20150504 PAP should not invest in foreigners’ healthcare at our expense

Our public healthcare system is one big screw up. No need to be a scholar to understand the hospital bed crunch today will not improve in the next decade.

One of the reasons – PAP’s priority is to invest in foreigners’ healthcare infrastructures because there’s money to be made.

There has never been a lack of funds (budget surplus) but rather a lack of heart for ordinary Singaporeans. If Singapore is a really wealthy country, why should any citizen need to be afraid of seeking medical attention because it may deplete one’s savings/lead to bankruptcy/burden one’s family?

As a percentage of our GDP, Singapore spends lower on healthcare than many developing countries, according to the World Bank. Worse, healthcare inflation is singlehandedly caused by the PAP.

The cost of a Swiss standard healthcare is 11.5% of GDP. Other developed countries spend a higher percentage than the PAP government. Even a small increase of 1% of our GDP, which is still below 50% Swiss standard, would mean an additional S$4 billion. It is obvious that PAP has been investing too little on Singapore’s healthcare by tens of billion$ for decades.

But guess what the PAP has been investing in? Foreigners’ healthcare!

2015 -Temasek invested in Indian multi-specialty hospital Medanta – The Medicity for an estimated US$113 million through a 17.74% stake in Global Health Pvt Ltd.
2014 – Singapore’s GIC to buy US$84 million stake in Philippine hospital group
2013 – Goldman and GIC jointly invest US$100 million in iKang (Asia)
2012 – Singpaore’s GIC invests US$100 million in Indian hospital chain
2010 – GIC buys 6.58% (US$85 million) stake in Fortis healthcare

Almost a decade ago in 2006, Temasek invested in Thai hospital, Bumrungrad. Its entire stake was sold in 2011.

How many more such investments are there?

Citizens’ healthcare is seen as an expenditure and, anyway, PAP has already profited from our Medishield/Medisave/cash after singlehandedly causing healthcare inflation to go through the roof.

Our healthcare expenditure is really way too low and the budget surplus (reserves) could have been reduced to increase the expenditure for healthcare. Another way to look at this:

Reduced budget for healthcare = Increase in budget surplus = More money managed by GIC/Temasek = Money invested in foreign healthcare system.

PAP takes money for citizens’ healthcare to invest in foreigners’.

PAP could easily divest its foreign healthcare investments and invest in Singapore for the benefit of citizens. But of course it won’t forgo its profits.

A responsible government should invest in its citizens’ healthcare before using citizens’ money to benefit foreigners.

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This entry was posted in GIC, HEALTH, POLITICS, TEMASEK. Bookmark the permalink.

2 Responses to 20150504 PAP should not invest in foreigners’ healthcare at our expense

  1. Alan Wong says:

    So very true.

    Why on earth does our PAP Govt allow foreign patients to cut queue to seek treatment at our government restructured hospitals at the expense of locals just because they can pay as private patients ?

    Just imagine if our past pioneer ministers like Goh Keng Swee, Toh Chin Chye, etc., were to be as greedy like this present crop of PAP Ministers, would anyone continue to support PAP like in the past?

    • phillip ang says:

      Every public resource that can generate higher revenue to increase the GDP will be abused by PAP. It is almost impossible for top civil servants to work against their own interest knowing their bonuses are tied to economic indicators. 😦
      It’s the same with our immigration policy where PAP creates additional demand at the stroke of a pen. Most of our problems resulted from our pseudo growth model.

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