Mr Pua Seck Guan, executive chairman and CEO of Perennial Holdings, said its Tianjin project “opened up a lot of opportunities” for the company.
“Quite a number of cities have actually approached us. So, since then, we have also given the first foreign wholly owned hospital licence in Guangzhou, and we are now looking at doing it in other cities such as Shanghai,” he added.
The Singapore brand has benefited both Perennial Holdings and Raffles Medical Group.
Dr Loo noted: “I think in China, (the branding) helps us. Chinese people … they expect us to be honest, have integrity … And of course, we have to prove that we are trustworthy.”
TENSIONS WITH WEST
China’s tensions with the West have also meant a bigger playing field for Singapore-linked firms – even foreign-owned ones like Parkway, which is currently owned by Malaysian health company IHH.
Parkway Shanghai announced late last year that it will open a new flagship ambulatory care centre in downtown Shanghai this year. It opened its first medical centre in the city in 2006.
Dr Kenneth Tsang, regional CEO of IHH Healthcare North Asia, said Singapore’s reputation for high-quality medical care “means a lot for us”.
“Take for example, some of our competitors who were previously formally linked to very famous hospitals, let’s say, from the United States. The ability to continue to promote that US link is now becoming less important or less being promoted,” he added.
“And therefore, from our perspective, the ability to be linked to Singapore and promote the clinical service that we are exporting from Singapore into China is actually very, very important.”
While China’s medical sector has its unique challenges, it has created opportunities for foreign firms.
For instance, it was not the practice to visit a general practitioner clinic for minor ailments.
Dr Tsang said this is no longer the case.
“People are learning fast. They know (going to the hospital) is not always necessary, and therefore they are becoming more accustomed to the use of clinics,” he added.
As Chinese exports face a torrent of tariffs in the West, China has been actively promoting medical tourism to boost consumption within its borders – giving foreign medical firms, like those from Singapore, even more opportunities to thrive.
