Singapore Pharmaceutical Market Outlook
Development of new medicines which can prevent and treat all incurable diseases is the main focus of global pharmaceutical industry. With impressive economic growth and demographic transformation, Asian pharmaceutical market is rising at a very faster rate. In terms of growth, Singapore is becoming a global center for pharmaceutical industry. Pharmaceutical manufacturing & production industry plays an important role in Singapores economy. In 2012, as per World Bank data, Singapore spends 4.7% of its GDP into healthcare industry. Moreover, pharmaceutical industry contributes over 85% of total biomedical sciences manufacturing output of Singapore annually. As per World Health Organization (WHO), Singapores healthcare system holds sixth position worldwide.
Singapores pharmaceutical sector attracts many foreign companies for investments. For instance, more than 30 medtech companies have invested for research & development and in setting up pharmaceutical manufacturing plants in Singapore. Singapores multinational corporations and local startups are largest manufacturers and exporters of medical equipments across the world. Several medical products are exported from Singapore such as syringes, catheters, research instruments and scientific analytical equipments. Over 70% of worlds microarrays, 10% of global contact lenses and 50% of global thermal cyclers and mass spectrometers are manufactured in Singapore.
Singapore pharmaceutical market is categorized on the following basis:
Based on Products
o Over-the-counter (OTC) drugs
o Generic Drugs
o Patented Drugs
Based on Therapeutics
o Cardiovascular Diseases
o Respiratory Diseases
o Infectious Diseases
o Gastrointestinal Problems
o Central Nervous System (CNS) Disorders
o Other Diseases (Dermatology, Rheumatology)
Market Size and Forecast (2016-2024)
Singapore pharmaceutical market is anticipated to grow at a CAGR of 6.40% during the forecast period. Singapore medical device market is estimated to reach over USD 530 million by 2024.
Pharmaceutical manufacturing industry provides highest paying jobs which is increasing the employment in the country. In 2012, as per Singapore Economic Development Board (EDB), pharmaceutical manufacturing sector provided more than 5,700 jobs with an average wage USD 70,000 in Singapore. Furthermore, Singapore invests huge amount to develop its healthcare system. In 2016, Singapore government invested around USD 13 billion in the development of healthcare facilities in the region. As per Ministry of Singapore Health, there were 12,000 hospital beds in 25 hospitals and specialty centers in Singapore.
Based on products over the counter drugs occupies largest share of Singapore pharmaceutical market. Singapore produces nearly 6% of the total worlds over the counter (OCT) drugs. OCT drugs are expected to occupy 48% revenue share of Singapore pharmaceutical market by the end of 2024.
Market Drivers and Challenges
Growing healthcare demand and adoption of modern technology is positively impacting the growth for pharmaceutical industry in Singapore. Development of cost-effective and reliable medical services is building a strong consumer trust relationship in foreign market. In developing countries of Asia-Pacific (APAC) regions ageing population and obesity is the major issue which is bolstering the pharmaceutical market in APAC region eventually expanding its roots in Singapore.
Despite of being the largest potential market for pharmaceutical industry, foreign drug manufacturers faces problems while exporting in Singapore. Product license from Association of Southeast Asian Nations (ASEAN) or ASEAN Common Technical Dossier (ACTD) to export and import of drugs in Singapore market is mandatory for all foreign drug companies. Foreign drug companies producing innovative drugs are facing challenges in exporting products in Singapore market. Foreign innovative drugs must receive prior approvals from other key markets then only it can be accepted in Singapore market. Moreover, orphan drugs are also facing a major growth problem as Singapore has no product designation system for orphan drugs which creates difficulty in registering. Orphan drugs needs to be registered as a new drug application which hampers its proper recognition in the market.
Key Market Players
Novartis International AG
o Business Strategy
o Product Portfolio
o SWOT Analysis
Merck Sharp & Dohme
Roche Holding AG
Raffles Medical Group Ltd.
Wave Life Sciences
Special Access Pharma
The Singapore Pharmaceutical Market is segmented as follows:
By Products (Market Size, Demand Analysis and Growth Analysis)
By Therapeutics (Market Size, Demand Analysis and Growth Analysis)
Market Dynamics: Growth Drivers, Restraints and Opportunities
Recent Trends and Developments
Key Market Players
Porters Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem