Singapore Pharmaceuticals & Healthcare Report

Providing expert analysis, independent forecasts and competitive intelligence on the pharmaceuticals and healthcare industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Pharmaceuticals and Healthcare Risk Reward Index, Market Summary, Economic Forecasts, Company Profiles and Competitive Landscape.

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  • Understand the threats to your operations and investments and protect your company against future risks
  • Gain insight on emerging trends that could support, strengthen or disrupt your activities in the market
  • Get a full view of the competitive landscape to assess your market position
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Singapore Pharmaceuticals & Healthcare Report
Product Price
$1,295.00

BMI View: Non-communicable disease will continue to dominate Singapore's epidemiological profile, creating strong commercial opportunities for medicines addressing these illnesses. Companies seeking to benefit from these revenue earning prospects will have to compete with the population's ongoing use of alternative treatments as a supplement to conventional medicine.

Headline Expenditure Projections

  • Pharmaceuticals : SGD1.10bn (USD798mn) in 2015 to SGD1.15bn (USD790mn) by 2016; +5.1% in local currency terms and -0.9% in USD terms.

  • Healthcare: SGD19.67bn (USD14.31bn) in 2015 to SGD21.15bn (USD14.50bn) by 2016; +7.5% in local currency terms and 1.3% in USD terms.

Headline Pharmaceuticals & Healthcare Forecasts (Singapore 2014-2020)
2014 2015e 2016f 2017f 2018f 2019f 2020f
f = BMI forecast. Source: WHO, National Sources, BMI
Pharmaceutical sales, USDbn 0.822 0.798 0.790 0.822 0.890 0.962 1.045
Pharmaceutical sales, % of GDP 0.28 0.28 0.29 0.28 0.28 0.28 0.28
Pharmaceutical sales, % of health expenditure 5.7 5.6 5.5 5.3 5.2 5.1 5.0
Health spending, USDbn 14.418 14.311 14.501 15.427 17.115 18.951 21.093

Risk/Reward Index

Singapore is ranked seventh out of 19 other Asia Pacific markets (scoring 59.7 out of a maximum 100) on BMI's Pharmaceutical Risk/Reward Index for Q216. The country's above average score on country rewards (scoring 17.1 out of 21.0) with the highest score for risk (27.8 out of 35) in the region is weighed down by the limited industry rewards (14.8 out of 44.0) due to the country's small population.

Latest Updates

  • In February 2016, the masterplan to develop the Singapore General Hospital campus over the next 20 years was unveiled. The new site intends to bring together different aspects of care for patients and integrate technology into the delivery of healthcare.

  • In January 2016, it was disclosed that SGD19bn (USD13bn) will be channelled towards scientific and technological research under the Research, Innovation and Enterprise 2020 plan. Funds will be channelled into key areas that will provide a competitive edge or meet national needs. Disease groups that have been identified include cancer, cardiovascular disease and diabetes.

  • In December 2015, local news sources disclosed that patients may soon be able to order repeat prescription medicines online from retail pharmacies and have them delivered to their home.

BMI Economic View

Singapore's economy is treading water amidst a domestic economic restructuring and poor external demand conditions, and we see little prospect for a significant pick-up over the coming quarters. As such, we have downgraded our real GDP forecasts for 2015 and 2016 to 2.2% and 2.5%, respectively, from 2.5% and 3.2% previously. Meanwhile, the MAS has confirmed our expectations for a weaker Singapore dollar policy, suggesting further weakness against the US dollar heading into 2016.

BMI Political View

The People's Action Party's landslide victory in September's general election will allow the party to stay the course with its broad policy framework adopted in 2011. This will entail incremental augmentations of Singapore's social safety net, as well as a gradual restructuring of the economy away from dependence on foreign labour.

BMI Industry View
7
Table: Headline Pharmaceuticals & Healthcare Forecasts (Singapore 2014-2020)
7
SWOT
9
Industry Forecast
11
Pharmaceutical Market Forecast
11
Table: Pharmaceutical Sales, Historical Data And Forecasts (Singapore 2012-2020)
12
Healthcare Market Forecast
13
Table: Healthcare Expenditure Trends, Historical Data And Forecasts (Singapore 2012-2020)
15
Table: Government Healthcare Expenditure Trends, Historical Data And Forecasts (Singapore 2012-2020)
15
Table: Private Healthcare Expenditure Trends, Historical Data And Forecasts (Singapore 2012-2020)
15
Prescription Drug Market Forecast
16
Table: Prescription Drug Market Indicators, Historical Data And Forecasts (Singapore 2012-2020)
17
Patented Drug Market Forecast
18
Table: Patented Drug Market Indicators, Historical Data And Forecasts (Singapore 2012-2020)
19
Generic Drug Market Forecast
20
Table: Generic Drug Market Indicators, Historical Data And Forecasts (Singapore 2012-2020)
22
OTC Medicine Market Forecast
23
Table: Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts (Singapore 2012-2020)
24
Pharmaceutical Trade Forecast
25
Table: Pharmaceutical Trade Data And Forecasts (Singapore 2014-2020)
27
Table: Pharmaceutical Trade Data And Forecasts local currency (Singapore 2014-2020)
27
Industry Risk/Reward Index
28
Asia Pacific Risk/Reward Index
28
Singapore Risk/Reward Index
34
Rewards
34
Risks
34
Regulatory Review
35
Table: Regulatory Process Time Taken Under The CECA And Under The Abridged GDA
37
Intellectual Property Issues
38
Pricing And Reimbursement Regime
39
Market Overview
44
Healthcare Sector
44
Table: Health Funding Sources In Singapore (SGDmn)
49
Table: Healthcare Resources (Singapore 2010-2015)
53
Table: Healthcare Activity (Singapore 2010-2015)
53
Table: Healthcare Personnel (Singapore 2010-2015)
53
Research & Development
54
Clinical Trials
56
Epidemiology
57
Table: Estimated Number Of New Cases Of Cancer In Singapore
58
Competitive Landscape
61
Research-Based Industry
61
Table: Multinational Pharmaceutical Firm Presence In Singapore
61
Table: Multinational Market Activity
62
Table: Leading Generic Drugmakers In Singapore
64
Pharmaceutical Distribution
65
Pharmaceutical Retail Sector
68
Company Profile
70
Baxter
70
GlaxoSmithKline
72
Haw Par
75
Merck & Co
78
MerLion
81
Novartis
84
Pfizer
87
Sanofi
90
Sci Gen
92
Demographic Forecast
95
Demographic Outlook
95
Table: Population Headline Indicators (Singapore 1990-2025)
96
Table: Key Population Ratios (Singapore 1990-2025)
96
Table: Urban/Rural Population & Life Expectancy (Singapore 1990-2025)
97
Table: Population By Age Group (Singapore 1990-2025)
97
Table: Population By Age Group % (Singapore 1990-2025)
98
Glossary
100
Methodology
102
Pharmaceutical Expenditure Forecast Model
102
Healthcare Expenditure Forecast Model
102
Notes On Methodology
103
Risk/Reward Index Methodology
104
Index Overview
105
Table: Pharmaceutical Risk/Reward Index Indicators
105
Indicator Weightings
106

The Singapore Pharmaceuticals & Healthcare Report features BMI Research's forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.

BMI's Singapore Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Singapore pharmaceutical and healthcare industry.

Key Benefits

  • Benchmark BMI's pharmaceutical and healthcare market forecasts for Singapore, to test other views - a key input for successful budgeting and strategic business planning in the Singaporean pharmaceutical and healthcare market.
  • Target business opportunities and risks in the Singaporean pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Singapore.
  • Assess the activities, strategy and market position of your competitors using our company profiles (including SWOTs, KPIs and latest activity) and competitive landscape tables.

Coverage

BMI Industry View

An at-a-glance perspective on the latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The pharmaceuticals and healthcare SWOT outlines strategic factors that affect the basic assumptions underpinning BMI’s forecast analysis, and taken together with BMI’s political, economic and business environment SWOTs, it gives a complete overview of market climate.

BMI Industry Forecast Scenario

Industry forecasts to end-2019 for all key indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecasts:

  • Healthcare: Total healthcare expenditure (USDbn), healthcare expenditure (% of GDP), healthcare expenditure per capita (USD), hospital beds, doctors, and birth & mortality rates (all per ‘000 population).
  • Pharmaceutical Market: Drug expenditure in USDbn, % of GDP and per capita (USD).
  • Patented Drug Market: Prescription drug sales (USDbn & % of total sales).
  • Generic Drug Market: Generic product sales (USDbn), generic sales (% of total sales).
  • OTC Drug Market: OTC sales (USDbn & % of total sales).
  • Macroeconomic Forecasts: Nominal and real GDP, % real GDP growth, % private consumption growth, % industrial output growth, % consumer price index, % GDP price deflator, exports, imports, trade balance, current account balance, foreign direct investment, exchange rate against USD, government expenditure and external debt.

BMI’s Pharmaceuticals and Healthcare Risk Reward Index

BMI’s Risk Reward Index provides investors (both national and multinational) looking for opportunities in the region with a clear country-comparative assessment of the market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Summary

A snapshot of key market characteristics, including total size of the pharmaceuticals and healthcare segments, growth drivers, leading therapeutic areas and the competitive landscape

Industry Developments

A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.

Regulatory Regime

Details of the industry regulatory framework and key legislation covering the licensing of new products/services, pricing and reimbursements, intellectual property, taxation and advertising, as well as analysis of the overall regulatory burden.

Competitive Landscape

The competitive landscape section provides comparative company analyses and index by USD sales and % share of total sales – for the total pharmaceutical sector, as well as the OTC, generics and distribution sub-sectors.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.