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The healthcare industry in Singapore is seen to be the most resilient to external market movements as there continues to be a steady and constant demand for more accessible and affordable healthcare.
New measures have also been introduced to bolster the local Research and Development (R&D) scene and Intellectual Property (IP) tax regime. The most notable is a 250 per cent deduction on qualifying expenditure incurred on eligible R&D activities performed in Singapore. These very attractive business and tax policies are drawing the attention of large healthcare companies as well as small-and-medium sized firms and start-ups that seek better IP protection.
In addition to the attractive and encouraging business environment, companies have new opportunities to adapt their healthcare solutions and create new products and services for the Asian population. Lifestyle and genetics in Asia Pacific are vastly different from the west, which will require new healthcare products and solutions.
Hailed as the world’s fastest growing healthcare market, Asia Pacific recorded a market growth of 19.9 per cent as at October 2018, above the average 10 per cent growth rate we see in the US and Europe.
The increasing number of players and market growth opportunities has created an urgent demand for healthcare talent who possess the right skills, capabilities and experience to deliver on business goals and meet global healthcare demands in Singapore.
2 in 3 job seekers engage a recruiter to assist them in their job search
As compared to fast-moving economies such as finance and information technology, professionals within the life sciences industry are less likely to make spontaneous decisions about their careers. Instead, the search for a new employer is often a more deliberate process, where candidates take the time to meticulously strategise their next career move.
Employees either resign from their roles without a prospective job to fulfill their NDA terms, or seek the help of a life sciences recruiter expert to help them negotiate a more favourable employment contract with the potential employer.
Our latest Randstad Employer Brand Research also reveals that three in 10 healthcare professionals in Singapore are looking for new career opportunities in 2019. Employers looking to hire should make use of this golden opportunity to develop targeted talent attraction strategies to appeal to these job seekers and align their expectations with what you can offer.
based on the results from 2019 Employer Brand Research, the report highlights:
- Why it is necessary for life sciences companies to have a stand-out employer brand
- Investing in talent attraction strategies to win talent who are passionate about healthcare
- The importance of collaboration and exchanging ideas and information for better care