LASIK Cost Decline Tendency On Competition In Singapore

In Singapore, competition in the LASIK surgery sector seems to have intensified recently with the entry of new players and eye-popping promotional rates tied to marketing campaigns.

LASIK Average Costs In Singapore

The LASIK Surgery Clinic followed suit in mid-May with a package of $2,188 for both eyes. The new rate is about 21 per cent lower than its last publicized price of $2,780. On top of that, it boasts of installment payment plans and no-waiting list, and is open 365 days.

Parkway Eye Centre, for instance, started publicizing in end-April its $995-per-eye package for standard LASIK surgery. The fee, before GST, includes an evaluation and three post-operation reviews. According to centre medical director Lee Hung Ming, it would have cost about $1,600 per eye without the promotion.

Shinagawa LASIK Centre, a tie-up between Japan 's Shinagawa, Capitol Optical and SNEC Eye Associates, launched a $4 million, 6,000-sq-ft facility last month, offering a price of $2,388, before GST, for an IntraLase blade-free procedure on both eyes.

Even Tan Tock Seng Hospital LASIK Centre, started publishing its price ($1,190 per eye), and Eagle Eye Centre , a smaller ophthalmology outfit, also made known the availability of a new machine through an advertisement earlier this month.

Price adjustment is one of the strategies to expand the LASIK market. However, downward price adjustments will only be temporary as competition based on price alone will not be sustainable in the long run. With laser machines costing some $1 million to $1.5 million each, doctors would have to do higher volumes to justify the costs.

Already, margins for LASIK have been coming down in the past few years, with falling prices resulting from a combination of better technology and competition in Singapore and from the region.

If price competition continues, it may also contradict Singapore 's approach in its positioning as a medical tourism hub. The medical fraternity here has always prided itself on placing greater emphasis on quality of care rather than price, in response to emerging medical tourism cities in the region that offer cheaper alternatives.