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Singapore Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Dec 2010, Pages: 88
The Singapore Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Singapore's pharmaceuticals and healthcare industry.
Demographic and epidemiological factors will shape the development of the Singaporean pharmaceutical market over the coming years. The city-state’s population is ageing rapidly and increasingly suffering from conditions such as diabetes and obesity-related problems, which require long-term treatment.
According to the latest National Health Survey, the obesity rate in Singapore rose to 10.8% during 2010, up from the 6.9% recorded in 2004. The Health Promotion Board (HPB) attributed the rising rate to a lack of physical activity coupled with a more sedentary lifestyle. The alarming rise has led the government to launch the National Healthy Lifestyle campaign.
In local currency terms, Singapore’s pharmaceutical market is forecast to reach SGD839mn (US$615mn) in 2010, thus rising by a low single-digit figure in relation to the calculated 2009 value. The market will post a local currency compound annual growth rate (CAGR) of 3.80% in the 2009-14 period, which will be characterised by the increased use of generics (with Indian firms to benefit from an improved registration pathway), patent expirations and a general focus on cost-containment. Growth figures will improve in the subsequent five years, with the market posting a 4.76% CAGR over the 2009-2019 period, reaching SGD1.31bn (US$1.03bn).
However, despite some positives, Singapore slipped from fourth to sixth place in BMI’s Asia Pacific Pharmaceutical Business Environment Ratings (BER) for Q111.
While Singapore’s consistent and transparent medicine regulations are attractive to multinational drugmakers, its fundamental drawback is a small and mature pharmaceutical market that is growing slowly, while strict price controls are also a deterrent. Over the medium term, we expect Singapore to fall down the ratings, as emerging countries such as Vietnam and Indonesia become more alluring to foreign firms selling patented products.
Nevertheless, Singapore's commitment to a low tax regime and high levels of investment in its infrastructure ensures that it has a superior business environment not only among its regional peers, but across the world. The authorities are aiming to boost its biotechnology industry, which will continue to provide a steady and expanding stream of pharmaceutical exports. The government is dedicated to attracting skilled migrants and foreign direct investment (FDI) in order to maintain its pre-eminence as a regional trade and financial hub, as well as enabling the economy to diversify into service industries. All this is being achieved in an environment of low corruption, minimal bureaucracy and good security, which will continue to provide strong attractions for foreign pharmaceutical companies.
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