World Class manufacturing facilities,
skilled workforce, expansion of product portfolio by major pharmaceutical
companies, government grants and tax incentives were the key factors driving
growth in Singapore pharmaceutical Market.
Singapore
Pharmaceutical Market can be
characterized by the presence of best-in-class infrastructure, integrated and
advanced hubs for pharmaceutical manufacturing and research and access to
regional markets and skilled workforce. The government has invested in forming
competitive clusters to attract research, clinical trials, and manufacturing
companies in the pharmaceutical sector. This includes developing infrastructure
such as Biopolis, and the Tuas Biomedical Park, tax breaks and business
incentives and funding of public-sector research institutes.
Research
and Development forms an essential part of the pharmaceutical industry. Various
multinational companies have been involved in private-public partnerships in
Singapore, particularly with R&D and clinical trials. The Contract Research
Organization (CRO) market in Asia grew at a rate of 20% in 2017, with
Singapore’s A*STAR leading some of the clinical growth. Few established R&D
partnerships in Singapore include Roche’s (Basel, Switzerland) Singapore Hub
for Translational Medicine, GlaxoSmithKline’s (Brentford, UK) Academic Centre
of Excellence, and Bayer Healthcare’s (Leverkusen, Germany) partnership with
the Singapore National Eye Center (SNEC).
Singapore
currently hosts more than 50 international biomedical science companies,
including GlaxoSmithKline, Takeda, Pfizer, Novartis and Roche. As a result of
Singapore’s robust infrastructure, intellectual property (IP) protection,
access to regional markets and skilled workforce, many leading biomedical
companies have selected Singapore as their global manufacturing base for a wide
range of products including Active Pharmaceutical Ingredients, drug products
and biologics drug substances.
Singapore
pharmaceutical market will continue to incline at a positive growth rate owing
to increased investment in biopharmaceutical manufacturing, and growing
Contract Research Organization market
The
report titled “Singapore
Pharmaceutical Market Outlook to 2022 - by Prescription & OTC Drugs and by
Patented & Generic Drugs” by Ken Research suggested a growth at a
CAGR of 6.8% in revenue in Singapore Pharmaceutical Market by 2022. Singapore
Pharmaceutical market can be characterized by the presence of best-in-class
infrastructure, integrated and advanced hubs for pharmaceutical manufacturing and
research & access to regional markets and skilled workforce. Many leading
biomedical companies such as AbbVie, Pfizer, Ferring Pharmaceuticals and others
have selected Singapore as their global manufacturing base
For more information on the research
report, refer to below link:
Related Reports by Ken Research
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.
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
0124-4230204
