Thanks to the continuing generosity of our Premium Member and exclusive event sponsor Newcastle Australia Institute of Higher Education Pte Ltd, we organized another breakfast event for them in honour of the visit to Singapore by Professor Francesco Paolucci, Health Economics and Policy Professor, University of Newcastle, Australia and the School of Economics and Management, University of Bologna, Italy. The Professor is in Singapore to launch a new Masters programme.

Francesco’s presentation charted the history of healthcare systems starting from the establishment of the National Health Service in the UK in the 1940s to the expansion of health care systems around the world. He then talked about the external factors such as the oil and economic crises of the 1970s, the rising costs of the 1990s and the global financial crisis of the 2000s forced healthcare reforms which typically reduce supply and limit access.

The Professor illustrated how healthcare costs have increased in OECD countries from around 4.5% of GDP in 1970 to about 10.8% in 2020. Again, populations in OECD countries over the age of 65 have increased from 8% in 1960 to 18% in 2020.

The impact of these rising costs often resulted in dysfunctional healthcare structures which only serve to increase costs. Then there are the issues of greed in private medicine, the moral hazard of consumers who, because their insurers pay, overconsume all of which add to already complex challenges. When the impacts of Covid-19 are taken into consideration, we see global shortages of trained healthcare professionals, political shortsightedness leading to policy inconsistency.

Francesco then shared and compared the healthcare systems of Australia and Singapore to give the audience a better idea of how these countries are doing in their regulated competition journey. He gave credit to Singapore for its focus on preventive health as part of a solution to controlling costs and providing needed care.

A Q+A session followed the Professor’s presentation moderated by Victor Mills, SICC Chief Executive. The conversation ranged around cost management, insurance, enabling aging in place and preventive care.

The Chamber thanks Newcastle Australia Institute of Higher Education Pte Ltd for its generous support, Professor Francesco Paolucci for sharing his expertise and knowledge and the audience for its participation.

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