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:
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Ankur Gupta, Head Marketing & Communications