Singapore Pharmaceutical Market Outlook to 2022: Ken Research

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The report titled “Singapore Pharmaceutical Market Outlook to 2022 – by Prescription & OTC Drugs and by Patented & Generic Drugs” covers aspects such as pharmaceutical market segment (by Prescription & OTC Drugs, by Patented & Generic Drugs), competitive landscape of major players in the Singapore pharmaceutical market including 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,. The report concludes with market projection for future and analyst recommendations highlighting the major opportunities and cautions.

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. Singapore Pharmaceutical market has registered an increase in the revenue during the period 2012-2017. Many leading biomedical companies such as AbbVie, Pfizer, Ferring Pharmaceuticals and others have selected Singapore as their global manufacturing base. Singapore pharmaceutical market has increased at a single digit CAGR during 2012-2017. Singapore has emerged as one of the most integrated and advanced hubs for pharmaceutical manufacturing and research in Southeast Asia. Singapore has developed 2 biomedical hubs namely Biopolis and Tuas Biomedical Park. Biopolis facilitates the cooperation between public sector research centers with private labs whereas the Tuas Biomedical Park is dedicated primarily to pharmaceutical manufacturing and production.

Singapore Pharmaceutical Market Segmentation

By Prescription & OTC Drugs: Prescription drugs have accounted for largest share of the revenue in Singapore pharmaceutical market in 2017. OTC drugs have accounted for the remaining share of the revenue. The growth in prescription drugs can be attributed to prevalence of chronic diseases such as diabetes, cancer and others have further driven prescription drugs sale. Sale of OTC drugs has been on an incline owing to rise in trend of self-medication in Singapore. Majority of antibiotics are sold via OTC channel. Vitamins and dietary supplements are one of the fastest growing segments of OTC

By Patented & Generic Drugs: Patented drugs have accounted for largest share of the revenue in Singapore prescription drugs market in 2017. Generic drugs have accounted for the remaining share in terms of revenues. The presence of secure IP protection has encouraged international companies to set up manufacturing facilities and gain patent rights for their drugs, API and production process. Further, it is supported by the availability of modern infrastructure and large investment in research activities. These include drugs for infectious diseases and oncology.

Singapore Over-The-Counter Drugs Market

Singapore OTC market increased at a double digit CAGR during 2012-2017. The market is driven by increasing number of people taking self-medication. Further, increased focus on R&D efforts has led to better focus on the advancement of innovative over-the-counter and consumer health drugs. Major therapeutic segments include antibiotics, analgesics and antacids. Since these medicines do not require a prescription, the manufacturers are also able to sell them through online retail channels. Leading companies in the OTC market include GlaxoSmithKline Plc, Reckitt Benckiser Group Plc (RB), Ricola AG, Lofthouse of Fleetwood Ltd, Haw Par Corp Ltd and Valeant Pharmaceuticals International Inc

Singapore Pharmaceutical Market Competition Overview

The market is fragmented with multinational companies dominating the space with major focus on research & development activities. There are 54 pharmaceutical manufacturers and 5,500 registered medicines as of 2017. Major multinational companies include GSK, Novartis, Roche, Pfizer, Bayer, AstraZeneca, Abbott, Baxter, Maccine and others. The pharmaceutical market has witnessed increasing advancement of innovative over-the-counter, generic, prescription and consumer health drugs. Major competition parameters include product range, distribution network, technology, investment in R&D

Singapore Pharmaceutical Market Future Potential

Singapore pharmaceutical market is expected to grow at a single digit CAGR during 2017-2018 driven by universal access to health insurance and world-class biomedical research facilities.

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. 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. Big global drug makers ramp up output and advance automation at their production sites across the country.

Key Topics Covered in the Report:

  • Singapore Pharmaceutical Market Size, 2012-2017
  • Singapore Pharmaceutical Market Segmentation (by Prescription & OTC Drugs, by Patented & Generic Drugs)
  • Singapore Over-The-Counter Market Size
  • Trends and Developments in Singapore Pharmaceutical Market
  • Issues and Challenges in Singapore Pharmaceutical Market
  • Government Initiatives, Rules and Regulations in Singapore Pharmaceutical Market
  • Singapore Pharmaceutical Market Competitive Landscape
  • Singapore Pharmaceutical Future Outlook and Projections, 2018-2022
  • Value Chain in Singapore Pharmaceutical Industry
  • Analyst Recommendations

For more information on the research report, refer to below link:

https://www.kenresearch.com/healthcare/pharmaceuticals/singapore-pharmaceutical-market/149668-91.html

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