The pharmaceutical market in Singapore is expected to cross the $1bn mark by 2021, growing at a compound annual growth rate of 5%, according to a report by GlobalData.
Titled ‘CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Singapore’, the report forecasts Singapore’s pharmaceutical market to grow from $948m this year to $1.2bn in 2021.
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"Pharmaceutical companies can take advantage of the number of innovation clusters in the country."
Universal access to health insurance, and state-of-the-art biomedical research facilities have been identified as the key factors driving the growth in the market. Being a small country with a population of just 5.6 million (2016), Singapore offers limited revenue generation opportunities for domestic companies.
The country is, however, a regional hub for state-of-the-art manufacturing and research and development (R&D) facilities. It offers an excellent environment for biomedical science companies, thanks to low-labour costs and strong support from the government, which has invested heavily to attract foreign investment in the pharmaceutical and biomedical sectors.
Pharmaceutical companies can take advantage of the number of innovation clusters in the country. Singapore also boasts customised medical technology hubs such as MedTech, Biopolis and Tuas biomedical park.
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By GlobalDataGovernment initiatives promoting the use of generics, however, are expected to hinder the growth in the market, the report adds.
