These figures reflect only public sector spending on public hospitals and polyclinics. A vibrant private healthcare system operates alongside the public one, with several entities publicly listed, including the two major private healthcare groups, IHH Healthcare and Raffles Medical Group. More healthcare companies are reportedly keen to list as well, such as Temasek-backed Foundation Healthcare. Another Temasek-backed group, Tamarind Health, which recently acquired listed entity TalkMed Group, indicated at the time of the offer that it plans to list on the Singapore Exchange (SGX).
With Singapore’s ageing population, healthcare expenditure is expected to rise over the medium to long term. In April, Health Minister Ong Ye Kung noted that healthcare spending will soon become the single largest item in government expenditure.
This year, the government has set aside $20.9 billion on healthcare, coming second only to defence, which was budgeted at $23.4 billion. A decade ago, government spending on healthcare was $9 billion. By 2030, this number is likely to hit $30 billion, Ong added.
