Singapore Pharmaceuticals & Healthcare Report

Published 14 August 2015

  • 134 pages
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  • Includes 3 free updated quarterly reports
$1,295.00
Singapore Pharmaceuticals & Healthcare Report

BMI View: Challenges to Singapore's medical tourism sector will intensify. Critically, the high cost of medical treatment relative to its regional peers will serve as a financial deterrent for foreign patients, which are further exacerbated by the strength of the Singapore dollar. In addition, government support has remained limited as compared with Thailand and Malaysia, which will see Singapore losing medical tourists to these competing hubs. This will in turn pose downside risks to multinational drugmakers as medical tourism has been a strong source of demand for high value medicines.

Headline Expenditure Projections

  • Pharmaceuticals : SGD1.04bn (USD822mn) in 2014 to SGD1.1bn (USD808mn) by 2015; +5.3% in local currency terms and -1.7% in USD terms. Forecast maintained from previous quarter.

  • Healthcare: SGD18.3bn (USD14.4bn) in 2014 to SGD19.6bn (USD14.5bn) by 2015; +7.7% in local currency terms and +0.5% in USD terms. Forecast maintained from previous quarter.

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 Q415. The country's above average score on country rewards (scoring 16.8 out of 21.0) with the highest score for risk (28.1 out of 35) in the region is weighed down by the limited industry rewards (14.8 out of 44) due to the country's small population.

Key Trends And Developments

  • In June 2015, the government disclosed that premiums for integrated health insurance plans may eventually go up. This comes as five private insurers promised that they would not raise premiums for integrated insurance plans when MediShield Life is implemented later this year.

  • The same month of June also saw GlaxoSmithKline announcing that it will invest a further SGD77mn to enhance its antibiotic manufacturing facility in Singapore. According to the company, the investments will help increase production by 50% and help it meet the growing demand for...

BMI Industry View
7
SWOT
9
Political
11
Economic
12
Operational Risk
13
Industry Forecast
15
Pharmaceutical Market Forecast
15
Table: Pharmaceutical Sales, Historical Data And Forecasts (Singapore 2011-2019)
16
Healthcare Market Forecast
17
Table: Healthcare Expenditure Trends, Historical Data And Forecasts (Singapore 2011-2019)
18
Table: Government Healthcare Expenditure Trends, Historical Data And Forecasts (Singapore 2011-2019)
19
Table: Private Healthcare Expenditure Trends, Historical Data And Forecasts (Singapore 2011-2019)
19
Prescription Drug Market Forecast
20
Table: Prescription Drug Market Indicators, Historical Data And Forecasts (Singapore 2011-2019)
21
Patented Drug Market Forecast
22
Table: Patented Drug Market Indicators, Historical Data And Forecasts (Singapore 2011-2019)
23
Generic Drug Market Forecast
24
Table: Generic Drug Market Indicators, Historical Data And Forecasts (Singapore 2011-2019)
25
OTC Medicine Market Forecast
26
Table: Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts (Singapore 2011-2019)
27
Pharmaceutical Trade Forecast
28
Table: Pharmaceutical Trade Data And Forecasts (Singapore 2013-2019)
30
Table: Pharmaceutical Trade Data And Forecasts local currency (Singapore 2013-2019)
30
Key Risks To BMI's Forecast Scenario
31
Macroeconomic Forecasts
32
Economic Analysis
32
Pharmaceuticals & Healthcare Risk/Reward Index
37
Asia Pacific Risk/Reward - Q4 2015
37
Singapore Risk/Reward Index
43
Rewards
43
Risks
43
Market Overview
44
Industry Trends And Developments
45
Epidemiology
45
Table: Estimated Number Of New Cases Of Cancer In Singapore
46
Healthcare Sector
48
Financing
52
Table: Health Funding Sources In Singapore (SGDmn)
53
Healthcare Insurance
55
Healthcare Company Developments
62
Table: Healthcare Resources (Singapore 2009-2014)
63
Table: Healthcare Personnel (Singapore 2009-2014)
64
Table: Healthcare Activity (Singapore 2009-2014)
64
Medical Tourism
64
International Healthcare Collaboration
66
Research & Development
67
Bioscience Sector
69
Research & Development Activity
70
Clinical Trials
72
Regulatory Development
74
Table: Regulatory Process Time Taken Under The CECA And Under The Abridged GDA
76
Regional Harmonisation
76
Intellectual Property Issues
78
Trade Agreements
79
Pricing And Reimbursement Regime
80
Competitive Landscape
83
Research-based Industry
83
Table: Multinational Pharmaceutical Firms' Presence In Singapore
83
Table: Leading Generic Drugmakers In Singapore
85
Traditional Chinese Medicine
85
Pharmaceutical Distribution
86
Pharmaceutical Wholesaling
87
Pharmaceutical Retail Sector
89
Company Profile
91
Baxter
91
GlaxoSmithKline
93
Haw Par
97
Merck & Co
100
MerLion
103
Novartis
106
Pfizer
109
Sanofi
112
Sci Gen
115
Veredus Laboratories
119
Demographic Forecast
122
Demographic Outlook
122
Table: Population Headline Indicators (Singapore 1990-2025)
123
Table: Key Population Ratios (Singapore 1990-2025)
123
Table: Urban/Rural Population & Life Expectancy (Singapore 1990-2025)
124
Table: Population By Age Group (Singapore 1990-2025)
124
Table: Population By Age Group % (Singapore 1990-2025)
125
Glossary
127
Methodology
129
Pharmaceutical Expenditure Forecast Model
129
Healthcare Expenditure Forecast Model
129
Notes On Methodology
130
Risk/Reward Index Methodology
131
Index Overview
132
Table: Pharmaceutical Risk/Reward Index Indicators
132
Indicator Weightings
133

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.

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