Patience is key to international companies cracking China’s health care market, the world’s second-largest, Dr. Loo Choon Yong, chairman of Singapore-based Raffles Medical Group, said on Saturday.
“Hospitals are complicated institutions. To run them well and deliver proper care is never easy. It is not only investment in physical structures, but you need a management system and doctors who can look after patients like their own brothers and sisters.Raffles is among the very first foreign businesses to independently open a hospital in mainland China, which holds huge potential because of a rapidly ageing population and growing middle class.
The Shanghai district aiming to rival the financial hubs in New York and LondonRaffles Hospital Chongqing got off the ground because the government in Chongqing strongly welcomed it as it wanted to foster better services for foreign businesses. The hospital was helped by a Chongqing-Singapore government cooperation framework.
“We are here to serve Chinese patients, and expatriates are just ‘by the way’. How many expatriates in China? Two million? How many top 20 per cent people in China? About 280 million. That’s six times more than Singaporeans,” he said.
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