The Economic Process of Perfect Competition
Offering “free” healthcare, reduced-cost care, and health insurance all have drawbacks for the economy. However, Singapore has managed to create a set of medical institutions that delivers world-class healthcare while somehow spending 50 percent less than Canada and 70 percent less than the United States. Keep reading to find out their economic secret.
Exploring cost-saving features and the impact on the economy
The secret to Singapore’s success has been a unique blend of private and public medical funding that keeps costs down by paradoxically making people pay a lot of money out-of-pocket for their care. It also ensures that the poor will be cared for.
Singapore’s healthcare system has three main cost-saving features:
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