CCCS okays Tamarind Health's proposed acquisition of TalkMed
[SINGAPORE] The Competition and Consumer Commission of Singapore (CCCS) has cleared Tamarind Health's proposed acquisition of tertiary healthcare service provider TalkMed Group on Friday (Jun 27).
The competition watchdog assessed that the proposed transaction will not substantially lessen competition within the Singapore market.
TW Troy, a special purpose vehicle managed by Tamarind Health, proposed to privatise mainboard-listed TalkMed by way of scheme of arrangement, at S$0.456 per share, on Dec 23, 2024.
CCCS said it commenced its review on Jan 13 to see whether the proposed privatisation would infringe Section 54 of the Competition Act 2004, which prohibits mergers that may substantially lessen competition.
It conducted a public consultation from Jan 21 to 31, seeking feedback from stakeholders such as the involved parties' competitors and insurance service providers.
Based on its assessment of the parties' submissions and third-party feedback, CCCS concluded that the proposed transaction is unlikely to substantially lessen competition in Singapore in relation to the supply of private medical oncology services.
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Medical oncology refers to the field of medicine that deals with the treatment of cancer primarily with drugs, such as chemotherapy.
CCCS reasoned that patients can choose alternative providers of medical oncology services in both public and private sectors in Singapore, limiting the impact of the proposed merger.
Furthermore, it added that any increase in the parties' market power upon the proposed transaction would likely be constrained by insurers – who play a 'significant role' in affecting how patients select and finance private medical oncology services – as well as the regulatory framework governing the healthcare sector in Singapore.
Tamarind is a pan-Asian oncology-focused group headquartered in Singapore. It is controlled by alternative asset manager Templewater and its affiliates.
As part of the deal, 65 Equity Partners, a Singapore-based global investment firm backed by Temasek, will subscribe for shares in Tamarind Health through its local enterprise fund.
After the transaction, 65 Equity Partners will hold about 18.3 per cent of the voting interest in Tamarind Health, while doctor shareholders will hold about 31.3 per cent.
Shares of TalkMed closed flat at S$0.45 on Friday, before CCCS' announcement.
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Commenting on the latest rankings, CEO of QS Jessica Turner said that Singapore has capitalised on its role as an international hub and offers a model of an education system that many around the world are trying to emulate. She added that Singapore's ranked universities have seen improvements across the metrics of academic reputation, employer reputation and a rise in international student ratio. 'For Singapore, because you have a smaller higher education system, it's easier to communicate that excellence – half of your universities are in the top 20 in the world. Nobody else can say that. You're therefore in a very good position to communicate Singapore as a destination,' said Ms Turner. Mr Byron Becker, a 23-year-old NUS business student from Germany, described Singapore as 'a very well-known city'. 'If you Google the university (NUS), you hear a lot of good things as well. 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'We are looking at the nine indicators that are helping that can be measured globally. That's also a real constraint in any kind of comparative measures that best reflect student experience, and we're continuing to evolve that. 'Three editions ago, we added more employability focus into our rankings, and we added sustainability into our rankings because of the importance of those things to students. So we continue to evolve and reflect that student experience,' said Ms Turner. THE CONTINUED ALLURE OF FOREIGN UNIVERSITIES Yet, while Singapore may remain a top choice for many local students and draw growing international student interest, many top Singaporean students, including government scholars, still prefer to pursue their tertiary education abroad. In response to queries from CNA TODAY, a spokesperson from the Public Service Division, which grants prestigious scholarships to outstanding students annually, said that in the last three years, around 30 per cent of its scholarship holders have chosen to pursue their undergraduate studies locally. The remaining 70 per cent pursue their studies overseas in countries such as the US, UK, France, Japan, China, and Germany, the spokesperson added. The mix has changed in the past 12 years. In response to a parliamentary question in 2013, the Public Service Commission (PSC) had said 12 per cent of its scholarship holders then were pursuing undergraduate studies locally while the remaining 88 per cent pursued overseas education in the US, UK, China and Japan. In its statement to CNA TODAY, the spokesperson said: "As future public sector leaders, it is important for our PSC scholars to acquire varied experiences, and networks. Therefore, we hope to continue to have a good mix in terms of scholars pursuing their studies locally versus overseas." On scholars' preference for overseas education, SMU's former president, Professor Emeritus Arnoud De Meyer, said that this dates back to founding Prime Minister Lee Kuan Yew, where he and many of the pioneers of the early years of Singapore's political development were educated overseas. 'I think it goes back to the tradition, 'Let's learn from the best and bring the best to Singapore.',' said Prof De Meyer, who co-authored a book, 'Building Excellence in Higher Education: Singapore's Experience'. Studying overseas likely remains a popular option for scholars because of the opportunities to build a strong international network at the undergraduate level, which may come in handy for future placements in the civil service or politics, he added. Mr Said Gasimov, a 20-year-old chemical engineering student at NUS, turned down a few universities in the US, as well as the UK's UCL, Imperial College and Edinburgh University, to study here. 'Due to the current shifts in innovation towards Asia specifically, NUS seemed like a very promising option, sort of like a new player that is more innovation- and sustainability-oriented, as opposed to the traditional education offered in Western universities,' said Mr Gasimov, who is from Azerbaijan. Still, even though he believes that Singapore's universities are 'far more competitive' than their Chinese counterparts, they still lack the reputational power of legacy universities in the West. 'MIT, Stanford and Harvard are still viewed as far more prestigious,' he said. ALREADY 'WORLD CLASS'? Indeed, Singapore's top universities such as NUS and NTU regularly outperform or match Ivy League institutions on global league tables. Yet a lingering perception remains that they are still not quite in the same league. Prof De Meyer attributed such a perception largely to the quality and impact of research from top institutions. 'Our universities obviously don't have the research heritage of universities like Cambridge, Oxford, Harvard or Stanford,' he said. Singapore's small economy may also limit postdoctoral opportunities and industry linkages for research, further constraining global visibility. Elite institutions also benefit from influential alumni networks. Dr Ho Boon Tiong, consultant educationist and founder of Classpoint Consulting, said local universities could improve in this area. 'Alumni are brand ambassadors, and they can also contribute to the university by inspiring the undergraduates,' he said. Still, many experts argued that Singapore's higher education institutions already have the makings of a world-class system, especially when considered in context. Given its relatively young educational framework, designed to cater to diverse learning needs, direct comparisons with centuries-old Western institutions may overlook the unique strengths that Singapore's system offers. Prof De Meyer said the progress of Singaporean institutions in the past 30 years has been 'more than remarkable'. 'We can offer a well-funded, attractive and free research environment; access to top quality researchers pursuing PhDs, and our institutions are very well embedded in international networks,' he added. He suggested that a more meaningful comparison may be with Hong Kong, where five of its universities are among the global top 100 in the latest QS rankings. These institutions, which also offer English as a medium of instruction, are likely to be more direct competitors to Singapore's universities, especially for students looking to study in Asia or deepen their understanding of China, said Prof De Meyer. One area where Singapore is building world-class strength is in aligning university programmes with workforce needs. 'Today's world is not so siloed. SMU, for example, has integrative studies in the first year, so students can explore before they jump in. This is an area where local universities can carve out a niche,' said Classpoint Consulting's Dr Ho. He noted that many degrees now include three- to six-month internships, giving students real-world experience before graduation. Assessing the calibre of Singapore's universities also requires looking beyond rankings, as institutions such as SUTD and SUSS may be less visible in global rankings because of their different missions. 'The diversity in the landscape is deliberate,' said NIE's Assoc Prof Tan. 'There are two types of autonomous universities, the research-intensive universities and applied learning universities. You have to take the diversity into account, not hold them all to a common standard.' He noted, for example, that SUSS is mostly geared towards adult learners in the workforce looking to upskill, while SIT courses may appeal to polytechnic students. Dr Varaprasad from the Singapore Education Consulting Group said he would hesitate to say universities here are lagging behind top-tier global universities. 'It is more accurate to say (they have) different emphases due to our particular history where universities are primarily meant to serve business, industry and the professions." In this regard, human resource experts said that Singapore's universities are doing well in preparing graduates for the workforce. Ms Cherrie Lim, director in corporate finance, M&A and corporate strategy in Asia at executive recruitment firm Ethos BeathChapman, said degrees from local universities are seen as comparable to those from Ivy Leagues or Oxbridge for entry-level hiring. Among local universities, NUS, NTU, and SMU continue to be 'highly respected' institutions with both local and multinational employers, particularly for roles in the region. 'What often makes a candidate stand out at the graduate level isn't just the university name, but rather their GPA (grade point average), relevant internships and extracurricular activities,' she said. Looking beyond a graduate's alma mater aligns with the 'obvious shift' towards skills-based hiring from academic hiring, said Mr David Blasco, country director at recruitment agency Randstad Singapore. He said that some employers prefer local graduates, who often have more relevant internships and project experience for the Singapore market. For NUS computing student Jack Chen, this rings true. 'A few years ago, going to an Ivy League school could secure you everything. But in the past three years, there's been a drastic change in the job market, companies value your internship experience a lot more,' said the 24-year-old. He sees Singapore-based peers having an advantage over their overseas counterparts, as the former are more in touch with how competitive the job market is and generally are more willing to take gap years to stack internships. Barring highly specialised degrees needed for niche fields, Mr Blasco from Randstad said most employers value a graduate's experience and cultural fit over university pedigree alone. 'While credentials from top global universities are impressive, it does not guarantee preference. In recent years, local universities have responded proactively to evolving business and talent needs by introducing new degree programmes in areas such as data science and analytics, artificial intelligence, and cybersecurity,' he added. WHAT NUS, NTU ARE DOING In response to CNA TODAY's queries, NUS and NTU cited the various efforts they have taken to attract top talent and enhance their international standing. Professor Bernard Tan, Senior Vice Provost in Undergraduate Education at NUS, said its 'vibrant campus environment' encompasses students, researchers and faculty from some 100 countries. NUS is keeping pace with rapid economic changes and has 'significantly expanded' its efforts to foster a well-rounded university experience and equip its graduates with 'robust skill sets underpinned by academic rigour', he said. These include scaling up interdisciplinary learning, enhancing experiential learning through industry internships, fieldwork and overseas exposure, offering students opportunities to use AI responsibly for assignments and enabling life skills development through residential programmes and co-curricular activities. Over at NTU, Professor Gan Chee Lip, who is the Associate Provost in undergraduate education, pointed out that aside from rising to 12th place in the latest QS World University Rankings this year, it also jumped to 30th in the latest THE rankings released last year, compared to 47th in 2020. 'NTU has climbed steadily over the years in the QS World University Rankings, and continues to excel in academic reputation and faculty citations. NTU has also performed well in the faculty student ratio metric, indicating a strong learning experience,' he said. Prof Gan added that NTU adopts a multi-faceted strategy, such as social media and website outreach and direct collaboration with top schools both local and overseas to recruit academic talents and participate in key education fairs. He highlighted programmes such as the University Scholars' Programme and the Turing AI Scholars Programme, which have enhanced curriculum for students with demonstrated aptitude for higher academic rigour and include overseas experiences with 'top partner universities'. WHAT OTHER SINGAPORE UNIS SAY For SMU, Provost Alan Chan said that its 'steady upward movement' in global rankings over the past year is encouraging. The school's student population represents over 30 nationalities, mostly from Singapore or ASEAN nations. SMU graduates are 'known for being career-ready and resilient', said Professor Chan, with nearly 90 per cent of its Class of 2024 graduates securing employment despite a tighter labour market. As for attracting top students, he said SMU focuses on identifying 'high-potential students' who are a strong fit for its interdisciplinary and interactive style of education, through signature events such as the Open House and targeted international outreach efforts and digital marketing campaigns. 'We don't see ourselves as replicating other institutions, our model reflects a different opportunity. SMU is part of a new generation of universities designed for a fast-changing world. That means being interdisciplinary, industry-relevant, and responsive to emerging global challenges,' said Prof Chan. Ms Tammy Tan, chief communications officer at SUTD, said that while the university does not see rankings as a direct indicator of employability, its graduates 'consistently achieve strong outcomes' in both employment and starting salaries that are comparable to peers from more highly ranked institutions. 'We acknowledge the significance of global university rankings, but we also recognise that each has its own methodology and may not fully capture the broader value a university provides. Rankings are important, but they don't necessarily reflect what we prioritise, including student development, research, innovation and enterprise,' said Ms Tan. She added that there has been an increase in openness from academics and researchers in exploring opportunities in Singapore, and in students' interest in SUTD's hardware and software-oriented pathways, spanning 'high-growth and emerging fields' like AI, cybersecurity, digital transformation, semiconductors, and healthcare technology. 'We believe that the true value of a university education lies not just in rankings, but in how ready and relevant our graduates are for the future … SUTD's strong grounding in core engineering and computing principles ensures that our graduates are adaptable and versatile across a range of sectors,' said Ms Tan. As for SIT, Professor John Thong, deputy president of academics and provost, said the university chooses not to participate in global university rankings such as QS or THE, which primarily focus on academic research output and citation metrics, as they 'do not fully capture SIT's mission and strengths'. SIT offers a 'differentiated value proposition' which has seen 'strong and growing interest' from both domestic and international prospects in programmes aligned with national priorities such as healthcare, robotics, and those that adopt an interdisciplinary approach. 'Unlike traditional research-intensive universities such as Harvard, Oxford, or Peking University, which are known for academic research, SIT delivers an applied, industry-focused education designed to prepare students to succeed in the workforce,' said Prof Thong. Meanwhile, SUSS Provost Professor Robbie Goh said the school has observed a 'significant increase' in applications from international students, primarily from countries across Asia. International applications for full-time undergraduate programmes for example, have more than doubled year-on-year between AY2024 and AY2025. Rather than competing directly with Ivy League or Oxbridge institutions, Prof Goh said SUSS' programmes resonate with students who value community impact, social innovation and lifelong learning. Instead of focusing on competing in rankings that value theoretical research and publication volume, Prof Goh said SUSS offers an education that is 'grounded in real-world application, industry relevance and a strong ethos of community engagement" via initiatives such as its work-study programme and compulsory work attachments for all full-time students. 'Our unique positioning as a university with a strong social focus allows us to attract students who are not only academically talented but also deeply committed to making a difference,' said Prof Goh. STUDENTS' DESIRE FOR BROADER EXPOSURE Even as local universities invest heavily to redefine what constitutes a world-class education, winning over students remains a challenging task. According to education consultants, contrary to headlines suggesting waning interest in overseas study, the industry preparing local students for places at top international universities has become even more competitive. Ms Joanne Gao from overseas education consultancy Crimson Education said interest in studying at top US and UK universities has grown over the past three years. Ms Gao is the regional manager for Singapore, Malaysia, Philippines, and Myanmar for the Auckland-headquartered company. Of the 500 students that Crimson Education supports annually, only about 10 per cent are assisted by the consultancy to apply to local universities, though some students submit local applications independently to keep their options open. She added that Ivy League and Oxbridge schools retain their allure due to their name recognition, competitiveness and powerful alumni networks. 'It's not just about who you graduate with; it's a lifelong community that students can tap into for mentorship, job opportunities, and collaborations,' said Ms Gao. Dr Chan Khai Leok, director Singapore-based consultancy The Right U, said the competitiveness of Singapore's most in-demand courses, like law and medicine, also drives some students overseas. 'While many students, particularly polytechnic graduates, do not qualify for NUS, NTU and SMU, they can comfortably secure seats at global top 30 universities in Australia and the UK. These institutions are perceived as being more prestigious than alternative options available to them in Singapore,' said Dr Chan. Alternative study destinations which offer cost-effectiveness, including 'non-traditional, non-English-speaking destinations' in East Asia such as China and Japan, or Germany and the Netherlands in continental Europe, are becoming more popular too. Still, around 30 per cent of the agency's students make concurrent applications to local universities, as a fallback or parallel option that is a "serious alternative" to overseas schools. Mr Lim Chin Kah, whose agency Asia Education and Business focuses on higher education opportunities in New Zealand, noted that while the country may be a less traditional destination, all eight of its universities are typically ranked within the world's top 500. 'Those parents who support their children to study (in New Zealand) are not so concerned about the rankings,' said Mr Lim, adding that a first degree in New Zealand can be a launchpad for students to pursue further education. For many Singaporeans, studying abroad is not a rejection of local universities, but a desire for international experience. Mr Jack Xie, 24, a Singaporean student at the London School of Economics (LSE), said: 'Local universities are regionally strong – the best students I know in my junior college stayed in local universities, mainly studying science and medicine. But I wanted to have a more global perspective in my life.' Also in the UK is Mr Guo Wen Jun, a 23-year-old economics student at the University of Warwick. While his parents were initially concerned, given that Warwick was ranked lower than NTU and NUS in university world rankings, they became more supportive upon hearing about his reasons for wanting to study abroad. One factor was his desire to work in London after graduation, given the city's larger and more mature market. Similarly, for Ms Laura Lee, a 22-year-old Singaporean student at UPenn's Wharton School of Business, she has 'no doubt' that NUS and NTU are academically strong universities. 'Going overseas to study is not just about the academic environment, it's about building global connections beyond Singapore, exploring new opportunities and seeing how we can bring new models back to Singapore, and learning how to live independently,' said Ms Lee. While she had offers from other top US institutions like Yale, Tsinghua in China and Singaporean universities, Ms Lee eventually chose Wharton because of its alumni network, which boasts Warren Buffet and Elon Musk as alumni. In her entrepreneurship classes, professors sometimes call on Wharton alumni who are venture capitalists to take over some lessons. Despite such foreign benefits, local universities remain the first choice for some other Singaporeans and international students, especially amid rising costs and geopolitical uncertainty. Eighteen-year-old junior college student Regina Yap is considering applying to local universities such as NUS, NTU and SMU mainly due to the lower cost. 'When safety concerns and geopolitical tensions were less pronounced in the past, I would have given more consideration to overseas universities,' she said. Ms Yap added that her positive impressions of local universities came from open houses, career fairs and strong graduate employment rates. 'Many of my peers are considering local universities because of cost and the fact that they're still unsure about what they want to pursue. Some have expressed certainty about studying overseas – particularly those interested in courses like liberal arts, which tend to have a more robust scene abroad. They're mostly financially supported or aiming for specific scholarships,' said Ms Yap. For international students like Mr Jonathan Davinius Layardi, 23, an Indonesian who followed in his sister's footsteps to pursue a degree at SUTD, studying in Singapore was both a family aspiration and a personal milestone. 'My immediate and extended family said that starting in Singapore was a dream come true, something to be grateful for, something to be cherished,' said Mr Jonathan, who majored in engineering systems and design. On top of his appreciation for SUTD's close-knit collaborative academic environment, Mr Jonathan was greatly affected by the university's willingness to support him when a health crisis disrupted his studies. Mr Jonathan discovered a brain tumor after a fainting spell in 2023 and had to take a gap year to recover after surgery. As his cognitive function was still impaired when he returned to school, the university made accommodations and extended exam durations and ensured his living environment in the hostel was "very peaceful". "I would need to repeatedly read a statement to properly absorb the information, which would risk timeouts in my exams. Knowing this, the faculty of my pillar set up a time extension so I had more time to digest questions." SUTD also provided him a wheelchair and assisted him with returning to his hostel room as he would occasionally faint while on the move. "It's been very much incredibly rewarding, not just because of the academics, but because of the people as well.
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In 2018, I lost my IT job and thought I'd never be in tech again. Now I teach AI to students and adult learners
In late 2018, I was the head of IT in a firm I had dedicated many years of my life to. One afternoon, I was called into a meeting, handed an envelope, and told that my role had been made redundant. Just like that, 18 years of hard work, late nights and quiet sacrifices went up in smoke. The first thing I did was call my wife. She didn't say much, just 'Come home first. We'll figure it out.' Her words grounded me in that moment. Because truthfully, my mind was completely blank – I had no idea what to do next. For the next three years, I felt like I was floating. Life became a meaningless blur of job applications sent into the void, polite rejections, and radio silence. With bills to pay, I became a Grab driver. It was honest work, and I came to appreciate the structure of the routine and the small human moments in picking up a sleepy executive at 6am or chatting with retirees on the way to the clinic. And then COVID-19 hit. Almost overnight, the roads emptied. My bookings dropped to a trickle; sometimes I'd wait 40 minutes for a single ride. I drove 10-12 hours each day and barely made enough to cover petrol, let alone meals, utilities, and my family's other needs. Still, every single dollar mattered. Behind the wheel, I fought not just physical exhaustion , but doubt. How long could I keep going like this? I carried my burdens with clenched teeth and silent prayers, but they only seemed to be growing heavier each day. For three years, I was running on empty both physically and emotionally. I asked myself over and over: 'Yatim, is this what you have become?' CHOOSING TO BELIEVE One night, tired from hours of driving with little reward, I came across the SGUnited Skills programme on my phone. My gaze caught on a course on smart factory and data engineering at the Singapore Institute of Technology (SIT). The course description was peppered with words like 'Internet of Things' (or IoT), 'automation systems' and 'data integration' – all topics that had been mere emerging buzzwords when I was last working in IT. In that moment, I had a painful realisation: I had spent nearly two decades in tech, leading teams and building solutions that once felt cutting-edge – but all those years of experience meant little the moment I stopped learning. I had let my industry move on without me. I had become outdated. Obsolete. I missed the spark I once had. I missed feeling relevant and having something to offer. A small flame of faith fanned within me: Maybe it wasn't too late. Maybe I still had it in me to grow. With a deep, trembling breath, I clicked 'enrol'. FINDING PURPOSE AGAIN Relearning at nearly 50 wasn't easy. I had to set aside my age and industry experience and return to the basics – not just in skills, but in confidence. But I was pleased to discover that SIT's eight-month course was structured thoughtfully to help all kinds of learners not just acquire technical knowledge and skills, but also apply them meaningfully. Through hands-on projects in areas like artificial intelligence (AI) and digital transformation, I began seeing how today's digital economy has evolved to create a need for different types of expertise. The teaching staff at SIT were experts but also patient, passionate mentors who believed in every learner's potential. With their encouragement and support, for the first time in years, I felt it was okay to ask questions, stumble and start over. The course didn't just deliver education; it delivered a renewed sense of purpose for me. RESKILLING ISN'T JUST ABOUT ME People often talk about reskilling or upskilling as a journey of personal growth. For me, it was never just personal. Through my years of redundancy, my wife held our household together with quiet strength, taking care of our five children while I was out driving long hours or buried in assignments. When I first enrolled in SIT, my kids – the youngest of whom was just six years old – didn't understand why Dad was suddenly home all the time. But once we explained I was 'back in school', they never failed to ask me at the end of each day: 'Daddy, how was class!' Truth be told, there were many moments where I wanted to quit. Moments where I felt too old, too slow – unsure if I could keep up. But on those doubtful, defeated nights, my wife would gently remind me why I started. We had many honest conversations about expenses, sacrifices, and the kind of example I wanted to set for our children. I knew that I wasn't just rebuilding myself. We were, as a family, rebuilding what our life could look like together. FROM LEARNING TO TEACHING When I started the SIT course, I wasn't sure where it would lead. But over time, I found myself thinking often about my past experiences mentoring younger colleagues as a department head, or hearing passengers' personal stories as a private-hire driver. I began to see that the true value in my reskilling journey was no longer about gaining knowledge. If I was serious about re-entering the tech field, I had to find a new path – one centred on connecting with and investing in people. Upon graduating, I started consulting to regain my footing in an industry that had changed so much. I had to rebuild my confidence in my abilities to both solve problems and work in tandem with others. Soon, though, I realised that it wasn't enough for me to grow. I wanted to help others grow, too. Eventually, I found myself back in the classroom, this time as an educator at a private Institute of Higher Learning. My first day in the job, standing before my first class was a profound moment for me. I used to think of AI and IoT as things that were out of my reach – now I was educating others on them. I had rebuilt myself – now I was helping others do the same. TO FALL IS HUMAN If you're feeling stuck, unsure or afraid right now, I want you to know that it's okay to fall. We all do – that's just life. What matters is what you do after the fall. Saying yes to re-education wasn't easy. It was uncomfortable, humbling and exhausting. But on our hardest days, there's a quiet strength that only comes from knowing someone who loves you is waiting for you at the end. My family's belief in me was strong and steadfast – and that made all the difference. Our true value as human beings is not in our title or pay cheque. We can always learn new ways to grow and contribute. And sometimes, the very thing that knocks you down can become the push you need to stand taller than you ever did before. Yatim Ghani is an adjunct lecturer in IoT and AI, as well as an advocate for mid-career upskilling and digital resilience.
