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Reportlinker Adds The Outlook for Medical Devices in South East Asia
Date:5/23/2011

sing health expenditure growth, and the country's heavy reliance on imports to meet its healthcare needs.

SOUTH KOREA

South Korea ranks as one of the world's leading economies, with a population approaching 50 million and overall GDP listed among the top 15 in the world. As a result, much of the population expects a high level of medical care. South Korea has the highest healthcare expenditure of all the 'Asian Tigers', with an estimated 55% funded by the public sector. The government has been forced to implement cost-cutting measures in recent years, owing to a large deficit faced by the healthcare system. Healthcare costs continue to rise, with the country's rapidly aging population adding upward pressure to total spending. In the first half of 2009 for example, senior citizens accounted for 31.7% of costs covered by the National Health Insurance Corporation (NHIC). South Korea's FTA with the European Union (EU) is being finalised, and this will facilitate increased trade with the easing of tariff and non-tariff barriers between the two parties. Bilateral trade reached US$98.4 billion in 2008. The EU is South Korea's second largest trading partner after China and its largest foreign investor. South Korea is the EU's eighth largest trade partner.

SINGAPORE

Singapore announced the implementation of its first set of medical device regulations in November 2007, and by October 2010, all medical devices will need to be registered

and all dealers (including importers and manufacturers) will have to be licensed. Singapore's export-oriented economy suffered in 2009, but thanks to improving global economic conditions, has started to pick up again in 2010 with increased shipments from abroad and rising domestic consumption. The standard of living in Singapore is comparable to many developed Western nations and, with the exception of Japan, GDP per capita is the highest of all the Asian countries. A universal and affordable healthcare system
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