Singapore pharma market is expanding at a CAGR of 5%.
While Singapore is a country with a fairly small population (under 6 million) it is a regional hub with state-of-the-art manufacturing and R&D capabilities, due to the presence of international pharmaceutical companies. As a result, and in combination with the expansion of universal access to health insurance throughout the region, GlobalData predicts that the value of the pharmaceutical market in Singapore will grow at a compound annual growth rate of 5%from $948 million in 2017, to surpass the $1 billion mark in 2019 and ultimately reach $1.2 billion in 2021.
The pro-business climate is also driving the growth of Singapore’s pharmaceutical market, according to GlobalData. The country offers a low cost of labor, a low corporate tax rate and active government support. Over the last several years, in fact, the government has invested billions of dollars to attract international pharmaceutical and biotechnology companies.
Biopharmaceutical firms also have access to innovation clusters and customized medical technology hubs such as the MedTech, Biopolis and Tuas biomedical parks, which have advanced engineering capabilities. The innovation centers are designed to facilitate cooperation between R&D and manufacturing firms within the biopharmaceutical industry.
