The economic recovery in neighboring countries has contributed to higher patient admissions in 1999, and this has motivated hospitals to increase purchases of new equipment to upgrade their services. Local production by multinational corporations and indigenous Singapore companies are mainly for export. The EDB forecasts that the life sciences industry will become the fourth pillar of Singapore's manufacturing sector, in addition to the electronics, chemicals and engineering industries. Japanese, Dutch and German companies are also very competitive in the local market.
Medical professionals regard the U.S. as the leader in medical research and development.
This is above the average for countries in the surrounding region. Singapore's high standard of health care service is renowned in Asia. Names like Singapore General Hospital, National University Hospital, Mount Elizabeth Hospital, and Gleneagles Hospital are well known in the region. It is instrumental in establishing standards and ensuring that the industry is financially sound. Singapore hospitals, both public and private, are assured of healthy balance sheets due to the MOH's prudent planning for health care financing.