Economics Project_TR03_Group 1 by Wen Zhen Janlynn Kuok https://padlet.com/s102083981/kio5fo9vmaohlbd7 Chu Yi Ann (S10205495E) Iffah Haziqah Binte Kamil (S10208112H) Kuok Wen Zhen Janlynn (S10208398H) Leong Shan Yu (S10204684F) Ng Eng Kiat (S10205126K) Nurul Amanda Bte Ali (S10205874D) en-us 2020-11-16 10:26:01 UTC 2021-02-04 14:00:45 UTC hello@padlet.com Key Info 1 s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/930697824 Singapore's healthcare market set to grow by 9% this year
https://www.straitstimes.com/business/economy/fitch-spore-healthcare-market-set-to-grow-by-9-this-year ]]> 2020-11-17 08:23:06 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/930697824 Key Info 2 aziqah31 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/930704104 Singapore’s 2018 healthcare cost inflation hits 10%, 10 times the economic inflation rate. https://www.businesstimes.com.sg/government-economy/singapore-2018-healthcare-cost-inflation-hits-10-10-times-the-economic-inflation ]]> 2020-11-17 08:25:12 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/930704104 Microeconomics Prelim Analysis (Demand) s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/930707702 1. Growing demand for diagnostics (X-rays, Ultrasounds, and MRIs)
  • Diagnostics entails the identification of an illness or symptoms that could convert into a potential disease.
  • Asia is the fastest-growing region in this space, with a double-digit growth rate of nearly 13%. 
  • Singapore hopes to capture the opportunities of this fast-growing market, by attracting innovative companies to develop investible diagnostic assets that could potentially improve healthcare outcomes and bring down overall medical costs. 

]]> 2020-11-17 08:26:27 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/930707702 Microeconomics Prelim Analysis (Price Elasticity of Demand) aziqah31 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/930715326 2. Cost of healthcare
  • Subsidiaries applies to Singapore citizens and permanent residents only
  • Public healthcare funded by taxes which covers only one-fourth of Singapore’s total health cost
  • Medishield: a basic health insurance scheme use to pay for large bills
  • Medisave: a mandatory saving plan of worker’s wages (singapore is preparing the residents)
  • Singapore imposes user fees for all healthcare services - a policy designed to reduce overuse of non-necessary medical services
  • Ministry of Health publishes public and private treatment fee benchmarks regularly which gives patients an estimate of how much they should expect to pay for care
]]> 2020-11-17 08:29:09 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/930715326 Key Info 4 s10204684 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/931138676 Industry gateway to healthcare market with IT
https://www.aseanbriefing.com/news/singapores-healthcare-industry-gateway-to-aseans-healthcare-market/]]> 2020-11-17 11:01:42 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/931138676 Microeconomics Prelim Analysis (Market Structure) s10204684 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/931165092 4. Industry gateway to healthcare market with IT
  • Growing demand for pharmaceutical products, which Singapore have a manufacturing base. 
  • The government’s key strategies have been to transform the healthcare sector through IT-enabled systems, strong clinical research, improving long-term care, and moving towards sophisticated care.
  • Singapore’s healthcare market is expected to grow to US$29 billion in 2020, a nine percent increase from the previous year, and could more than double to US$67 billion by 2029. 

]]> 2020-11-17 11:12:45 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/931165092 Key Info 3 s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/931979528 Ageing Population effects on healthcare
https://epochtimes.today/ageing-population-singapore-challenge/

]]> 2020-11-17 14:52:46 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/931979528 Microeconomics Prelim Analysis (Supply) s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/931989314 3. Ageing Population effects on healthcare 
  • The hospital admission is targeted to hit 791,000 yearly, up from the current 520,000. Healthcare expenditure for the ageing republic is set to triple to S$44 billion by 2030.
  • Therefore the increasing number of beds in hospitals is still insufficient to accommodate the ageing population in Singapore. 
  • Though sufficient to meet Singapore’s Healthcare 2020 target, it is barely a quarter of the total number of beds required by 2030.
  • To meet the required quota, more hospitals would have to be built within the next decade. By then, they would also need to be operationally ready.
  • The ageing population in Singapore and a possibly slow economy by 2020 can create a huge healthcare burden, if managed poorly. 
  • Looking beyond 2020, Singapore will face an increase in projected healthcare demand
]]> 2020-11-17 14:54:30 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/931989314 Hi students, ptc https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/944458538 Good selection of key information sources.
You can consider to categorize/group your analysis under the main concepts learnt: Demand, Supply, Price Elasticity of Demand, Market Structure, etc.
- Mr Matthew Pon]]> 2020-11-20 06:38:26 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/944458538 Key Info 1 s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043976437 Growing demand for diagnostics in Singapore’s healthcare
https://www.edb.gov.sg/en/news-and-events/insights/innovation/growing-demand-for-diagnostics-in-singapores-healthcare.html  ]]> 2020-12-28 10:27:53 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043976437 Key Info 5 aziqah31 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043976880 More jobs opportunity in the healthcare sector to be created by end of 2021
https://www.straitstimes.com/singapore/health/7500-jobs-and-1600-training-opportunities-in-healthcare-sector-to-create-by-end
]]> 2020-12-28 10:28:27 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043976880 Key Info 2 s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043977323 Cost of healthcare in Singapore
https://www.pacificprime.sg/blog/singapores-healthcare-system/#:~:text=Singapore's%20public%20healthcare%20is%20funded,Central%20Provident%20Fund%20(CPF). ]]> 2020-12-28 10:29:01 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043977323 Key Info 3 s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043978331 Insurance linked to high medical inflation
https://www.straitstimes.com/singapore/health/insurance-linked-to-high-medical-inflation

https://smartwealth.sg/healthcare-cost-statistics-singapore/ 
]]> 2020-12-28 10:30:13 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043978331 Key Info 4 s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043979280 Singapore’s unemployment rate decreasing in the healthcare industry
https://www.tnp.sg/news/singapore/almost-5500-jobs-offer-singapores-healthcare-sector
]]> 2020-12-28 10:31:14 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043979280 Macroeconomic Prelim Analysis (GDP) s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043981413 1.  Singapore's healthcare market set to grow by 9% this year 
  • Singapore’s healthcare market is expected to grow to $29.8 billion this year, a 9% rise over last year’s (2019) $27.3 billion.
  • By 2029, the market will more than double to $68.7% billion.
  • As a proportion of gross domestic product (GDP), Singapore's healthcare spending - comprising public and private healthcare expenditure - is expected to account for 5.9 percent of GDP this year and could go up to 9 percent by 2029.
  • It estimated a more modest rise for private healthcare expenditure, from a forecast of $11.4 billion this year to $18.8 billion in 2029.
]]> 2020-12-28 10:34:05 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043981413 Macroeconomic Prelim Analysis (Inflation) s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043982692 2. Singapore’s 2018 healthcare cost inflation hits 10%, 10 times the economic inflation rate. 
  • Singapore’s medical trend rate in 2018 was 10%, 10 times more than the estimated inflation rate of 1% 
  • Singapore’s headline inclination officially came in at 0.4% 
  • Singapore is 6th place out of the 11 Asian countries surveyed, with cost inflation only slightly lower than the average of 10.4% 
  • Globally, the top 3 health-related risk factors that greatly influence the rise of medical costs are; metabolic and cardiovascular risk, dietary risk, and emotional/mental health risk 
  • In Asia, environmental risks are the second biggest contributor as high pollution levels affect health in many of the major Asian cities. 
]]> 2020-12-28 10:35:54 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043982692 Macroeconomic Prelim Analysis (Unemployment) aziqah31 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043982807 4. Singapore’s unemployment rate decreasing in the healthcare industry
  • Job opportunities increase for those in the healthcare sector and there are both executive and support roles available.
  • There are also 760 training opportunities.
  • Some of the professional roles offered are registered nurses who can earn up to $5,200 a month and allied health professionals who can earn up to $5,000 a month.
  • According to the ministry, about 8,350 individuals were employed into jobs and training positions from April 2020 to November 2020. 
  • 93% were placed into short-term positions which includes swabbers and swab assistants since Covid-19.
  • This decreases the unemployment rate in the healthcare industry as Singapore needs more manpower in that sector in light of the Covid-19 situation.
]]> 2020-12-28 10:36:04 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043982807 Macroeconomic Prelim Analysis (Unemployment) aziqah31 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043984494 5. More jobs opportunity in the healthcare sector to be created by end of 2021
  • Amid the economic doom and gloom, the healthcare sector could create much needed opportunities
  • thousands of job and training positions in the works for a wide spectrum of people, even if some do not have healthcare experience.
  • 7,500 jobs and 1,600 traineeships, attachments and skills training opportunities created from now until the end of next year
  • Most of these positions are suitable for fresh graduates entering the workforce and mid-career job seekers - with or without a background in healthcare.
  • The healthcare sector will always need people in all hiring positions, across all areas
]]> 2020-12-28 10:38:41 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043984494 Macroeconomic Prelim Analysis (Inflation) s102083981 https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043984522 3. Insurance linked to high medical inflation
(1st link)
  • Studies show that Singapore’s medical inflation is partially driven by supplier-led factors (high-cost pharmaceuticals and biologics) 
  • Singapore’s ageing population, longer lifespan, and increasing affluence are major factors pushing up medical inflation 
(2nd link)
  • The general inflation rate for the healthcare industry in 2018 was 1% and expected to be 1.4% in 2019. However, the inflation rate in 2018 was 10% and expected to be 10.1% in 2019 
]]> 2020-12-28 10:38:43 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1043984522 Hi team, ptc https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1062856748 Very good analysis on how product/industry [healthcare] contributes to SG economy :)
You can consider including broad analysis on the overall/aggregate economic indicators of SG, as well as how the current economic climate has impact the product/industry.

Cheers,
Mr Matthew Pon]]> 2021-01-07 12:35:04 UTC https://padlet.com/s102083981/kio5fo9vmaohlbd7/wish/1062856748