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The Pharmaceutical Market: Singapore
Espicom Business Intelligence Ltd, Sep 2009, Pages: 54
This in-depth pharmaceutical market report is ideal for executives wanting to understand the key drivers in pharmaceutical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, pricing/reimbursement, intellectual property, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data for raw materials and finished products and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Executive Summary
As strong as Singapore’s economy is in Asia, let alone the world, the fact remains that it is an export driven one, and the slowdown has already taken its toll on the manufacturing sector, and this will inevitably result in a further contraction of growth in pharmaceutical output in the short term at least.
Incentives such as low corporate tax rates and strong intellectual property laws have enabled it to secure S$932.4 million (US$618.7 million) in commitments to invest in the biomedical manufacturing industry (pharmaceutical and medical devices) in 2007 alone. These investments have grown strongly each year but recent economic events could result in negative growth in the future.
The standard of living in Singapore is comparable to many developed Western nations and, with the exception of Japan, GDP per capita is the highest of all the Asian countries.
The combination of private saving schemes, government subsidies and control has produced a healthcare system that is both universal and affordable. The slowdown in the economy is not expected to affect the quality of the healthcare system.
The new ‘Health Products Act 2007’ should improve regulatory practice for both medical devices and pharmaceuticals. Amendments to the Medicines Act have been made in a bid to ensure greater protection of pharmaceutical patents.
Singapore acts as a key trading hub to connect South East Asia and the Western world and is a major re-exporter of pharmaceuticals. The country exports more pharmaceuticals than any other of the Asian Tiger economies by a significant distance, although the majority of this total is from re-exported goods.
Espicom estimates the Singaporean market to exhibit annual average growth of around 4.1%, with impressive economic indicators being tempered by the limited population size. Based on this rate, it is estimated the market will reach US$838 million mark by 2013, equal to US$175 per capita.
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