Boston, MA -- (SBWIRE) -- 06/05/2014 -- BMI View: The considerable increase in the government's healthcare expenditure highlights Singapore's commitment to provide better, more affordable healthcare services for its population, particularly the elderly. The government's aim to further increase its expenditure to 40% o f the total health expenditure will bring about commercial benefits for healthcare players and pharmaceutical manufacturers , as it will potentially increase patient's access to healthcare. W e highlight a need for the country to expand community and home-based care so that hospitals will not be overburdened by patients who require long-term medical services.
Headline Expenditure Projections
- Pharmaceuticals : SGD990mn (US$790mn) in 2013 to SGD1.04bn (US$840mn) in 2014; +5.5% in local currency terms and +5.0% in US dollar terms. Forecast remained unchanged from Q214.
- Healthcare: SGD17.77bn (US$14.20bn) in 2013 to SGD19.66bn (US$15.83bn) in 2014; +11.0% in local currency terms and +9.1% in US dollar terms. Forecast remained broadly in line with Q214.
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Singapore Pharmaceutical Risk/Reward Rating (RRR) score for Q314 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 just slightly below other developed countries like Japan, Australia and South Korea, behind the highly attractive emerging Chinese market, and also behind Taiwan and Hong Kong.
- Key Trends And DevelopmentsIn April 2013 the Centre of Biomedical Ethics at the National University of Singapore's (NUS) Yong Loo Lin School of Medicine secured international recognition from the World Health Organization (WHO). The biomedical ethics centre will team up with four other collaborating centres to support the WHO in developing work in the field of...
The Singapore Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'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 Singaporean pharmaceutical and healthcare industry.
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Singapore to test other views - a key input for successful budgeting and strategic business planning in the Singaporean pharmaceutical and healthcare market.
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