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Singapore Pharmaceuticals and Healthcare Report Q1

  • Publication Date:December 2011
  • Publisher:Business Monitor
  • Product Type: Report
  • Pages:92
  • ISBN:1748-216X

Singapore Pharmaceuticals and Healthcare Report Q1 2012

BMI View: We commend initiatives launched by Singapore's government to ease the financial burden of healthcare on lower-income patients. However, the limited number of hospital beds and disproportionately high private healthcare expenditure will continue to put pressure on patients. BMI believes Singapore's ageing population and its high standard of medical technology will continue to attract investors, particularly those willing to invest in elderly care and medical tourism.

Headline Expenditure Projections

  • Pharmaceuticals: SGD858mn (US$629mn) in 2010 to SGD903mn (US$716mn) in 2011; +5.2% in local currency terms and +13.9% in US dollar terms.
  • Healthcare: SGD10.86bn (US$7.97bn) in 2010 to SGD11.42bn (US$9.07bn) in 2011; +5.2% in local currency terms and +13.8% in US dollar terms.
  • Medical devices: SGD431mn (US$316mn) in 2010 to SGD450mn (US$357mn) in 2011; +4.3% in local currency terms and +12.9% in US dollar terms.

Business Environment Rating: Singapore's score for Q112 stands at 63.4 out of a total of 100, placing Singapore in 5th place out of the 18 countries in the region. Singapore scores 80 for Risks, which is the highest in the region. It is therefore appealing to risk-adverse investors. On the Rewards side, Singapore scores 53 - constrained by its small population numbers, and the increased use of generic medicines. Over the medium term, we 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 September 2011, Singapore's Health Minister Gam Kim Yong stated that the government would increase funding for healthcare in order to meet the demands of an ageing population. He also said that the country's healthcare expenditure is 'likely to exceed the current 4% of GDP'. According to the World Health Organization (WHO), Singapore spent 3.9% of its GDP on healthcare in 2009.
  • In October 2011, US pharmaceutical company Merck & Co announced plans to invest US$250mn over the next 10 years in its manufacturing capabilities in Singapore and a further US$554.1mn in local research activity. Merck & Co also plans to expand its biotechnology activities and deploy new technology to support product launches. The company will also liaise with universities to increase its workforce. Willie Deese, president of Merck & Co's manufacturing division, said: 'Merck & Co is pleased to expand its already substantial operations in Singapore with new, far-reaching commitments.'

BMI Economic View: We believe Singapore's economic growth performance has peaked and we expect 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% in 2011 and 2012 respectively, down from the astonishing 14.5% figure recorded in 2010.

BMI Political View: We maintain our view that the ruling People's Action Party will remain the dominant political force over the long term. The rise in support for opposition parties, however, has raised concerns for investors. Nevertheless, we maintain our sanguine view that political stability will prevail as the opposition forces the ruling party to be proactive in taking policy decisions.

  • Executive Summary
  • SWOT Analysis
  • Singapore Pharmaceuticals And Healthcare Industry SWOT
  • Singapore Political SWOT
  • Singapore Economic SWOT
  • Singapore Business Environment SWOT
  • Pharmaceutical Business Environment Ratings
    • Table: Asia Pacific Pharmaceutical Business Environment Ratings For Q112
  • Rewards
  • Risks
  • Singapore - Market Summary
  • Regulatory Regime
  • Intellectual Property Issues
  • Trade Agreements
  • Pricing and Reimbursement
  • Industry Trends and Developments
  • Epidemiology
  • Non-Communicable Disease
  • Communicable Disease
  • Healthcare Sector
  • Healthcare Financing
  • Healthcare Insurance
  • Healthcare Insurance Developments
  • Healthcare Company Developments
  • Medical Tourism
  • Research and Development
  • Bioscience Sector
  • Recent Research and Development Activities
  • Clinical Trials
  • Recent Developments in Clinical Trials Industry
  • Medical Devices
    • Table: Classification Of Medical Devices In Singapore
  • Recent Developments in the Medical Devices Industry
  • Industry Forecast Scenario
  • Overall Market Forecast
  • Key Growth Factors - Industry
    • Table: Singapore - Healthcare, Historical Data and Forecasts, 2007-2016
  • Key Growth Factors - Macroeconomic
    • Table: Singapore - Economic Activity
  • Prescription Drug Market Forecast
    • Table: Singapore - Pharmaceutical Prescription Drug Sales, Historical Data and Forecasts, 2007-2016
  • Patented Drug Market Forecast
    • Table: Singapore - Pharmaceutical Patented Drug Sales, Historical Data and Forecasts, 2007-2016
  • Generic Drug Market Forecast
    • Table: Singapore - Pharmaceutical Generic Drug Sales, Historical Data and Forecasts, 2007-2016
  • OTC Medicine Market Forecast
    • Table: Singapore - Pharmaceutical OTC Medicine Sales, Historical Data and Forecasts, 2007-2016
  • Medical Device Market Forecast
    • Table: Singapore -Medical Device Sales, Historical Data and Forecasts, 2007-2016
  • Pharmaceutical Trade Forecast
    • Table: Singapore - Pharmaceuticals, Historical Data and Forecasts, 2007-2016
  • Other Healthcare Data Forecasts
  • Key Risks to BMI's Forecast Scenario
  • Competitive Landscape
  • Pharmaceutical Industry
    • Table; Pharmaceutical Manufacturing In Singapore
    • Table: Singapore's Leading Healthcare And Pharmaceutical Companies According To Market Capitalisation
  • Domestic Pharmaceutical Sector
  • Domestic Pharmaceutical Output
  • Foreign Industry
  • Foreign Company Activity
  • Traditional Chinese Medicine
  • Pharmaceutical Distribution
  • Retail Pharmacies
  • Recent Developments in Pharmaceutical Supply Chain
  • Company Profiles
  • Local Manufacturers
  • Haw Par
  • SciGen
  • MerLion Pharmaceuticals
  • Veredus Laboratories
  • Leading Multinationals
  • Pfizer
  • Novartis
  • GlaxoSmithKline
  • Sanofi-Aventis
  • Merck & Co
  • Baxter
  • Country Snapshot: Singapore Demographic Data
  • Section 1: Population
    • Table: Demographic Indicators, 2005-2030
    • Table: Rural/Urban Breakdown, 2000-2030
  • Section 2: Education and Healthcare
    • Table: Education, 2000-2004
    • Table: Vital Statistics, 2005-2030
  • Section 3: Labour Market and Spending Power
    • Table: Employment Indicators, 2001-2006
    • Table: Consumer Expenditure, 2000-2012 (US$)
  • Glossary
  • BMI Methodology
  • How We Generate Our Pharmaceutical Industry Forecasts
  • Pharmaceuticals Business Environment Ratings
  • Risk/Reward Ratings Methodology
  • Ratings Overview
    • Table: Pharmaceutical Business Environment Indicators
  • Weighting
    • Table: Weighting Of Components
  • Sources
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