The Singapore Pharmaceutical Spending Is Estimated To Rise To $ 752 Million
Due to an integrated research system, robust growth, Singapore has emerged as a choice biomedical location. The Pharmaceutical business in Singapore is a fast growing trade with a substantial amount of Govt. Support. The country is being looked at the pharmaceutical hub of Southeast Asia. The top pharmaceutical companies that have established their headquarters in Singapore includes Astrazeneca, Roche, Bayer and Sanofi-Aventis. Zeullig Pharma has established a US $ 40 million distribution facility here and has focused on clinical trials. They plan to open seven more bio pharmaceutical plants here before the end of 2012.Some of the best selling products like Glaxo SmithKline’s Advair/ Seretide for respiratory problems, Zantac for Gastric Ulcer, Merck Sharp and Dohme’s Vytorin, Zetia,Tredaptive for Cholestrol and Pfizer’s Lyrica for Neuroscience, Roche’s Lucentis, Avastin and Herceptin are manufactured here. In order to face the challenges, the Singapore government has set aside $ 3.8 billion to progress its health care and biomedical RandD infrastructure.
Even in the midst of global recession, the export growth of pharmaceuticals was greater than other domestic exports. This industry recorded a production turnover of US dollars 23 billion in 2011 although its sales reached only US dollars 716 million. By 2019, the Singapore pharmaceutical spending is expected to increase to $ 752 million with a compound annual growth rate of 2.69 percent. With a population of over 4.6 million, Singapore has a standard of living that is comparable to lots of developed Western nation, has the highest GDP per capita among all the Asian nation, an affordable health care organization. All these are supporting the progress of the medical device industry in Singapore. Because of the capable labor force, government incentives, an established political atmosphere, a booming port, low corporate taxes, Singapore have emerged as a major pharmaceutical manufacturing hub. Compared with the size of the country, the amount of trade flowing in and out in pharmaceuticals is excessively high. The country exports a huge sum of pharmaceuticals, although the greater part of this is from re-exported goods. Singapore’s per- capita expenditure is above average for the Asia-pacific region.
Singapore has 200-250 pharmacies of which Guardian and Unity Healthcare are the leading chains. Reflecting the usual popularity of the sector, prescription drugs account for 80 % of expenditure. As part of Asia pacific reorganization plan, iNova pharmaceuticals, well known for its cough and cold brands Dfflam and Duro Tuss, is shifting its regional headquarters from Sydney to Singapore.