Not ‘typical foreigners’, says Raffles chairman as Singapore hospital operator bets big on China market
- Raffles Hospital Chongqing started under a Chongqing-Singapore government cooperation framework
- Company expects to open a second one in Shanghai by year end
Patience is key to international companies cracking China’s health care market, the world’s second-largest, Dr. Loo Choon Yong, chairman of Singapore-based Raffles Medical Group, said on Saturday.
Singapore’s largest private medical services operator, Raffles is betting on mainland China to drive growth amid muted prospects at home. It opened an 800 million yuan (US$119.09 million) fully owned and run hospital in the southwestern city of Chongqing in January, and expects to open a second one in Shanghai by year end. It also has clinics in eight mainland Chinese cities.
Loo, executive chairman and co-founder at Raffles, said in an interview he has waited 34 years to reach where he is today: “I have studied China’s system for 34 years. I walked through 100 hospitals in China and made friends with hospital presidents, physicians, consultancies all over the country … we are not typical foreigners.
“Hospitals are complicated institutions. To run them well and deliver proper care is never easy. It is not only investment in physical structures, but you need a management system and doctors who can look after patients like their own brothers and sisters.
“Each aspect is challenging and it has got to be a long-term investment,” he added.
