By Lai Han-Wei
A 17-MEMBER delegation, led by trade promotion agency IE Singapore, will visit Guangdong province in China to explore opportunities in the healthcare industry there.
The delegation, which will be there till May 22, will visit first-tier cities Guangzhou and Shenzhen, as well as the rapidly developing second-tier city of Foshan. During the trip, they will visit government agencies such as the Guangdong Health Bureau, public hospitals, and private healthcare providers.
IE Singapore Assistant Chief Executive Officer Yew Sung Pei said: 'We hope to haev fruitful exchanges with key officials and players in Guangdong's healthcare sector to understand theri eneds and explore mutual collaboration.
'IE Singapore sees unexplored potential in other vibrant markets such as Guangdnog, Jiangsu and Shandong provinces, where our value chain of players ranging from healthcare service providers, trainers and medical device players can contribute.'
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 earmarked RMB850 billion (S$173.8 billion) for healthcare reform, a move which signals a commitment to improving China's public heathcare system.
China's healthcare expenditure has grown steadily over the past 20 years at an estimated compound annual growth rate of 17 per cent, outstripping GDP growth. The burgeoning demand has driven the public-sector dominated healthcare system to improve accessibility and quality of care, and has also created growth opportunities in private sector care provision.
