In Singapore, the most apparent cost of this epidemic is the cost of providing direct medical care and public health services such as screening tests and ICU (intensive care unit) care for those affected.
Since the indirect and intangible losses are not easy to measure, it can be argued that total losses from pandemics will be underestimated, but even then, the direct costs that are easier to compute will be enormous, even if influenced by the responses of affected systems.
One consolation for Singapore is that its public-private model of mandatory personal savings – especially regarding healthcare – and high national savings makes the country more ready than most to face the pandemic. This has been the philosophy behind a healthcare financing policy shift away from a tax-based approach to a diversified public-private system, with compulsory individual savings through Medisave.
One key takeaway from Covid-19 when it comes to health financing mechanisms is recognising that the state can never move away from a fundamental role to protect the public health of its population.
This is an extract from the article originally published in The Strait Times, a National level newspaper. Please click here to know more.
Image Credits: Revcycle Intelligence
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