monthly cash pay-out to severely-disabled persons.

To improve the global competitiveness of the country in the healthcare sector, the government of Singapore implemented several policies and health programs that improved the quality of life of patients and their health outcomes. One such policy is mainly focused on reducing the disease burden on the elderly population of Singapore.

GlobalData, the industry analysis specialist, has released its report, “Healthcare, Regulatory and Reimbursement Landscape - Singapore”. The report is an essential source of information and an analysis on the healthcare, regulatory and reimbursement landscape of Singapore. The report identifies the key trends in the healthcare market of Singapore. The report also provides insights on the demographic, regulatory, reimbursement landscape and healthcare infrastructure of Singapore. Most importantly, the report provides valuable insights on the trends and segmentation of pharmaceutical and medical devices market. This report is built using data and information sourced from proprietary databases, secondary research and in-house analysis by GlobalData’s team of industry experts.

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