Ulink Healthcare Files IPO Prospectus, Targeting China's Booming Medical Tourism Market with Singapore-Based Services

In recent years, the number of Chinese patients seeking medical treatment abroad has experienced explosive growth. Data from the "10th International Symposium on High-End Medical Services and Development," held in Shanghai in September 2017, shows that there are over 12 million cross-border medical treatments globally each year, with the international medical tourism sector growing at an average annual rate of 15% to 25%. This vast market has attracted numerous companies to enter the field. As nearly a thousand overseas medical service providers have become involved, competition has intensified, leading to constant market entry and exit. Overall, overseas medical companies that have stood the test of time enjoy greater consumer trust and preference.

With a history spanning over two decades, Ulink is a seasoned enterprise in the overseas medical treatment industry. Established in 1996 and headquartered in Singapore, Ulink is dedicated to providing Asian clients with services such as medical care in Singapore and insurance claims assistance. Since its inception, Ulink has handled an average of 1,600 overseas medical cases annually, averaging two overseas consultation cases per week and completing 100 insurance claim cases per month. Today, Ulink has become an experienced healthcare service expert in the Asian region.

At the end of 2015, Ulink set its sights on the Chinese market, aiming to provide Singaporean medical tourism services to a broader base of Chinese clients. “In recent years, the number of patients seeking medical treatment abroad has been steadily increasing, with Chinese patients becoming frequent visitors to Singaporean hospitals,” said Ivy Gong, Business Development Manager at Ulink. So, how did Ulink grow into what it is today, and how does it plan to engage with the Chinese market?

In 1996, Vivienne (Ms. Chen) founded Youling, primarily providing insurance claims services to overseas medical patients from across Asia.

As many members of Vivienne’s family are physicians, she frequently receives requests from relatives and acquaintances seeking recommendations for doctors. Moreover, while handling insurance claims, Vivienne often encountered overseas patients who struggled to navigate Singapore’s healthcare system due to unfamiliarity with the local medical environment and lack of accompanying support. In response, Vivienne decided to establish a company specializing in medical tourism, providing comprehensive services to international patients seeking treatment in Singapore, including travel arrangements, medical coordination, insurance claim assistance, and emergency rescue services.

At its inception, Ulink primarily served the Southeast Asian market, establishing subsidiaries in Myanmar, Malaysia, and Indonesia in 2003, 2012, and 2015, respectively. With Ulink’s assistance, patients from Southeast Asia no longer face significant obstacles when seeking medical care in Singapore. Whether for routine health check-ups or treatment of critical conditions, Ulink has established a mature service protocol to help patients seamlessly navigate medical consultations and insurance claims.

Unlike the myriad of overseas medical companies in the market, Ulink Assist has been rooted in Singapore for over 20 years. As a local Singaporean healthcare services provider, it possesses extensive familiarity with Singapore’s medical resources. Ulink Assist’s medical network covers 99% of hospitals in Singapore, enabling it to issue Letters of Guarantee and recommend the most suitable hospitals for clients, thereby ensuring they receive the highest quality medical care available in Singapore.

Ulink began expanding into the Chinese market in late 2015 but has not yet established a subsidiary in China, instead conducting business primarily through local partners. In China, Ulink collaborates with more than 30 partners, including Shangbaotong, Yuanmeng Health, and Overseas Registration Network. Clients can learn about Singapore’s medical tourism offerings through these partners or contact Ulink directly via its official website and WeChat account.

Prior to clients’ medical travel to Singapore, Ulink Assist facilitates their preparations, such as obtaining passports and visas. As Ulink Assist holds professional accreditation from healthcare institutions, it is authorized to assist clients in applying for medical visas. Subsequently, based on individual needs, Ulink Assist helps clients select hospitals and schedule appointments with physicians. Upon arrival in Singapore, clients receive comprehensive support services from Ulink, including medical accompaniment, professional interpretation, tour guidance, and airport transfers. Annually, Ulink Assist serves 200 to 300 Chinese clients, with this number demonstrating a consistent year-over-year increase.

Gong Xiaohan (Ivy) told VCBeat, “Chinese patients are more inclined to seek medical treatment in the United States, Japan, and Europe. In fact, from the perspectives of geographic location and cultural environment, receiving medical services in Singapore offers greater advantages compared to other countries.”

The reasons provided by Gong Xiaohan (Ivy) are as follows:

Medical Quality: Singapore's healthcare efficiency ranks second in the world, far surpassing that of many developed countries.

Rapid Drug Approval: The latest cancer drugs can be approved for marketing in Singapore within 3 to 6 months after approval by the U.S. FDA. Some special applications can proceed to patient clinical treatment in as little as 2-4 weeks.

Medical Expenses: Most of Singapore’s top physicians have received specialized training in the United States and Europe, yet medical costs are only one-third of those in the U.S.

Geographic Location: Compared with the United States, Europe, and other regions, Singapore is geographically closer to China. Currently, there are 33 direct flights from China to Singapore, with a flight time of only 3 to 6 hours.

Climate: Singapore has a tropical rainforest climate, with warm and humid weather year-round, making it conducive to recuperation.

In light of the current state of China’s healthcare system and client demands, Youling Ulink has selected medical services that are either unavailable or underdeveloped in China as its entry point, focusing on providing health check-ups, vaccinations, and critical care treatment services.

Ivy Gong Xiaohan stated, “Hospitals in China see a high volume of patients, leaving doctors with busy schedules and resulting in a very rapid health checkup process that precludes one-on-one service and detailed examinations. Taking abdominal ultrasound as an example, such exams in China typically take around five minutes, whereas in Singapore, each area is examined for more than 20 minutes. Furthermore, after the checkup is completed, doctors and nurses are highly willing to share medical knowledge with patients and provide guidance on improving their lifestyle habits based on their health checkup reports.”

Ulink provides personalized health checkup services tailored to individual client needs. Based on specific requirements, Ulink curates the most suitable health screening packages, including cancer screening, cardiovascular assessments, breast and gynecological exams for women, male reproductive health checks, and anti-aging evaluations.

Currently, three vaccines (Gardasil, Cervarix, and Gardasil 9) have been approved by the FDA, commonly referred to as the bivalent, quadrivalent, and nonavalent HPV vaccines, respectively.

Currently, all three HPV vaccines are available on the Chinese market. The nine-valent vaccine can prevent up to 90% of HPV-related diseases and cancers, leading customers to prefer it. However, there is a shortage of the nine-valent vaccine in most hospitals in China, where its administration is restricted to women aged 16 to 26. In contrast, Singapore permits vaccination for women aged 9 to 45, sparking a wave of Chinese citizens traveling to Singapore for immunization.

Data shows that critical care treatment accounts for 40.2% of overseas medical services. As domestic medical capabilities are insufficient to address their conditions, an increasing number of critically ill patients are choosing to spare no expense and join the ranks of those seeking medical treatment abroad.

Singapore boasts unique advantages in critical care, with extensive experience in retrograde PCI for chronic total occlusion (CTO) lesions in coronary artery disease, fourth-generation bioresorbable vascular scaffolds (BVS), transcatheter aortic valve implantation (TAVI) for aortic stenosis, and stereotactic radiotherapy.

Prior to the arrival of critically ill patients in Singapore for medical treatment, Ulink Assist collects their outpatient medical records, imaging reports, and records of radiotherapy and chemotherapy. It then prepares English referral summaries in accordance with Singapore’s medical record formatting standards. Subsequently, Ulink Assist helps patients select the most suitable hospital, schedule appointments with physicians, and facilitates their seamless access to top-tier hospitals in Singapore.

In terms of pricing, medical check-ups, vaccinations, and critical care treatments in Singapore are generally half the cost of those in Hong Kong and the United States. Furthermore, clients can opt to purchase international health insurance to reduce expenses. Ivy Gong Xiaohan stated, “The founder’s vision for Youling Ulink is to enable patients to spend less while gaining greater hope for a cure.”

Next, Ulink will continue to optimize its operations to provide customers with more human-centric services.

The Singapore Tourism Board reported that in 2009, Chinese patients incurred approximately USD 4 million in medical expenses in Singapore, which surged to USD 21 million by 2016, representing a compound annual growth rate (CAGR) of 52%. Several major hospitals in Singapore have incorporated the admission of critically ill Chinese patients into their strategic plans. Meanwhile, the domestic market for overseas medical treatment is also experiencing robust growth.

Ivy Gong Xiaohan believes that, driven by the wave of Chinese patients seeking medical treatment abroad and supported by the Singapore government, Singapore’s medical tourism industry will continue to grow. China is one of the key markets for Ulink Assist, which has already launched local elderly care support services in Singapore. In the future, Ulink Assist plans to establish a branch in China and introduce elderly care services.

Ulink’s elderly care services are primarily targeted at China’s “snowbird” population. Ivy Gong Xiaohan stated, “Singapore is a world-renowned Garden City with a pleasant climate, making it an ideal destination for Chinese clients to spend their retirement during the winter months.”

Yuling Ulink China Official Website: http://ulinkchina.com/guanyuwomen/