Although Singapore’s birth rate is declining, TMG is unfazed and is staying focused on this area as its core. Historically, TMG delivers between 8,000 to 10,000 babies each year. And based on Singapore’s annual birth rate of between 35,000 and 40,000, the group’s market share of annual births in Singapore ranges between 20% to 25%. “We don’t intend to pivot into other specialities; we are expanding our base. A good women’s and children’s hospital is a good general hospital that offers the entire spectrum of services,” says CEO Dr Melvin Heng.
The Covid-19 surge in demand for healthcare services may be over but the industry is set to continue its growth trajectory, thanks to rising income and standards of living as well as the growth of urban populations, particularly in Asia.
As Thomson Medical Group (TMG) has stopped supporting the Singapore government in its battle against Covid-19 by setting up testing centres, vaccination centres and isolation facilities, the group is now falling back on the business it knows best — the medical speciality of women’s and children’s health.
“I believe that the healthcare industry presents itself as a very defensive growth asset (to investors), especially in Southeast Asia. Things are looking quite good,” says Kiat Lim, executive vice-chairman of TMG, in an interview with The Edge Singapore.
