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Singapore Pharmaceuticals and Healthcare Report Q3 2010
Business Monitor International, June 2010, Pages: 87
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.
In BMI’s Business Environment Ratings (BER) table for Q310, Singapore is ranked fifth of the 16 markets assessed in the Asia Pacific region., up from the previous quarter and improving further upon its rise from eighth in Q409 to seventh in Q110. Globally, Singapore ranks 22nd of the 82 pharmaceutical markets surveyed by BMI. 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. 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.
Singapore’s 2009 total GDP showed a decline of 2%, compared with growth of 1.4% in 2008. The pharmaceuticals sector contributed about 20% of total manufacturing output, with manufacturing accounting for about 25% of GDP. The positive GDP forecast for 2010 reflects that Singapore, due to its openness, will benefit from the upturn in trade in the region.
Singapore has increasingly turned to pharmaceuticals as a key trade commodity, given the waning importance of technological exports; however, the economy still remains dependent on electronic good exports. The drawback of pharmaceutical exports is that pharmaceutical manufacturing output fluctuates on a monthly basis, as factories often lie dormant for weeks to be cleaned between the manufacture of batches of different medicines.
Singapore’s per-capita expenditure on pharmaceuticals is above average for the region. At about US$114 (or 0.34% of GDP) in 2009; however, the figure compares unfavourably with its Western European counterparts, indicating some potential for further growth. Per-capita spending is forecast to rise to US$126 in 2010, though it will drop to 0.33% of GDP.
From 1 March 2010 Singapore residents have been able to use Medisave to pay for their hospitalisation overseas under certain conditions. Prior to this they could only do so for emergency hospitalisation. The Ministry of Health has stated that it still has concerns about quality of care and potential abuses. The scheme started with two providers: Health Management International (HMI) and Parkway Holdings. In January 2010, the Ministry of Health announced that the current healthcare subsidy for permanent residents will be reduced by 10 percentage points (pp). This move will increase the differential in healthcare subsidies enjoyed by citizens and permanent residents to 20pp by 2012. Citizens enjoy heavy subsidies in Class B2 and C wards and permanent residents enjoy significant subsidy, but foreigners receive none. Currently, citizens are subsidised 80% of the cost in a class C ward while permanent residents are subsidised by 70%. Under the new plans, a permanent resident’s subsidy in a Class C ward will drop to 60%.
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