Providing caregivers with more than just homecare products

NEARLY one in four Singaporeans will be 65 or older by 2030. Recognising that this demographic shift means a growing demand for quality eldercare, Victor Yeap set up Yeap Medical Supplies (YMS) in 2000.

As a wholesaler and retailer of medical and homecare supplies, YMS also sees itself as a source of support for caregivers.

One way that it performs this role is through its retail business, Pharmex Healthcare. Here, YMS aims to make medical-grade healthcare products more accessible to the public, in terms of both geographical location and pricing.

Currently, YMS has 10 physical Pharmex Healthcare branches across Singapore, with the flagship store located at Toa Payoh West Community Club.

In line with its commitment to accessibility, YMS has been expanding to more hospitals and into the heartlands. Last year, it opened new outlets in Woodlands Health Campus and Tan Tock Seng Hospital.

YMS is also committed to keeping its products affordable so that consumers have better access to healthcare supplies, particularly during difficult times.

For instance, during the Covid-19 pandemic, YMS was the first healthcare supplier to lower the retail price of its surgical masks back to pre-pandemic levels, making masks more affordable.

General manager Christopher Thia said that YMS enjoys economies of scale due to its high volume of imported surgical masks, allowing it to sell them at a highly competitive price. The move was an example of how YMS prioritises societal well-being.

Beyond serving caregivers, YMS is tackling broader concerns. In line with the healthcare industry’s increasing focus on sustainability, YMS is exploring ways to make its homecare and medical products more environmentally-friendly, as well as shift to a more sustainable business model.

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The company currently has several in-house brands: Assure Medical Disposables, Assure Rehab and Bactishield.

But Thia noted that going green is not that easy, with the conflicting priorities of sustainability efforts and competitive pricing. Suppliers may also face operational difficulties in making changes.

More broadly, the ability to change will be key in the demand-driven healthcare industry. As the population ages further and technology develops, demand for new kinds of eldercare products may arise, noted Thia.

While large-scale innovation is not currently viable for YMS, the company remains sensitive to customer preferences and strives to meet their expectations.

In a testament to its efforts, the company won the Enterprise 50 Award for three consecutive years, from 2021 to 2023.

Working together, working smart

In the face of tough competition for talent, YMS aims to nurture leaders with innovative ideas that appeal to today’s savvy consumers.

It promotes a supportive and collaborative work environment with open communication, one-on-one mentorship and sharing by senior staff, to foster a positive and inclusive culture.

Thia estimates that about half of its hundred-strong workforce have been with the company for at least five years – a good track record of retention.

The company is a strong advocate of upskilling, offering employees various avenues to grow their careers in both breadth and depth. Cross-exposure opportunities and rotation between departments are available for those who want to expand their skill sets.

YMS’ philosophy is that just as employees contribute to the business, the company must also value-add to their careers.

To free up employees to perform higher-value work, YMS has also embraced artificial technology and fintech to streamline and automate processes.

Other technological solutions help to improve physical efficiency. For example, the company is developing a warehouse management system. This will allow better delivery management while providing updates on fulfilment status, for a better customer experience.

YMS also has a larger mission. In addition to an ageing population, Singapore is facing the growing problem of caregiver stress. A survey in 2023 found that over 40 per cent of caregivers were at risk of depression.

By advocating caregivers’ mental health, YMS hopes to reduce the burden and stress faced by them. This is in line with the company’s mission of enhancing the quality of life of Singapore’s ageing population through accessible and affordable healthcare supplies.

Said Thia: “With the right business strategy and commitment of all our employees, YMS hopes to maximise customer satisfaction and instil trust (in us) among caregivers and the elderly.”

This series is part of the Enterprise 50 Educational Project between the E50 partners and the NUS Business School. Yeap Medical Services was among the winners in 2023. The annual E50 ranking is co-organised by The Business Times and KPMG, sponsored by OCBC Bank, and supported by Enterprise Singapore, Singapore Exchange and Singapore Business Federation.