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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  • 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: Despite the small size of the Singaporean pharmaceutical market, the country's consistent drive into R&D, strong government commitment towards healthcare provision and its ageing population continue to present significant commercial opportunities for pharmaceutical firms. Furthermore, per capita pharmaceutical spending is high relative to the region which will be a strong plus for innovative drugmakers.

Headline Expenditure Projections

  • Pharmaceuticals : SGD1.04bn (USD822mn) in 2014 to SGD1.1bn (USD788mn) by 2015; +5.4% in local currency terms and -4.1% in USD terms. Forecast maintained from previous quarter.

  • Healthcare: SGD18.27bn (USD14.42bn) in 2014 to SGD19.67bn (USD14.13bn) by 2015; +7.7% in local currency terms and -2.0% in USD terms. Forecast maintained from previous quarter.

Headline Pharmaceuticals & Healthcare Forecasts (Singapore 2013-2019)
2013 2014 2015f 2016f 2017f 2018f 2019f
f = BMI forecast. Source: WHO, National Sources, BMI
Pharmaceutical sales, USDbn 0.790 0.822 0.788 0.781 0.820 0.882 0.949
Pharmaceutical sales, % of GDP 0.26 0.28 0.29 0.28 0.28 0.27 0.27
Pharmaceutical sales, % of health expenditure 5.8 5.7 5.6 5.4 5.3 5.2 5.1
Health spending, USDbn 13.571 14.417 14.126 14.326 15.398 16.963 18.711

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 Q116. This score is largely driven by its increasingly ageing population, high levels of patent protection, a coherent political landscape as well as its position as a city-state which as no rural population. Limited industry rewards, namely its small population and low birth rate, weigh down the country's otherwise solid score.

Latest Updates:

  • In September 2015, Novartis disclosed that the firm will be producing Entresto (sacubitril and valsartan) from their Singapore-based manufacturing plant.

  • In October 2015, a review of nursing homes in Singapore noted that three in five patients there were taking the wrong medication or in the wrong dosage. The study also noted that some patients were taking as many as 20 different types of medicines as they had more than one chronic disease.

  • Singapore's national health insurance scheme, MediShield Life, came into effect from November 1 2015. This scheme covers all Singaporeans and permanent residents as well as 23,000 people with serious pre-existing conditions that are currently uninsured. The maximum claim limit per policy per year is now capped at SGD100,000 (USD71,313).

BMI Economic View

The comfortable return to power for Singapore's ruling PAP will guarantee another term of prudent fiscal policy-making, and we expect to see balanced budgets erring on the side of surplus following FY2015/16's election year deficit. Key spending measures will continue to focus on support for beleaguered SMEs and low-income citizens, while additional revenue streams will eventually be added to support a broader social safety net.

BMI Political View

The scale of the PAP's victory in Singapore's September 11 parliamentary elections was somewhat astounding, with the party locking up an extremely impressive 69.9% of the overall popular vote. While the result goes a long way towards restoring the incumbent's dominant position in Singapore's government, we do not expect the ruling party to take its mandate for granted, and instead see the PAP maintaining its more consultative approach to policy-making.

BMI Industry View
7
Table: Headline Pharmaceuticals & Healthcare Forecasts (Singapore 2013-2019)
7
SWOT
9
Industry Forecast
11
Pharmaceutical Market Forecast
11
Table: Pharmaceutical Sales, Historical Data And Forecasts (Singapore 2011-2019)
12
Healthcare Market Forecast
13
Table: Healthcare Expenditure Trends, Historical Data And Forecasts (Singapore 2011-2019)
15
Table: Government Healthcare Expenditure Trends, Historical Data And Forecasts (Singapore 2011-2019)
15
Table: Private Healthcare Expenditure Trends, Historical Data And Forecasts (Singapore 2011-2019)
15
Prescription Drug Market Forecast
16
Table: Prescription Drug Market Indicators, Historical Data And Forecasts (Singapore 2011-2019)
17
Patented Drug Market Forecast
18
Table: Patented Drug Market Indicators, Historical Data And Forecasts (Singapore 2011-2019)
19
Generic Drug Market Forecast
20
Table: Generic Drug Market Indicators, Historical Data And Forecasts (Singapore 2011-2019)
22
OTC Medicine Market Forecast
23
Table: Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts (Singapore 2011-2019)
24
Pharmaceutical Trade Forecast
25
Table: Pharmaceutical Trade Data And Forecasts (Singapore 2013-2019)
27
Table: Pharmaceutical Trade Data And Forecasts local currency (Singapore 2013-2019)
27
Industry Risk/Reward Index
28
Asia Pacific Risk/Reward Index
28
Singapore Risk/Reward Index
35
Rewards
35
Risks
35
Regulatory Review
36
Table: Regulatory Process Time Taken Under The CECA And Under The Abridged GDA
38
Regional Harmonisation
38
Intellectual Property Issues
40
Trade Agreements
41
Pricing And Reimbursement Regime
42
Market Overview
45
Healthcare Sector
45
Table: Health Funding Sources In Singapore (SGDmn)
50
Healthcare Insurance
50
Table: Healthcare Resources (Singapore 2009-2014)
54
Table: Healthcare Activity (Singapore 2009-2014)
54
Table: Healthcare Personnel (Singapore 2009-2014)
54
Research & Development
55
Clinical Trials
57
Epidemiology
58
Table: Estimated Number Of New Cases Of Cancer In Singapore
59
Competitive Landscape
62
Research-Based Industry
62
Table: Multinational Pharmaceutical Firm Presence In Singapore
62
Table: Multinational Market Activity
63
Table: Leading Generic Drugmakers In Singapore
65
Pharmaceutical Distribution
66
Pharmaceutical Retail Sector
69
Company Profile
71
Baxter
71
GlaxoSmithKline
73
Haw Par
76
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.