Singapore Pharmaceutical Market is Expected to Reach USD 1.8 Billion by 2022: Ken Research
• Singapore has developed 2 biomedical hubs namely Biopolis and Tuas Biomedical Park which facilitate the cooperation between public sector research centers with private labs and pharmaceutical manufacturing and production.
• The market is fragmented with multinational companies dominating the space with major focus on research & development activities. Major multinational companies include GSK, Novartis, Roche, Pfizer, Bayer, AstraZeneca, Abbott, Baxter, Maccine and others.
Singapore pharmaceutical industry will be led by increased investment in biopharmaceutical manufacturing and growing research & development activities in the space. The best in class research and manufacturing infrastructure will continue to attract foreign investment in the country. For instance, Japan’s Chugai Pharmaceutical, which operates satellite labs throughout Asia, has plans to invest USD 355 million by 2021, to accelerate its research and development (R&D) capabilities in Singapore. Further, Zuellig Pharma who launched its first innovation centre, Zuellig Health Solutions (ZHS), in Singapore in 2017, plans to invest over SGD 50 million over the next five years. Mundipharma plans to start commercial production of antiseptics at its new plant in Singapore in 2019. Apart from innovation in modern medicine, increased demand for pharmaceutical drugs in Asia, which is driven by growing middle class and an ageing population, has increased the market demand for non-essential and therapeutic treatments. The demand for dietary supplements will increase in order to fulfill the nutrition requirement of the people in their busy lifestyle. Due to the prevalence of chronic diseases such as diabetes, heart diseases and others and aging population, revenue from the prescription drugs will continue to occupy the larger share.
The ongoing success of large pharmaceutical companies and increase in biopharmaceutical startups across the country is creating a growing number of new pharma job opportunities in Singapore. Big global drug makers ramp up output and advance automation at their production sites across the country. The opening of new sites such as AbbVie’s biologics manufacturing facility and the ramp up of others including Amgen and Novartis will augment the manufacturing activities of these firms.
The industry will witness a rise in development of technology to support automation and increase productivity. For instance, GSK has been pioneering a technology called continuous manufacturing where instead of making products in batches, materials are constantly added and products removed
Emerging Contract Research Organization market, increasing number of mergers & acquisitions coupled with elevating prevalence of chronic and lifestyle diseases will propel Singapore pharmaceutical market revenue in future.
Ken Research in its latest study, “Singapore Pharmaceutical Market Outlook to 2022 - by Prescription & OTC Drugs and by Patented & Generic Drugs”, suggests that demand for pharmaceutical products in the market will continue to grow in Singapore owing to growing public-private partnerships in R&D and clinical trials and expansion of multinational companies in the space.
For more information on the research report, refer to below link:
Prescribed Drugs, OTC Drugs, Biopharmaceuticals, Generic Drugs, Branded Medicine, Vitamin and Dietary Supplements, Drug approvals, Drug Pipeline
Haw Par Corporation, Beacon Pharmaceuticals, GSK, Singapore, Roche, Singapore, AstraZeneca, Singapore, Lonza, Singapore, Baxter, Singapore, Abbott, Singapore, MSD, Singapore, Sunward Pharmaceutical, Poli Medical, Union Chemicals and Pharmaceuticals Pte Ltd, Schwabe Pharma Asia Pacific Pte Ltd, and Chemical Company of Malaysia Berhad
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Currently all patented drugs are imported for local consumption. Widely imported patented drugs include high-value specialty drugs for oncology and diabetes management.
Majority pharmaceutical companies are located in West Java and Jakarta due to favorable tax incentives, well developed infrastructure and greater access to medicinal herbs.
Ankur Gupta, Head Marketing & Communications
Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.
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