India and Singapore are set to strengthen the bilateral trade in the areas of hospital services, diagnostics/pathology services, telemedicine/ tele-radiology, medical research/training and education, IT-related services in healthcare, medical equipment/devices, clinical trials and movement of health professionals.

A recent delegation of industry leaders from India to Singapore has paved way for a number of possible tie-ups in the sector and the follow-up discussions are going on, it is learnt. Clinical trials and medical equipment sector are the two key focused areas of possible collaborations.

Apart from attending an Indo-Singapore healthcare summit, the 16-member delegation also held talks with the Singapore Health Minister Khaw Boon Wan. The delegates also held one-to-one meetings with the industry leaders there representing companies like Parkway Healthcare group, singhealth and Cordlife.

Indian captains representing Fortis Healthcare, K G Hospital and Research Institute, Woodlands Hospitals, Jaslok Hospital and Research Centre, Max Hospital Group, Institute of Clinical Research India (ICRI) were among those who went to explore the possibilities of partnership.

The Indo-Singapore CECA (Comprehensive Economic Cooperation Agreement) singed in 2005 has given a fillip to bilateral trade between the two countries, which has increased by 70 per cent to over US $13 billion in 2006. Healthcare Services is one of the key areas recognised by the CECA. The FDI flow from Singapore in the hospital/diagnostic sector totalled US $16.76 million during the period from January, 2000 to March, 2007. There is a huge market waiting to be tapped in India, either through direct investment, joint venture with Indian hospital groups or providing value-added hospital services, according to CII which organized the delegation.
Singapore's Vision 2020 for healthcare offers opportunities for Indian hospital groups to participate in the initiative in that country. Indian hospitals could form consortiums with Singapore healthcare groups to tap third country markets such as ASEAN, Europe and Middle-East, the CII sources stated.

India 's globally-renowned IT expertise in healthcare can offer product engineering, technology & consulting solutions and outsourcing to Singapore healthcare providers. Singapore could also outsource pathology/ diagnostic and radiology services to India and benefit from significant cost differentials of around 30-40 per cent.

Besides, India with its talent pool of qualified doctors and health service personnel like nurses and paramedics could help bridge the gap in resources. There is also potential for collaboration in the field of medical education, research and training between the two countries.