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.
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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.
