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Singapore Pharmaceuticals and Healthcare Report Q4 2011
Business Monitor International, Sep 2011, Pages: 95
Business Monitor International's (BMI) Singapore Pharmaceuticals and Healthcare Report (Q4 2011) 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.
Singapore is a low risk pharmaceutical market thanks to political stability and pro-business policies that continue to attract risk adverse investors. Despite high per capita expenditure on healthcare and a developed healthcare system, the small population size will limit long-term market potential.
Headline Expenditure Projections
- Pharmaceuticals: SGD856mn (US$629mn) in 2010 to SGD903mn (US$716mn) in 2011; +5.5% in local currency terms and +13.9% in US dollar terms. Forecast up slightly from Q311 due to macroeconomic factors.
- Healthcare: SGD9.91bn (US$7.28bn) in 2010 to SGD10.52bn (US$8.35bn) in 2011; +6.2% in local currency terms and +14.6% in US dollar terms. Forecast down slightly from Q311.
- Medical devices: SGD430mn (US$316mn) in 2010 to SGD450mn (US$357mn) in 2011; +4.6% in local currency terms and +12.9% in US dollar terms. Forecast remained unchanged from Q311.
Business Environment Rating: Singapore’s rating decreased by 2.1% to 61.2 in Q411 from 62.5 in Q311. Consequently, the country is ranked 6th out of the 18 countries in the region surveyed by BMI’s proprietary Q311 Business Environment Rating (BER) matrix for the Asia Pacific region, behind Taiwan. Over the medium term, however, BMI expect Singapore to fall down the ratings, as emerging countries such as Vietnam and Indonesia become more alluring for foreign firms selling patented products.
Key Trends & Developments
- In July 2011, GlaxoSmithKline (GSK) and the Singapore Economic Development Board (EDB) jointly awarded research funding of SGD8mn (US$6.5mn) to 14 principal investigators under the second round of the SGD33mn (US$26.9mn) GSK-Singapore Partnership of Green & Sustainable Manufacturing.
- In June 2011, Accenture and the Ministry of Health jointly introduced a national electronic health record (EHR) system that will be implemented in several phases. This will allow healthcare professional across the region to access a single health record, providing clinicians with information such as patient demographics, diagnosis and discharge summaries.
- In the same month, the Singaporean government introduced a Workforce Skills Qualifications (WSQ) framework in a bid to promote clinical research among its citizens. The framework, which involved an investment of SGD6mn (US$4.9mn), contains three training programmes.
BMI Economic View: BMI believes Singapore's economic growth performance has peaked and should see weaker prints in 2011 and 2012 on the back of a global trade slowdown as well as tighter exchange rate conditions. This should push headline real GDP growth to 5.9% and 4.4% this year and next year respectively, down from the astonishing 14.5% figure recorded in 2010.
BMI Political View: Singapore faces very limited political risks in the near term and BMI expects the ruling People's Action Party (PAP) to retain its monopoly on power. However, over the longer term, the city-state will come under greater pressure from its citizens to become a more vibrant democracy and foster credible opposition parties.
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