Philips, a significant early investor in Singapore, has opened an APAC centre to support its transformation to becoming a healthcare technology solutions provider.
The strategy of the company, which has a long-standing partnership with Singapore for 65 years, is in line with the Republic’s future direction, guest of honour Minister for Trade and Industry (Industry) S Iswaran said at the opening ceremony on Thursday (May 19).
“Philip’s transformation into a health and wellness company, with a growing emphasis on innovation and value creation is very much aligned with our imperatives for the future of Singapore’s economy. And it will foster a deeper partnership between Philips and Singapore,” Mr Iswaran said.
“Healthcare is one of the growth sectors that the committee of future economy (CFE) is actively exploring. (A) reason is the need for innovative healthcare solutions in Singapore and the Asia-Pacific region,” Mr Iswaran said.
Healthcare is a growth sector for Singapore, and the Republic is well-positioned to capture opportunities from new healthcare trends due to scientific advancements, Mr Iswaran said. New healthcare paradigms include the provision of healthcare moving beyond the hospital to the community, patients, caregivers and physicians better enabled by technology to make timely and more informed decisions on treatments, and an increasing emphasis on proactive, preventive healthcare.
Singapore is also starting from a relative position of strength on the supply side, as it is home to a vibrant ecosystem of leading digital companies, with capabilities in areas such as analystics, internet of things and cyber security as well as a thriving medical technology cluster.
“The United Nations estimates that 12.3 per cent of the global population is aged 60 or over today. That proportion will increase to 22 per cent, or nearly 2 billion by 2050. The demand for healthcare is expected to grow in tandem. Global healthcare spend is predicted to grow at an average annual growth rate of 5.2 per cent till 2018 – Asia is one of the regions with the highest projected growth rates at 8.1 per cent,” Mr Iswaran said.