Thomson Medical Center
Thomson Medical Center 康生医院
--- "Hospital for birth"
市场环境:
新加坡.
2007 Report (end at 2007 June) 统计数字, 新加坡人口4.48百万, 新生儿38,317个,
康生医院有~7600个.
生意模式:
Revenue:
Revenue depends on natural market demand, singapore economy status, and 品牌凝聚力 of itself.
Revenue doesn't depends too much on its own finacial asset.
Cost:
Gross Profit Margin: ~40%
Net Profit Margin: 15~20%
Asset:
In recent 3~4 years, It has reduced its debt to low level by IPO proceeds.
Fix asset also didn't require much Capex, it keeps relatively unchanged, except the land revaluation surplus is big.
ROE is increasing year to year.
It is close to but below 10% if the land revaluation is included in equity, otherwise, it is about ~17%.
Cash Flow:
CFO is a bit larger than Net profit.
CFI is not too big.
CFF is big due to dividend payout.
So, most profit was payout as dividend.
Growth:
相信康生医院的增长点在于
(1) 新加坡 新生儿 年人数增长,2005 +0.9%; 2006 +2.2%.
(2) 康生医院占更大的市场份额,
Financial Year (end at Aug)2005-6185, 2006-7172, 2007-7665 (~20%),
这相信可来自专门化的业务优势, 具体会表现在(更多专科医生加盟, 更多项设施,甚至超过KK, 更多诊所网点)
(3) 有希望赚品牌钱, VIETNAM hopeful, KOREAN? MALAYSIA? INDONESIA?
OWNER:
~30% 元老医生夫妇, CHAIRMAN, CEO
儿子在管理层,有医生专业,应该是新一代领导者.
EPS: 2006 ~2.32 CTS,
2007 ~3.26 CTS,
Price ~66CTS,
PE 2006~ 26, 2007 ~20
有点贵....
结论:
买.
Target: 10%~15%年回报, 直到在Singapore市场份额增长幅度减小或饱和.
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比A级贵一些 竹脚医院新生产配套 区隔市场赢得孕妇心
● 林慧慧
竹脚妇幼医院推出号称比A级更高一级的优质生产配套服务（The Private Suite，简称TPS）深受市场欢迎，选择这项产前检查服务的孕妇逐年增加；五年前刚推出时每月只为900人服务，如今选择到那里挂号做检查的产妇每月多达2500人。
该院这项“客户区隔”策略，成功让它摆脱“政府医院”的形象，使它能在竞争日益激烈的妇产科市场中保住其“龙头老大”的地位，把它不断下滑的市场占有率稳定在三分之一。
做为本地最大的妇幼医院，竹脚妇幼医院曾经是超过一半的本地孕妇的第一选择，不过随着年轻夫妇的经济水平提高、私人妇产科医院生产配套的价格越来越具竞争力，竹脚妇幼医院近年来已慢慢失去竞争优势。
觊觎它那领先位置的包括康生医院和安微尼亚山医院，而前者在近年来已成功与安微尼亚山医院拉开了距离，每年到那里生产的孕妇人数直逼竹脚妇幼医院。
尽管本地生育率多年来没有显著增加，每年新生婴儿人数一直保持在平均3万7300多人的水平，但是随着少生育的年轻夫妇越来越舍得花费，各医院都出尽法宝抢夺这块大饼。
竹脚妇幼医院每年为大约1万2000名妇女提供妇产专科服务，而该院推出的这项优质生产配套服务，就是为了吸引消费能力较强的孕妇。
TPS的护士经理方宝珠透露，使用该服务配套的大多是年龄介于25到35岁的妇女，一般都是专业人士。“她们大多不介意花多一点钱来换取更好的服务。”
选择这个服务配套的孕妇立刻可以在看诊等候处感觉到不同。跟院内其他专科诊所不同的是，里头的布置典雅、环境幽静、没有大批候诊病人，看诊也无需等候太久，拿药做扫描都可以在同个诊所完成，各个环节都可以媲美私人医院的专科诊所。
更重要的是，产妇不用担心会有经验不足的初级医生在临盆时为她做检查，因为配套规定只有顾问级以上的医生才能为产妇接生。
-x-x-x--x----------------------------------------xxxx-x-x
每13分钟接生一个婴儿
竹脚医院当年“辉煌” 载入妇产科发展史
林慧慧 (2002-11-22)
每13分钟就要接生一个新生婴：接生妇这边厢才刚为呱呱落地的婴儿剪好脐带，那边厢马上又要为产妇催生。
一间病房，数十个待产或在休养的已产妇。这就是竹脚妇幼医院当年的情景。
现代产妇或许难以想像自己在这样的产房迎接新生命，但一人挨着另一人待产生产的情景，却确实曾经是本地医院产房的现实写照，而且就出现在著名妇产专科——竹脚妇幼医院。
事实上，在20世纪五六十年代，该医院甚至还是世界上最大且最繁忙的妇产科医院。1975年版本的世界健力士记录显示，在1966年的巅峰期，该医院全年共迎接了3万9856条小生命。换言之，平均每天有109个新生婴在竹脚妇幼医院诞生。
新加坡妇产科协会为庆祝成立30周年，特地撰写了一本追述本地妇产科发展史的纪念册（The History of Obstetrics & Gynaecology in Singapore），而这本长达736页、足足有2.5公斤重的“结晶”，昨晚在丽嘉登酒店举行的晚宴上，分发给了出席的嘉宾。卫生部政务部长巴拉吉医生是晚宴嘉宾。
过去几十年，竹脚妇幼医院是上百万新加坡人的共同出生地。妇产科协会会长陈国贤医生昨天在受访时透露，有鉴于该医院对许多新加坡人的独特历史意义，它那位于翰莎路的旧址已经获文物局选为历史古迹，当局准备在近期内为该地标设立历史标志。
这家成立于1924年的公共妇产科医院，当年是许多经济拮据产妇寻求免费接生服务的地方。而在本地有“妇产科之父”美称的已故总统薛尔思教授，就在这个地方付出了不少辛劳，经常为工作彻夜不归，把医院当做自己第二个“家”。
在其巅峰期，竹脚妇幼医院平均每天有109个新生婴儿诞生。
也就因为有像薛尔思总统这样为病人鞠躬尽瘁的妇产科医生在默默耕耘，才能使这原本简陋的医院能保持一定水准的医疗服务。该医院的孕产妇死亡率，从1932年的每10万人有750人难产而死，降低到1987年每10万人只有7人。
也是竹脚妇幼医院妇产专科顾问的陈国贤医生指出，在1983年，该医院还因接生亚洲第一名人工受孕的婴儿，而获得国际医学界的认同。
妇产科协会共印制了1000本纪念册，不过却不会公开发售。花了整一年时间编撰这些历史资料的陈国贤说，他们将把纪念册免费分发给医学和公共图书馆，有关的公共机构也欢迎向协会索取。
从追溯本地妇产科医院的起源、当年“接生婆”的作业方式，到目前妇产科的最新手术，这本纪念册涵盖的范围相当全面。陈国贤说：“希望这些资料能让医学系学生或是其他对这课题有兴趣的人，对妇产科发展史有更全面的了解。”
-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-
竹脚妇幼医院新接生配套按分钟收费
日期 ： 13 May 2007 1809 hrs
网址 ： http://www.xin.sg/article.php?article=5436
新传媒新闻报道，
竹脚妇幼医院每年平均接生全国三分之一的婴儿。院方调整了接生配套，孕妇今后到产房待产，费用将以每分钟计算。
院方表示，在新的接生配套下，孕妇所需支付的费用更低廉。迎接新生命，是父母最开心的事。但是初为父母的你，对各大医院的接生配套了解多少？
目前，孕妇到国大医院生产并入住A级病房两天，必须支付1700元，即使孕妇在产房的时间比预计的长，院方也不会另外收费。
而中央医院的接生费用是1596元，但是这个费用并没有包括孕妇在产房待产的费用。产房首四个小时的收费为每小时64元，之后每小时16元。
竹脚妇幼医院的原有的接生费用，包括医生咨询费、接生费和育婴费，是2256元。经过调整后，竹脚妇幼医院把接生收费定在1550元，配套不包括医生咨询费和育婴费。在新配套下，产妇可以在产房内待产八个小时，之后每分钟收费0.53元(五毛三分)，也就是每小时31.50元(三十一块半)，但是如果孕妇在产房待超过12个小时，则不再另外计算。
竹脚妇幼医院住院手续部门经理安妮塔表示，“如果以每小时计算，例如你待在产房35分钟，收费会以一小时计算。但是以分钟收费制度，孕妇只需支付35分钟的费用，这能让孕妇受惠，也比较公平。”但是一些父母认为，医院的新接生收费比原有的收费更高。“以往产房每小时收费25元，现在每分钟0.53元，就是每小时48元，所以相比之下更贵了。”
另一些受访父母，则不介意新的收费制度，他们认为，接生过程顺利，妈妈和宝宝获得妥善照顾，才是最重要的考量。
新加坡产妇最爱私人医院
● 谢仲贤 (3/2/2001)
私人医院更受产妇欢迎。
根据统计，去年有更多产妇选择到私人医院生产，尤其是华族产妇。每三个华族婴儿中，就有两个是在私人医院呱呱坠地的。
新加坡移民与登记局日前发布了这份最新的人口统计资料。去年在私人医院诞生的婴儿有2万5246人，这比在政府重组医院出生的婴儿多出4000多人。
值得一提的是，多数马来族与印族产妇都会选择到政府重组医院生产，不过，华族产妇却对私人医院“情有独钟”。去年出世的3万多名华族婴儿当中，就有约64%是在私人医院诞生的。
据本报向多名受访者了解，她们选择到私人医院生产，主要是认为私人医院的服务素质比政府重组医院好，而且求诊的等候时间也比较短。虽然私人医院的收费略高，但是收费却不是受访者首要考虑的因素。
预产期在下星期的公关执行员陈智慧（28岁）将到康生医院生产，不到政府重组医院，是因为她选择的妇产科医生是附属于私人医院的。
此外，她也对私人医院的服务素质较有信心。她说：“即使私人医院的收费比较高，我也不介意，因为他们所提供的服务比较符合个人的需求。”
即将生产第二胎的王丽丝（35岁）则对政府重组医院的服务有褒有贬。她前年在竹脚妇幼医院诞下一名女婴，这次怀孕则选择到中央医院生产。
她受访时说，由于第一次在竹脚妇幼医院生产的经历并不愉快，加上每回检查的等候时间太长，所以这次才决定转换医院。她说：“每一次去检查，都至少要等一个半小时，而且在生产当天，医生在我阵痛十多小时后才出现，让我感到很失望。”
虽然中央医院也是政府重组医院，但是不论是等候时间或者医生对病人的关怀，都让她感到满意。谈到不选择私人医院的原因，她说：“这是因为如果孩子出世后有什么问题，据说政府重组医院的小儿科设备比较齐全。”
不愿透露名字的龚太太上个月刚在鹰阁医院诞下一男婴，她也是考虑到服务素质才选择到私人医院的。她说：“听说政府重组医院跟私人医院的收费相差不远，可是到私人医院检查却可以节省等候时间。”
更多妇女30岁后生育
另外，人口统计资料也显示，更多妇女在30岁过后才生育。去年有2万5424名婴儿的母亲年龄在30岁或以上，这占了出生人数的55%。其中，最多妇女在30至34岁生育。
资料也显示，有12名婴儿的母亲在15岁以下，有一名华族妇女则在50多岁才诞下小宝宝。
《联合早报》
3 comments:
SNF to acquire Healthway in reverse takeover
By Rosie Slater | 10 January 2008
The electronics supplier intends to change its business profile and boost profitability by merging with the Singaporean healthcare provider.
SNF Corporation, the Singaporean electronics supplier, has reached a preliminary agreement with Universal Healthway to acquire Healthway Medical Services (HMS), the Singaporean healthcare provider, in a reverse takeover worth S$525 million ($367 million). HMS is a wholly owned subsidiary of Universal Healthway.
SNF, which incurred losses in 2006 and in the third quarter of 2007, will benefit through the deal from access to Singapore's lucrative healthcare sector, as well as enhanced profitability and market profile, according to an announcement filed by the company on the Singapore Exchange website.
“The medical industry in Singapore and the region is growing,” says Low Shion Jin, chief executive officer of SNF Corporation. “The proposed agreement could represent a good opportunity for SNF shareholders to tap into this regional growth industry. We are also looking to bring the Healthway name beyond Singapore to create greater returns for our shareholders.” advertisement
The acquisition is being effected to allow SNF to move into an area of higher growth and profitability. HMS recorded a net profit after tax of S$14.9 million in 2006. The deal will also potentially increase SNF's market capitalisation on the Singapore Exchange.
Healthway is a recognised Singaporean brand with 15 years experience operating in the healthcare sector. With 80 medical clinics, it is one of the country’s largest private out-patient medical service providers. Following the acquisition, SNF’s business will be principally that of HMS, states the SNF announcement.
Prior to the transaction, SNF will undertake a share consolidation, in which every two existing shares will be converted into one consolidated share. These will rank pari passu with all existing shares. Following this, 2.6 billion consolidated SNF shares will be issued at a price of S$0.20 per share (amounting to a price of S$525 million), and effectively resulting in the reverse takeover of SNF by HMS. When completed, the transaction will lead Universal Healthway to own approximately 96.94% of SNF group, with a change of control effective immediately upon completion of the deal.
The valuation was based on 25 times the estimated proforma net profit before tax of S$21 million for HMS and its subsidiaries. According to a press release by SNF, comparables including Parkway Holdings, Raffles Medical Group and Thomson Medical Centre are trading at approximate price-to-earnings ratio of 33 times, 23 times and 18 times respectively.
The price is subject to adjustments based on the results of due diligence which SNF is yet to undertake. The deal is subject to regulatory approvals.
According to industry background provided by SNF, population and healthcare trends are likely to significantly stimulate Singapore’s healthcare sector in the coming years. The Singapore government proposes to grow its population at a rate of 2.5% per annum by welcoming skilled immigrant workers. Limited public healthcare will allow private healthcare providers to benefit from this increased demand.
Medical tourism will also prove a significant boost to the industry, with the government targeting one million foreign patients a year. This is expected to generate S$3 billion in revenue, and create at least 13,000 jobs.
Via the reverse takeover SNF is hoping to reinvent itself by changing its business profile and moving into a business area with healthy profits and prospects. SNF’s share price gained 9.7% on the Singapore Exchange yesterday following the announcement, suggesting shareholders endorsed the rationale underlying its move.
比A级贵一些 竹脚医院新生产配套 区隔市场赢得孕妇心
● 林慧慧
竹脚妇幼医院推出号称比A级更高一级的优质生产配套服务（The Private Suite，简称TPS）深受市场欢迎，选择这项产前检查服务的孕妇逐年增加；五年前刚推出时每月只为900人服务，如今选择到那里挂号做检查的产妇每月多达2500人。
该院这项“客户区隔”策略，成功让它摆脱“政府医院”的形象，使它能在竞争日益激烈的妇产科市场中保住其“龙头老大”的地位，把它不断下滑的市场占有率稳定在三分之一。
做为本地最大的妇幼医院，竹脚妇幼医院曾经是超过一半的本地孕妇的第一选择，不过随着年轻夫妇的经济水平提高、私人妇产科医院生产配套的价格越来越具竞争力，竹脚妇幼医院近年来已慢慢失去竞争优势。
觊觎它那领先位置的包括康生医院和安微尼亚山医院，而前者在近年来已成功与安微尼亚山医院拉开了距离，每年到那里生产的孕妇人数直逼竹脚妇幼医院。
尽管本地生育率多年来没有显著增加，每年新生婴儿人数一直保持在平均3万7300多人的水平，但是随着少生育的年轻夫妇越来越舍得花费，各医院都出尽法宝抢夺这块大饼。
竹脚妇幼医院每年为大约1万2000名妇女提供妇产专科服务，而该院推出的这项优质生产配套服务，就是为了吸引消费能力较强的孕妇。
TPS的护士经理方宝珠透露，使用该服务配套的大多是年龄介于25到35岁的妇女，一般都是专业人士。“她们大多不介意花多一点钱来换取更好的服务。”
选择这个服务配套的孕妇立刻可以在看诊等候处感觉到不同。跟院内其他专科诊所不同的是，里头的布置典雅、环境幽静、没有大批候诊病人，看诊也无需等候太久，拿药做扫描都可以在同个诊所完成，各个环节都可以媲美私人医院的专科诊所。
更重要的是，产妇不用担心会有经验不足的初级医生在临盆时为她做检查，因为配套规定只有顾问级以上的医生才能为产妇接生。
-x-x-x--x----------------------------------------xxxx-x-x
每13分钟接生一个婴儿
竹脚医院当年“辉煌” 载入妇产科发展史
林慧慧 (2002-11-22)
每13分钟就要接生一个新生婴：接生妇这边厢才刚为呱呱落地的婴儿剪好脐带，那边厢马上又要为产妇催生。
一间病房，数十个待产或在休养的已产妇。这就是竹脚妇幼医院当年的情景。
现代产妇或许难以想像自己在这样的产房迎接新生命，但一人挨着另一人待产生产的情景，却确实曾经是本地医院产房的现实写照，而且就出现在著名妇产专科——竹脚妇幼医院。
事实上，在20世纪五六十年代，该医院甚至还是世界上最大且最繁忙的妇产科医院。1975年版本的世界健力士记录显示，在1966年的巅峰期，该医院全年共迎接了3万9856条小生命。换言之，平均每天有109个新生婴在竹脚妇幼医院诞生。
新加坡妇产科协会为庆祝成立30周年，特地撰写了一本追述本地妇产科发展史的纪念册（The History of Obstetrics & Gynaecology in Singapore），而这本长达736页、足足有2.5公斤重的“结晶”，昨晚在丽嘉登酒店举行的晚宴上，分发给了出席的嘉宾。卫生部政务部长巴拉吉医生是晚宴嘉宾。
过去几十年，竹脚妇幼医院是上百万新加坡人的共同出生地。妇产科协会会长陈国贤医生昨天在受访时透露，有鉴于该医院对许多新加坡人的独特历史意义，它那位于翰莎路的旧址已经获文物局选为历史古迹，当局准备在近期内为该地标设立历史标志。
这家成立于1924年的公共妇产科医院，当年是许多经济拮据产妇寻求免费接生服务的地方。而在本地有“妇产科之父”美称的已故总统薛尔思教授，就在这个地方付出了不少辛劳，经常为工作彻夜不归，把医院当做自己第二个“家”。
在其巅峰期，竹脚妇幼医院平均每天有109个新生婴儿诞生。
也就因为有像薛尔思总统这样为病人鞠躬尽瘁的妇产科医生在默默耕耘，才能使这原本简陋的医院能保持一定水准的医疗服务。该医院的孕产妇死亡率，从1932年的每10万人有750人难产而死，降低到1987年每10万人只有7人。
也是竹脚妇幼医院妇产专科顾问的陈国贤医生指出，在1983年，该医院还因接生亚洲第一名人工受孕的婴儿，而获得国际医学界的认同。
妇产科协会共印制了1000本纪念册，不过却不会公开发售。花了整一年时间编撰这些历史资料的陈国贤说，他们将把纪念册免费分发给医学和公共图书馆，有关的公共机构也欢迎向协会索取。
从追溯本地妇产科医院的起源、当年“接生婆”的作业方式，到目前妇产科的最新手术，这本纪念册涵盖的范围相当全面。陈国贤说：“希望这些资料能让医学系学生或是其他对这课题有兴趣的人，对妇产科发展史有更全面的了解。”
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竹脚妇幼医院新接生配套按分钟收费
日期 ： 13 May 2007 1809 hrs
网址 ： http://www.xin.sg/article.php?article=5436
新传媒新闻报道，
竹脚妇幼医院每年平均接生全国三分之一的婴儿。院方调整了接生配套，孕妇今后到产房待产，费用将以每分钟计算。
院方表示，在新的接生配套下，孕妇所需支付的费用更低廉。迎接新生命，是父母最开心的事。但是初为父母的你，对各大医院的接生配套了解多少？
目前，孕妇到国大医院生产并入住A级病房两天，必须支付1700元，即使孕妇在产房的时间比预计的长，院方也不会另外收费。
而中央医院的接生费用是1596元，但是这个费用并没有包括孕妇在产房待产的费用。产房首四个小时的收费为每小时64元，之后每小时16元。
竹脚妇幼医院的原有的接生费用，包括医生咨询费、接生费和育婴费，是2256元。经过调整后，竹脚妇幼医院把接生收费定在1550元，配套不包括医生咨询费和育婴费。在新配套下，产妇可以在产房内待产八个小时，之后每分钟收费0.53元(五毛三分)，也就是每小时31.50元(三十一块半)，但是如果孕妇在产房待超过12个小时，则不再另外计算。
竹脚妇幼医院住院手续部门经理安妮塔表示，“如果以每小时计算，例如你待在产房35分钟，收费会以一小时计算。但是以分钟收费制度，孕妇只需支付35分钟的费用，这能让孕妇受惠，也比较公平。”但是一些父母认为，医院的新接生收费比原有的收费更高。“以往产房每小时收费25元，现在每分钟0.53元，就是每小时48元，所以相比之下更贵了。”
另一些受访父母，则不介意新的收费制度，他们认为，接生过程顺利，妈妈和宝宝获得妥善照顾，才是最重要的考量。
新加坡产妇最爱私人医院
● 谢仲贤 (3/2/2001)
私人医院更受产妇欢迎。
根据统计，去年有更多产妇选择到私人医院生产，尤其是华族产妇。每三个华族婴儿中，就有两个是在私人医院呱呱坠地的。
新加坡移民与登记局日前发布了这份最新的人口统计资料。去年在私人医院诞生的婴儿有2万5246人，这比在政府重组医院出生的婴儿多出4000多人。
值得一提的是，多数马来族与印族产妇都会选择到政府重组医院生产，不过，华族产妇却对私人医院“情有独钟”。去年出世的3万多名华族婴儿当中，就有约64%是在私人医院诞生的。
据本报向多名受访者了解，她们选择到私人医院生产，主要是认为私人医院的服务素质比政府重组医院好，而且求诊的等候时间也比较短。虽然私人医院的收费略高，但是收费却不是受访者首要考虑的因素。
预产期在下星期的公关执行员陈智慧（28岁）将到康生医院生产，不到政府重组医院，是因为她选择的妇产科医生是附属于私人医院的。
此外，她也对私人医院的服务素质较有信心。她说：“即使私人医院的收费比较高，我也不介意，因为他们所提供的服务比较符合个人的需求。”
即将生产第二胎的王丽丝（35岁）则对政府重组医院的服务有褒有贬。她前年在竹脚妇幼医院诞下一名女婴，这次怀孕则选择到中央医院生产。
她受访时说，由于第一次在竹脚妇幼医院生产的经历并不愉快，加上每回检查的等候时间太长，所以这次才决定转换医院。她说：“每一次去检查，都至少要等一个半小时，而且在生产当天，医生在我阵痛十多小时后才出现，让我感到很失望。”
虽然中央医院也是政府重组医院，但是不论是等候时间或者医生对病人的关怀，都让她感到满意。谈到不选择私人医院的原因，她说：“这是因为如果孩子出世后有什么问题，据说政府重组医院的小儿科设备比较齐全。”
不愿透露名字的龚太太上个月刚在鹰阁医院诞下一男婴，她也是考虑到服务素质才选择到私人医院的。她说：“听说政府重组医院跟私人医院的收费相差不远，可是到私人医院检查却可以节省等候时间。”
更多妇女30岁后生育
另外，人口统计资料也显示，更多妇女在30岁过后才生育。去年有2万5424名婴儿的母亲年龄在30岁或以上，这占了出生人数的55%。其中，最多妇女在30至34岁生育。
资料也显示，有12名婴儿的母亲在15岁以下，有一名华族妇女则在50多岁才诞下小宝宝。
《联合早报》
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Forget Property; Invest in Vietnam's Services: Andy Mukherjee
Commentary by Andy Mukherjee
Last Updated: December 10, 2007 15:40 EST
Dec. 11 (Bloomberg) -- If you want to see what kind of businesses will work well in Vietnam, visit the state-owned Tu Du Hospital in Ho Chi Minh City.
Medical resources are so tight in this 800-bed maternity home that authorities line up six women in one room to deliver their babies. So acute is the space crunch in the wards that the corridors are used to tend to newborns.
Tu Du is overcrowded because it has a good reputation; people come here from far-flung provinces. The hospital handled 45,000 births last year, more than the total in the city-state of Singapore.
``More than 1.3 million babies are born in Vietnam every year, even 20 percent of that is a good enough market for us.'' says Allan Yeo, chief executive officer at Thomson Medical Centre Ltd., a Singapore hospital operator that specializes in obstetric and pediatric care.
Thomson Medical is helping Vietnamese investor Protrade Corp. build a 260-bed, resort-style hospital for women and children -- complete with medical spa and a helipad -- on the outskirts of Ho Chi Minh City.
Of late, a frenzied property market has dominated the investment scene in Vietnam.
Yet, real estate in this Asian country is overheated and must be cooled by the authorities to preserve competitiveness of the $61 billion economy, especially of nascent businesses such as organized retail.
Demand for services is on a much stronger wicket.
A Banking Boom
One industry set for a massive overhaul is banking. Credit is still dominated by state-owned banks that will eventually transform from the state's tools for distributing capital to fully fledged commercial institutions.
The process will begin with the planned 9.75 trillion dong ($608 million) initial share sale by the Bank for Foreign Trade of Vietnam, the country's third-biggest commercial bank.
The IPO by Vietcombank, as the Hanoi-based lender is known, will set the stage for a strategic investor to buy a stake in the bank and help it modernize.
If successful, this strategy will become a template for other banks.
Telecommunications is set for a similar boom. A landmark transaction expected next year is the privatization of state-owned Vietnam Mobile Telecom Services Co., an asset that several large, international operators may be interested to own.
Following Vietnam's accession to the World Trade Organization this year, another service that's tipped to expand and be progressively more open to foreigners is education.
Health Care
In health care, the government is already encouraging foreign investments so that the meager resources of public hospitals can be better used to serve the poor.
The socialist utopia of free health care broke down in Vietnam in the late 1980s under shortages and cost pressures; user charges were introduced in 1989; fuller deregulation, which came two years later, saw the state withdrawing from provision of subsidized outpatient services.
Of late, even inpatient care has ceased to be free: Some hospitals charge patients for letting them use the elevators.
Still, the public health system in Vietnam is in better shape than in many other developing countries of Asia.
Thanks to hospitals like Tu Du, it's much safer for a woman to be pregnant in Vietnam than in, say, Bangladesh, Pakistan or India. According to the World Health Organization's estimates, 85 percent of births in Vietnam are attended by skilled health professionals. The figure for Bangladesh is less than 14 percent.
Growing Middle Class
However, the burgeoning middle class in this nation of 85 million people now wants more than just access to a doctor. It's willing to pay for better -- and more personalized -- service than the overworked public health system can offer.
That's a big opportunity for investors because some existing private hospitals are little more than refurbished shop houses.
Yeo, of Thomson Medical, is confident that even at prices higher than the current rate of about $300 for a normal delivery at private Vietnamese hospitals, demand won't be an issue. In fact, he's building the Hanh Phuc hospital in a way that it can be quickly expanded.
The real-estate market in Vietnam has become a bazaar for speculators to flip units in condominiums for a quick profit.
Needless to say, property developers are delighted with the long queues of people waiting to pay a deposit on overpriced apartments.
Yet, private property is a legal and bureaucratic minefield in Vietnam where most land is still in the hands of the state.
Investors willing to bet on Vietnam's domestic economy are much safer with services businesses.
(Andy Mukherjee is a Bloomberg News columnist. The opinions expressed are his own.)
To contact the writer of this column: Andy Mukherjee in Singapore at amukherjee@bloomberg.net .
Interview with Dr. W C Cheng, founder of Singapore's Thomson Medical Centre (transcript)
Posted August 14th, 2007 by David Williams More information on Fertility Interviews and speeches Singapore
Audio:Interview with Dr. W C Cheng, founder of Singapore's Thomson Medical Centre
David Williams: This is David Williams, CEO of MedTripInfo.com. I visited the Thomson Medical Centre in Singapore recently and had the pleasure of meeting Dr. W.C. Cheng, who founded Thomson in 1979 and has seen it become Singapore's leading private health care provider for women and children.
At 76 years of age, Dr. Cheng is still physically and mentally fit and continues to practice medicine. In this interview, he shares his views on health care delivery and health aging. He's an advocate for hormone replacement therapy and for the importance of sex in a woman's life.
Can you tell me, Dr. Cheng, what was your vision when you started Thomson Medical Centre, and how well has it translated into reality?
Dr. W.C. Cheng: I wanted to build a hospital, which is not a hospital in looks and in its actual management of patients. The conventional hospital has got too much white, too much terror, too much fear, too much pain.
So, I then conceived of the idea to design this hospital with a completely different ambiance; basically, to transplant the hotel type of ambiance, home type of bedroom as patient rooms, with the hospital facilities hidden away, and with emphasis on personalized, very intimate, very warm, very friendly type of nursing care.
My brother helped me with the building. He was an architect, designed hotels, so we got together and sat down. And that's how this thing came about. At that time, 1979, when we first opened, this was the first of its kind, so everybody was quite shocked when they would walk in and say, "Is it a hospital? Is it a hotel?"
So, we continue to maintain that impression, to the extent that all the nurses are dressed differently, devoid of white. White, as you know, is a common trait. Somehow, that's the color for hospitals and staff. So, there is such a thing as the white syndrome--you will see white and your blood pressure goes up.
[laughter]
And children, when they see white, they cry. So, we took that away, so, for the first time, all our girls are dressed in floral uniforms. That immediately changed the image. So, all the time we are working on this theme and continue to work on this theme. For example, our hospital is the first one with room service. So, apart from making hospital food something they look forward too and not hospital taste, yucky.
We didn't borrow this idea from Singapore International Airlines, but we thought that the patient, unlike a patron in a hotel, spends most of her time in the room in bed. So, she thinks about food a lot when she's getting well--especially a maternity patient: she's hungry all the time.
So, the natural thing to do is that you have to provide them with good food, palatable food, nutritious food. And also, the trappings of so many visitors coming in, so if they can order room service, tea, coffee, that would be wonderful. So we did that. This vision, over the last 28 years now, has been realized, and all the time, we are still trying to improve on it.
David: I want to ask you about one of the newer services, which is in the area of anti-aging. And I wanted to ask you, how did you come up with that as a concept, and what does it mean for your patients?
Dr. Cheng: Well, this came up as a natural extension of my work. I started off as a young gynecologist. When I first came out in private practice, I was 32 years old. So, I got a whole cohort of young women, coming to have babies, trying to have babies. And now, 40 years down the road, I am still looking out for the same cohorts, so they are growing old with me. I am catering for their needs as they go along.
When they reach mid-life, 40, the first thing that hits them with great horror is menopause. And menopause, for them, means suddenly growing old, suddenly, the whole world's turned upside down. So, is there anything I can do to help? I tried and used the basic knowledge, basic behaviors.
We all know that growing old is a natural process. You can't stop it. But you can slow it down. You can, in fact, reverse it, to some extent. Because most of us have a lifestyle that is self-destructive, that accelerates aging.
For example, putting on weight is the surest way of accelerating aging. You look older when you're fat. You look slim, you're younger. You don't have enough sleep, straight-away, you look older and tired. If you are not fit physically, you look tired. So, go to the basics. Eat properly, bring your weight down, exercise, and be happy.
And also, in women, sex life is very important. Most people take it for granted, that it is not important for them; but in fact, it is very important. It is not realized until now. More and more research has been done, and now women are more open in what they need. So, all this added together gives you a happy, youthful appearance.
You'll have all this satisfied--and just based on basically nothing; you're not using anything at all. So, just on a change of your lifestyle, controlling your basic activities: sleep, exercise, eat correctly, your excretory functions correctly, enough movements, activities--physical, mental, and sexual. Basic. We all do these every day, so get it right. And that's anti-aging.
Then, of course, there are women who need to undergo operations, because they have got a huge growth of fibroid or other things, which mess up life a little bit. So, surgically, you have to remove it, thereby creating a problem of premature menopause, if you have to remove the ovaries when they are not yet in menopause. Because of disease, you have to do it.
Then, the question of replacement. See, the standard textbooks, when I was a medical student, when you are 40 and above, you need to go for a hysterectomy. The ovaries comes out with it, so you castrate a woman too early, so she will be suffering for the next 20 years. And nobody bothered. Everybody believed that you have rid her of an organ that is potentially capable of becoming cancerous.
That assumption is valid in the old days; not any more, now. For any one patient you prevent cancer, you've got to operate something like three to four thousand cases. That's too big a sacrifice.
So, in those days, we had no way to diagnosis ovarian cancer early. By the time they become manifest, it's already too late. But with the introduction of ultrasound, we are able to look at the ovaries very easily. We just stick an ultrasound probe into the vagina, and we can see the ovaries within a few minutes and we can tell them whether it's abnormal or not. So, with that, we are very safe, so now, we do not remove ovaries unnecessarily.
The other aspect is those who have had to be removed for various reasons or became menopaused prematurely, naturally, they age earlier, then they have a gap, from 45 to 70. This is still a very useful life stretch. They can still look fabulous. What they lack of is the sudden drop in estrogen and testosterone.
So, we have it replaced, replaced with a level commensurate with their age, maybe a little bit higher. Estrogen level drops with age. It's a straight line drop. So, if she's at 60, the estrogen, let's say, is 40. We'll bring it back to the estrogen level of a 40-year old. Then she looks totally different. She feels well. Her skin looks beautiful. Her eyes have got sparkle in them. The vagina is totally changed: moist, succulent, and the sensations are restored, and sex life is possible again.
Otherwise, how is the marriage going to continue, when she's 45, ovaries removed, the vagina is dry as paper, and she has a healthy husband who needs sex? And the marriage needs sex to strengthen its bond from time to time, from day to day, so if this is suddenly removed, it puts the marriage under very, very great stress. Families are broken up. Various things happen.
So, here we have something that could change all of that. But somehow the fear of cancer has been so exaggerated that everybody hears the word "hormones," they all get terrified. And all this came out of WHI study in 2003. Just that one study. And within a year of their study, it was proven wrong, 2004.
2003, when the first story hit the papers, it's a five column spread. The next year, exactly 12 months later, WHI study was reviewed and re-studied by medical doctors, and it was found to be completely inaccurate. The study was flawed.
The sample they chose were women between 55 and 75. So in this group, naturally, even if we do nothing, the cancer rate is higher, the bones will be more brittle, the heart will be worse. So, how can you prevent the worsening of these conditions, which they ascribed to the use of hormones to be able to prevent, start them so late and hope to reverse it? Of course not.
You should start them at 40, 45, then you see the results at 60, and not starting at 55 to 75 and see the results at 80. So, this is the major flaw. It's pointed out by various medical critics published in various medical journals, but the newspapers just won't pick it up. Bad news for them. Good news, they put it in two columns; bad news, five column spread.
David: Dr. Cheng, are there services that it would make sense for patients to travel long distances for, to come to your center from as far away as, for example, Europe or the United States?
Dr. Cheng: Definitely. I know, in the United States, HRT is taboo. The main reason is not because the doctors don't believe in it, it's because the doctors down there cannot stand the risk of litigation, because the whole media is anti-hormone replacement and link hormone replacement with breast cancer. It's linked in everybody's brain, so which doctor would dare to use it, because the media is against them? Everybody's brain, everybody's mind, is already biased.
Nobody ever mentioned that the Japanese breast cancer rate is one of the lowest. The Chinese cancer rate is one of the lowest. The Indians' cancer rate is one of the lowest, compared to America. Why? Because of food and lifestyle.
Westerners smoked, the women smoke early. Their food, almost 90%, after birth, contained lots of animal fat, which is beef, mutton, etcetera. In contrast, Japanese food is uniform and consistent throughout the country. Their breast cancer rate is nowhere near American levels.
China, only now they're getting affluent. 10 years ago, they have never seen beef. Even milk, now, is only something just started. They have got a milk farm, maybe not more than 10 years old. So, milk and animal fat eating is not yet deep down. But it will show up first in big cities, as the diets change. India, their breast cancer rate is low, because Indian women don't smoke, Indian women don't eat beef, and their diet, mainly vegetarian. They have a totally different pattern.
But all of these are not mentioned, for a simple reason. When the news comes out, from Reuters, from whatever source, it's always USA. See, for example, this WHI study is USA. So, the first flash of the news came out in California. The second flash of the news came out in New York.
So, when these two main news agencies flash this news out, all the papers pick it up and all out at the same time the next day, so everybody thinks that that information is universal. Nobody ever pointed out that it has got an ethnic difference, it has got a difference with food, difference in lifestyle.
So, in that American environment, many women who need HRT, who need some replacement, some of them at least, will find it hard to find someone that can do this for them. HRT in women is not only estrogen; testosterone as well. When a woman goes into menopause or has her ovaries removed, her testosterone level drops quickly.
And testosterone is a very important hormone for her. It gives her three very important things. A, it gives her mental sharpness. Secondly, it gives her physical strength. And most importantly, it gives her sex drive. So if you take this sex drive away, she suddenly feels useless.
And very few doctors in America dare to use testosterone, although it's been documented in "New England Journal" that use of testosterone in women is normal, because she has testosterone. Now she's dropped. You just put it back. You have done nothing new, you just put it back to where her normal age would require that level. And yet, they dare not do it.
Only recently, there was one big study from Australia, from Monash University. Professor Susan Davis, she's the first one to put in testosterone implants for women as well, and found and reported her good results. But nobody else dared to do it. Just this fear arising from education. A lot of things in the States, the doctors are willing to do, but, because of the media, because of the general perception of the people, their hands are tied.
David: Dr. Cheng, thank you very much.
Dr. Cheng: Thank you.
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