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Singapore Phamaceuticals & Healthcare Report Q1 2008
Business Monitor International, Feb 2008, Pages: 68
The Singapore Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Singapores pharmaceuticals and healthcare industry.
Singapore’s US$600mn pharmaceutical market is small in regional terms because of its city-sized population. But because of its well-developed economy, per capita spending is high, making it a draw to almost all the multinationals. Accordingly, the country ranks as the fourth most attractive Asia Pacific market in the completely overhauled Business Environment Rankings, ahead of larger peers such as Taiwan and Malaysia.
During Q307, Singapore accepted the December 2005 amendment to the WTO’s Trade Related Aspects of Intellectual Property Rights (TRIPS) agreement, which allows compulsory licensing to enable the export of cheaper versions of patented medicines to address public health problems. It is thought that Singapore will be extremely unlikely to exercise this right, given the close ties it maintains with the multinationals.
Amid protests that civil liberties are being eroded, city-state Singapore introduced a National Registry of Diseases in November 2007, with cancer being the first condition to be tracked. Despite the country having a similar statistical tool for over 40 years, this one is different in that it is mandatory for healthcare institutions - both public and private - to contribute. While BMI is a strong supporter of patient rights, we believe that disease registries are a good thing, as more effective interventions can be swiftly mobilised. This will eventually result in reduced costs. However, we caution that security must be of the highest order, as information in the wrong hands - such as employers or insurance companies - could be extremely damaging to the individual.
Singapore is so bereft of pharmacists that it is considering recruiting professionals from abroad. There are just 0.3 practising pharmacists per 1,000 people, which compares unfavourably with other developed states (ranging from 1.2 in France to 0.4 in Denmark). To allow this, the Pharmacist Registration Act was amended during September 2007 for the first time in 20 years to allow the conditional and temporary registration of foreign-trained pharmacists.
Anticipating India’s regional pre-eminence, Singapore agreed in October 2007 to co-operate with the country in the area clinical trial and movement of healthcare professionals. India will offer outsourcing, consulting services and engineering expertise, while Singapore will benefit from cost differentials of around 30-40%.
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