Boston, MA -- (SBWIRE) -- 07/13/2013 -- Unlike other developed Asia Pacific countries, we note that the Singaporean government is seeking to increase its share of healthcare expenditure in light of the ageing population's rising demand for healthcare. Such commitment provides growth opportunities for pharmaceutical, health and health-related providers. We maintain that long-term growth potential will be limited by the small population in the country, but investors can make use of Singapore as a springboard to conduct business in the South East Asia region.

Headline Expenditure Projections

View Full Report Details and Table of Contents

- Pharmaceuticals: SGD940mn (US$770mn) in 2012 to SGD1.0bn (US$830mn) in 2013; +7.5% in local currency terms and +7.9% in US dollar terms. Forecast unchanged from Q212.
- Healthcare: SGD16.0bn (US$13.0bn) in 2012 to SGD17.4bn (US$14.2bn) in 2013; +8.9% in local currency terms and +9.2% in US dollar terms. Forecast upgraded from Q213 due to new data from the World Health Organization.

Risk/Reward Ratings

Singapore's Pharmaceutical Risk/Reward Rating (RRR) score for Q313 is 62.1 out of the maximum 100 under our newly improved RRR system. The country scored above average for the majority of indicators and sub-indicators, including sector value growth, pensionable population and overall economic and political landscape. Consequently, with this high score, Singapore is ranked alongside (but below) developed countries like Japan and South Korea and behind the highly attractive emerging market, China.

Key Trends And Developments

- In April 2013, GlaxoSmithKline and the Agency for Science, Technology and Research's (A*STAR) Institute of Chemical and Engineering Sciences (ICES) signed a five-year strategic agreement to develop new evidence-based formulations (EBFs) specifically for emerging markets.
- In February 2013, Pfizer announced that it will be closing its Singapore Pfizer Clinical Research Unit (PCRU) in 2013. This decision was made as part of Pfizer Worldwide Research & Development's ongoing comprehensive effort to increase operational efficiencies and to create a more focused and sustainable R&D engine. Pfizer stressed that this action will not impact any of the company's other operations in Singapore, or its other R&D operations in Asia.
- In the same month, Minister of Finance Tharman Shanmugaratnam released the Singapore Budget 2013, where the government is continuing with its promise to make healthcare more affordable for the population. The government allocated SGD5.68bn (US$4.54bn) for FY2013, 18% higher than the revised FY2012 expenditure (SGD4.80bn (US$3.84bn)).

About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Healthcare research reports at Fast Market Research

You may also be interested in these related reports:

- Nigeria Pharmaceuticals & Healthcare Report Q3 2013
- Croatia Pharmaceuticals & Healthcare Report Q3 2013
- Australia Pharmaceuticals & Healthcare Report Q3 2013
- Mexico Pharmaceuticals & Healthcare Report Q3 2013
- Kenya Pharmaceuticals & Healthcare Report Q3 2013
- Pakistan Pharmaceuticals & Healthcare Report Q3 2013
- Algeria Pharmaceuticals & Healthcare Report Q3 2013
- Argentina Pharmaceuticals & Healthcare Report Q3 2013
- Hong Kong Pharmaceuticals & Healthcare Report Q3 2013
- Central America Pharmaceuticals & Healthcare Report Q3 2013