Glaxosmithkline (GSK) To Establish Its Global Asia Headquarters In Singapore to Oversee the Pharmaceuticals Businesses in Asia
Singapore Pharmaceutical Market is estimated to reach USD 530 million by 2024 at the considerable CAGR of 6.4% over the forecast period.More than 30 Medtech companies have invested for research & development and in setting up pharmaceutical manufacturing plants in Singapore.
Pharmaceutical manufacturing industry provides highest paying jobs which is increasing the employment in the country. In 2012, as per Singapore Economic Development Board (EDB), pharmaceutical manufacturing sector provided more than 5,700 jobs with an average wage USD 70,000 in Singapore. Furthermore, Singapore invests huge amount to develop its healthcare system. In 2016, Singapore government invested around USD 13 billion in the development of healthcare facilities in the region. As per Ministry of Singapore Health, there were 12,000 hospital beds in 25 hospitals and specialty centers in Singapore.
According to Goldstein Research, Singapore pharmaceutical market is segmented on the basis of products and by therapeutics. Therapeutics segment is further categorized into cardiovascular diseases, diabetes, respiratory diseases, infectious diseases, oncology diseases, central nervous system disorders (CNS) disorders, gastrointestinal, other diseases (dermatology, rheumatology). Cardiovascular and infectious diseases occupies largest share of Singapore pharmaceutical market followed by oncology and respiratory diseases. Cardiovascular diseases accounted for 25% share of Singapore pharmaceutical market in 2016, and is projected register robust growth during the forecast period. Rising prevalence of gastrointestinal problems and diabetes is expected to increase the demand for therapeutics in Singapore over the forecast period.
“Singapore Pharmaceutical Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, competitive analysis includes the in-depth analysis of the major players and leaders in healthcare industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of medical devices manufacturers, suppliers, and distributors, pharmaceutical & biotechnology companies, cosmetic product manufacturers, healthcare institutions, clinical centers, medical research laboratories and academic medical centers and universities to analyze the future prospects of the overall healthcare industry.
Singapore Pharmaceutical Market Growth depends on various factors, the segmentaion of this industry can be classified on the basis of:
Based on Products
- Over-the-counter (OTC) drugs
- Generic Drugs
- Patented Drugs
Based on Therapeutics
- Cardiovascular Diseases
- Respiratory Diseases
- Infectious Diseases
- Gastrointestinal Problems
- Central Nervous System (CNS) Disorders
- Other Diseases (Dermatology, Rheumatology)
Market Trends, Drivers and Challenges
Increasing number of Singapore’s multinational corporations and local startups to manufacturer and export medical equipments across the world is the ongoing trend. Several medical products are exported from Singapore such as syringes, catheters, research instruments and scientific analytical equipments.Singapore’s advanced infrastructure, political stability, strong intellectual property law and acceptability towards advance technology offers plentiful advantages to pharmaceutical industry of the country. Singapore pharmaceutical industries are adopting robotic based technology for physical therapy and surgeries which is gaining immense popularity across the world.Despite of being the largest potential market for pharmaceutical industry, foreign drug manufacturers faces problems while exporting in Singapore. Product license from Association of Southeast Asian Nations (ASEAN) or ASEAN Common Technical Dossier (ACTD) to export and import of drugs in Singapore market is mandatory for all foreign drug companies. Foreign drug companies producing innovative drugs are facing challenges in exporting products in Singapore market.
“Singapore Pharmaceutical Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Singapore Pharmaceutical MarketReport also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
About Goldstein Research
Based in U.S., Goldstein Research is a young business consulting and market research firm with vast reach across America, Asia and parts of Europe and the Middle East. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions. With 30+ domain experts and 50+ employees working day and night to crunch numbers and bring out the best and detailed market reports and forecasts, we strive to enable you to foresee upcoming market challenges and develop a robust business model and strategies, which would add to your profitability and market visibility as a brand.
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