Singapore Pharmaceutical Market can be permeated by the availability of best-in-class infrastructure, integrated hubs for pharmaceutical manufacture and research, access to regional markets, and trained labor. The income of the Singapore pharmaceutical market increased between the period of 2012 and 2017. AbbVie, Pfizer, Ferring Pharmaceuticals, and many more top biomedical corporations have chosen Singapore as their worldwide production headquarters. The pharmaceutical market in Singapore grew at a single-digit CAGR between 2012 and 2017. Singapore is one of Southeast Asia’s most technologically advanced and integrated centers for pharmaceutical manufacture and research. Singapore has established two biomedical hubs: Tuas Biomedical Park and Biopolis. While the Tuas Biomedical Park is largely focused on pharmaceutical manufacturing and production, on the other hand Biopolis fosters collaboration between public and private research institutions.
According to the research report, “Singapore Pharmaceutical Market Outlook to 2022 – by Prescription & OTC Drugs and by Patented & Generic Drugs” expresses that multinational corporations (MNCs) dominate the market, which is fragmented, with a strong emphasis on R&D operations. As of 2017, there were 54 pharmaceutical companies, and 5,500 medications were registered. GSK, Novartis, Roche, Pfizer, Bayer, AstraZeneca, Abbott, Baxter, Maccine, and others are significant international corporations. The development of inventive over-the-counter, generic, prescription and consumer health medications has increased, according to the pharmaceutical industry. Product range, distribution network, technology, and R&D expenditure are important competition criteria.
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By Prescription & OTC Drugs
In 2017, the majority of the pharmaceutical market’s sales in Singapore were of prescription medications. The remaining portion of the earnings came from over-the-counter medicines. The prevalence of chronic conditions like diabetes, cancer, and others has further fueled prescription medication sales, which can be ascribed to the rise in prescription use. Due to Singapore’s growing trend of self-medication, the sale of OTC medications has been increasing. Most antibiotics are sold over-the-counter. One of the OTC market areas with the fastest growth is vitamins and dietary supplements.
By Patented & Generic Drugs
The largest portion of the revenue in Singapore’s prescription drug market in 2017 came from patented medications. The remainder of the revenue has been made up of generic medications. Seek IP protection has encouraged worldwide businesses to establish production facilities and secure patent protection for their pharmaceuticals, APIs, and manufacturing techniques. It is also encouraged by the availability of cutting-edge infrastructure and significant financial investments in research initiatives. Drugs for oncology and infectious disorders are among them.
Because everyone in Singapore has access to health insurance and has access to top-notch biomedical research facilities, the country’s pharmaceutical market is anticipated to increase at a single-digit CAGR between the period of 2017 and 2018.
The nation will continue to draw international investment due to its world-class manufacturing and research facilities. In order to expand its research and development (R&D) capabilities in Singapore, Japan’s Chugai Pharmaceutical, which runs satellite labs throughout Asia, aims to invest USD 355 million by 2021. The industry will see an increase in technological advancements to promote automation and boost productivity. For instance, GSK has been a leader in the field of continuous manufacturing, which replaces batch production with continuous addition and removal of inputs and products. At their manufacturing facilities across the nation, major international pharma manufacturers increase output and develop automation.
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