Exporting Medical Syringes To Singapore

Executive Summary

Product

Medical Syringe Co. is one of the top leading providers of medical syringes to hospitals and clinics. We manufacture bulb syringes, Catheter Tip Syringes (feeding tube syringe), Curved Tip Syringes, Feeding/ oral medication syringes, and insulin syringes. We also manufacture syringe and needle combinations as well.

Target Market

We intend to develop the markets in Singapore. According to the State Department, there is much opportunity to export into Singapore. Generally, government accounts for most of the healthcare purchases for the country. We intend to enter the Singapore market because we have seen recent increases in diabetes cases. Data that was released by International Diabetes Federation at its 19th world congress, showed that Singapore ranked second among countries for people on the verge of having diabetes. “About 250,000 people in Singapore are estimated to suffer from diabetes. The Atlas, released yesterday, predicts that by next year, there will be 246 million people with diabetes worldwide. This will jump to 380 million by 2025.” (Straits Times, Singapore 2006). This creates a need for suppliers to supply more insulin syringes. As more and more cases of diabetes arises, patients will look to our syringes to help save their lives. These patients are what drives our demand. To get a picture of how large there operation is that they account 80% of the total number of hospital beds in the country. Singapore will not run out of demand because they the have access to many neighboring countries as well. Singapore cares for patients in Malaysia, Brunei, Indonesia, Thailand and the Philippines. Population abundance demand drives the Singapore medical market.

They call this medical tourism вЂ" Thailand and Malaysia are big competitors вЂ" Singapore might have to focus on a specialty segment.

Opportunity

The biggest player in demand of healthcare supplies for Singapore’s own government. They have focused on building structures to help with Medical Supply chain in the country. According to Singapore’s government, they want to expand their market growth in medical and healthcare from 1% to 3% by 2012. There are 134 government hospitals in the country (Star, The Peoples Paper, 2007). There areThey have 23 area hospitals and 6 specialty centers that cater to 400 million people in Southeast Asia. Singapore’s Their government is focussed on medical technology and the medical industry itself, which leaves a lot of room for growth in the coming years.

Projected Outcome

We believe that we have laid out the proper groundwork to have a successful impact in medical service to Singapore. Our team has put forth the proper plans in regards to our connections, logistics, and requirements for exportation. For these reasons, we believe that we will more than a 15% return on investment. Based on our projected income statement, we will have at least a 19% increase on profits in 2 years. Our projected income statement is evaluated based on cost from international and domestic cost. Fixed and variable cost were applied to the income statement, we see an increase of $637,331.00. That is almost double from 2007 statement.

Situation and Opportunity

The prosperous country of Singapore can undoubtedly constitute their success to their remarkable business judgments. Within the positive subject matter, Singapore’s import and export of products and agricultures has made a huge impact on the economy. As the country moves toward a long-term goals there is a great need for raw materials to meet the standards of the growing population. The fast growing population demands exceeds supplies, which amount to the annual growth rate of 8 percent a year on imports.

Singapore is the most sophisticated economy in Southeast Asia; the government and citizens are confident they are going to continue to do well. The country offers economic and political stability to their citizens and foreign investors with few regulation and restriction. Singapore’s business slogan states, “Whatever, it is you have to sell, the cash-rich Singaporeans will either buy it or find someone, somewhere, who will.” They offer a competitive edge in prompt service, customer commitment, promoting stability, and long-term availability to their citizens and visitors.

As Singapore move toward the future, the country faces a number of challenges that would threaten the well-being of its citizen. For instance, there is a rapid ageing population with 7 percent of the population over the age of 65 and is expected to double by 2020. There is also a need of medical research and development in medical technology. Singapore comes to grip with this new medical reality and fight to offer excellent healthcare to its citizen. The country is also in great need of imports for medical supply since foreigners offer high-tech products.

The country aims to become the medical treatment and distributor center for Southeast Asia, managing production for some of its less-developed neighbors like Malaysia and Indonesia. Their willpower has made them the first in its medical healthcare system in Asia pacific and 16th in the world. The government is continuing to improve their healthcare system, they funds up to 90 percent of capital expenditure, and 50 percent operating expenditure which provide healthcare for elderly. Healthcare spending has accounted for 3% of GDP. The government intends to create equality in the welfare of their citizens, pledging that no Singaporean would be depriving the treatment he/she needs because of lack of means.

Due to the various efforts placed on their health care system, it is apparent that health care is at a high position in the national plan. Healthcare rank 5th in order of priority for public funds, national security, job creation, housing and education. Making health care top priority to their citizens means an increase in life expectancy and rising idea lead to greater demand of health care services. Government is emphasizing on health promotion and disease prevention. Due to outbreaks of new and potential fatal viruses, the government is making a proactive effort minimize shortage of facilities. For example, in 2003, the Severe Acute Respiratory Syndrome, also known as SARS, broke out in Singapore. Statistics show an increase in medical needs in the past decades but currently there are around 82% of private clinics, 1218 practitioners, and 16 modern polyclinics