Research and Markets (http://www.researchandmarkets.com/research/d18482/singapore_pharmace) has announced the addition of the "Singapore Pharmaceuticals and Healthcare Report Q2 2010" report to their offering.
“Singapore Pharmaceuticals and Healthcare Report Q2 2010”
The Singapore Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Singapore's pharmaceuticals and healthcare industry.
Having moved up from eighth in Q409 to seventh in Q110, Singapore is now placed ninth (of 15) in the Asia Pacific Pharmaceutical Business Ratings (BERs) for Q210, due to relative improvements in its peers scores. Nevertheless, while Singapore offers many draws including a consistent and transparent medicine regulation framework its small and mature pharmaceutical market is growing slowly. Therefore, over the medium term, we expect Singapore to fall down the ratings, as emerging countries such as Vietnam and Indonesia become more alluring to foreign firms selling patented products. Currently, the value of Singapore's pharmaceutical expenditure is estimated at SGD812mn (US$560mn) at consumer prices.
On the other hand, Singapore has successfully transformed into a major biomedical manufacturing hub. Having recently opened its US$500mn biologics manufacturing plant in Singapore's Tuas industrial zone, Swiss global healthcare company Roche is to spend CHF100mn (US$95.2mn) on the establishment of a new research facility in Singapore as part of a public-private partnership programme. However, as we forecast a 2009-2014 compound annual growth rate (CAGR) for pharmaceutical market spending in Singapore of a modest 3.38% in local currency, to a value of SGD959mn (US$705bn), most of the benefits of this developments are likely to be realised abroad. Over our recently-introduced ten-year forecast period, the market will retain most of its dynamics, growing at a CAGR of 3.33%, to reach a value of SGD1.13bn (US$840bn) in 2019.
Nevertheless, the clinical trials industry is another area in which Singapore is aiming to make a major impact. In February 2010, the College of American Pathologists (CAP) awarded accreditation to a Singapore-based facility of PPD, an international contract research organisation (CRO), just six weeks after its inauguration. PPDs expansion into Singapore is a response to rising demand for CRO services both in the country and regionally. Around the same time, Japanese trading house Mitsui & Co acquired an almost 50% stake in Singapore-based drug development support firm Gleneagles CRC, as it plans to support Gleneagles CRC in its expansion of operations in the Asia-Pacific region.