This is the same quick-fix as almost every problem. Immigration to solve low birth-rate, lack of doctors, lack of scientists, lack of nurses, lack of bus-drivers .... etc
This cycle feeds itself : more people = more sick people = need more foreign doctors as local numbers not enough and it takes 6-12 years to train a GP or specialist. Also, population is aging, so need even more doctors.
Yes, foreign doctors help pressure prices down. Not only of doctor's salaries. Since docs are 'elites', lower doc salaries also helps justify lower salaries of other elites. Same way how cheaper foreign workers push down salaries.
But have healthcare costs really decreased? Healthcare profits have only shot up. Big healthcare groups have paid record prices to buy up private hospitals, for land to build more hospitals.
What can happen (is happening) is low-cost basic healthcare in govt hospitals for majority by lower-cost foreign docs. Face it, they're here mainly for economic reasons. They will work hard and do their best. But different culture/ language. Simple medical problems anybody can solve. But will they put their heart and soul in helping solve your complex medical problem? No... work hard, follow rules, make money, go Australia, UK, USA if possible...
Most Singapore docs, and the most experienced, best ones, will end up working in private sector. This sector serve not only the many rich SG but also serve the rich in neighbouring countries where medical care much poorer. This is a huge market. Prices for good medical care have only gone up and up, and will only go higher. Too many patients as neighbouring countries get richer, too few good well-trained docs.
But the catch is when too many good docs leave the govt/ university, then the training of young docs suffer. Then the entire healthcare system's standard drops. But then, bring in foreign medical schools. But they don't come cheap. And the same problem with heart and soul comes in. Can rich foreign medical teachers living in Orchard Rd condos inspire young SG docs to devote their lives to caring for the poor, do research to find new cures... or inspire them to set up clinic in Orchard Rd to be just as rich?