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Singapore Pharmaceuticals and Healthcare Report Q3 2009
Business Monitor International, June 2009, Pages: 94
Singapore Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulartory bodies with independent forecasts and competitive intelligence on Singapore's pharmaceutical and healthcare industry
In BMI’s Business Environment Rankings (BER) matrix for Q309, Singapore slipped from fourth to sixth position out of the 15 key countries in the Asia Pacific region, in line with worsening economic conditions and their impact on the pharmaceutical market growth and exports in the country. While Singapore offers a number of positives for pharmaceutical companies, including a 100% urban market, an ageing population and a predictable operating climate, its growth potential is limited, not least due to its small population. Specifically, the current economic climate (with BMI forecasting deep recession for 2009) is resulting in more people seeking to avoid payment for healthcare services. In April 2009, asiaone reported that the number of patients visiting free clinics operated by voluntary and welfare organisations in Singapore was rising.
Therefore BMI forecasts that over the coming five years, the Singaporean pharmaceutical market will grow at a compound annual growth rate (CAGR) of just 1.52% in local currency terms. Having been valued at SGD791mn (US$561mn) in 2008, in 2013, the market will reach SGD853mn (US$601mn) at consumer prices, as its value falls in the course of 2009 and 2010, only recording an increase in 2011 and subsequent years. While consumers in Singapore have an express preference for branded drugs, the proportion of generics as a percentage of the total market is expected to increase from 10% in 2008 to 11.8% in 2013, as the government continues to promote their usage within the public healthcare sphere. At the same time, adverse economic conditions will stifle the growth of the over-the-counter (OTC) market, which is expected to stagnate through to 2013.
Falling consumer confidence has already led to a change of strategy by some drugmakers. In March 2009, UK-based pharmaceutical major GlaxoSmithKline (GSK) reduced the price of its cervical cancer vaccine Cervarix by nearly 30% in Singapore. It is expected that clinics will – in turn – lower the patient price they charge for injections (presently at around US$600). A 2008 survey published around the same time showed that most women were not getting vaccinated due to the high price of the treatment. In fact, according to the Obstetrical and Gynaecological Society of Singapore (OGSS), only 1% of women aged between 10 and 25 were vaccinated. However, a junior minister at the Singapore’s Ministry of Foreign Affairs expressed concerns relating to the effectiveness of vaccinations against cervical cancer for teenagers, recommending caution regarding a national vaccination programme.
Nevertheless, some companies remain positive about Singapore’s prospects. In March 2009, the largest healthcare distributor in Singapore, Zuellig Pharma, inaugurated its new US$40mn distribution facility, which will operate as the company’s local distribution centre and a regional headquarters. The company will welcome the recently signed Sectoral Mutual Recognition Arrangement for Good Manufacturing Practice (GMP) Inspection of Manufacturers of Medicinal Products, which envisages the total removal of regulatory trade barriers between members of the Association of South East Asian Nations (ASEAN) bloc by the start of 2011.
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