I read that it will cost a student about $600k to study Medicine in Australia or more in the US or UK. This is a princely sum of money to acquire a skill to earn a living. I can presume that the cost of training a doctor locally is just as much, though it may cost less to a student after govt subsidies. The full cost could be as much as a million to produce a locally trained doctor to practice as a GP. For the specialists, the cost will be much more.
In my view this is just not cost effective. When we can get fully trained doctors overseas, including specialists, without paying a cent for their training, why do we need to spend so much of our resources on training doctors locally? All the infrastructure, the manpower, resources, etc can be put to better use elsewhere. In a way, we can outsource our medical training overseas by recruiting foreign talents. And we can pay them cheaper than our locals with their unjustly high expectations.
Boon Wan is talking about cutting cost in the medical profession by increasing productivity. I think he should consider this option. The cost will definitely come down, without the costly investment and with cheaper doctors readily available.
In the name of efficiency, cost effectiveness, we can put this kind of thinking further by closing all our universities and recruit foreign talents and graduates to work in the professions and industries as well. Definitely cheaper, hungrier, and more dynamic and with cost advantage, will make our economy more competitive and vibrant.
As for the Singaporeans, they are quite expensive to train locally. If they can afford it, they can join the army of locals in their march to foreign universities which are deemed to be more valuable and better, and come back as foreign talents. They can foot their own training without the state having to fund the local universities and to provide subsidies on their tuition fees.
The net effect is that we will have cheaper doctors who are better trained by overseas universities to serve our people. It is a win win situation.