S'pore ranked No. 4 for medical inflation

Insurers expect healthcare costs here to rise faster than in most Asian markets

A radiographer at work at the Singapore General Hospital. The insurers said medical fees were the largest contributor to inpatient costs. Other factors included diagnostic procedures, drugs, prosthetics, and room and board.
A radiographer at work at the Singapore General Hospital. The insurers said medical fees were the largest contributor to inpatient costs. Other factors included diagnostic procedures, drugs, prosthetics, and room and board.ST FILE PHOTO

Hospitalisation costs play a big part in driving healthcare costs up in Singapore, according to a new report on medical inflation across the region. And while Singapore has managed to cut its annual healthcare inflation rate, medical costs here are still expected to rise faster than in other markets, including South Korea and China.

In the Asia Healthcare Trends Report by Aon - an international consultancy firm which provides services such as insurance brokerage and management consulting - 11 Asian markets were each assigned a score to reflect insurers' views on medical inflation prospects.

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A version of this article appeared in the print edition of The Sunday Times on April 08, 2018, with the headline 'S'pore ranked No. 4 for medical inflation'. Subscribe