Shanghai is set to become the next hub for quality healthcare services as new hospitals collaborate with established industry players. Will Chinese medical tourists check in at home for medical treatment? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in the Asian version of Japan’s Nikkei newspaper.
Home to a population of 23 million – where 53% of the population is middle class and above – the city of Shanghai continues to lure more foreign investors in the healthcare segment for the affluent.
Raffles Medical Group, Singapore’s premium private healthcare provider, has set foot in Shanghai with its first overseas hospital, part of a wider trend of premium healthcare service providers setting up shop in the city.
Perera highlighted that the growth in healthcare services has been fuelled by the government’s policy shift to allow more foreign ownership of hospitals. The intent behind this is perhaps to retain some of the 60,000 medical tourists who travel each year for treatment outside China.
However, Raffles Medical Group is bound to face tough competition from U.S. and Asian healthcare groups. Although it boasts an impressive track record and brand, competition is intense and first-mover advantage is key.
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