Boston, MA -- (SBWIRE) -- 10/01/2013 -- Despite its small population, foreign pharmaceutical firms will continue to be interested in Singapore given the highly skilled workforce and the success the country had with its biomedical sector, attracting investments into the sector. In addition, the impending launch of the Association of South East Nation Economic Community in 2015 will bring opportunities to Singapore as firms can look to market their products through the whole of ASEAN using Singapore as a base. From the healthcare perspective, the government's promise to improve healthcare provision, alongside with the rising demand for services due to the ageing population will create opportunities for private healthcare players.

View Full Report Details and Table of Contents

Headline Expenditure Projections

- Pharmaceuticals: SGD940mn (US$770mn) in 2012 to SGD1.0bn (US$800mn) in 2013; +5.9% in local currency terms and +7.2% in US dollar terms. Forecast down slightly from Q313 due to reassessment of the country's macroeconomic conditions.
- Healthcare: SGD16.3bn (US$13.3bn) in 2012 to SGD18.0bn (US$14.4bn) in 2013; +10.4% in local currency terms and +8.6% in US dollar terms. Forecast upgraded from Q313 due to government's increased focus on healthcare provision.

Risk/Reward Ratings

Singapore's Pharmaceutical Risk/Reward Rating (RRR) score for Q413 is 62.0 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. With the relatively high score, the country is ranked 6th out of the 19 key markets in the region, behind developed countries like Japan, South Korea and Australia, as well as emerging markets like China and Taiwan. In the South East Asia region, it continues to rank first due to its relatively higher score under country and industry risks.

Key Trends And Developments

- In August 2013, Astellas Pharma established its newest affiliate Astellas Pharma Singapore. The wholly-owned subsidiary will mainly commercialise Astellas' global products through its own sales force in Singapore and supervise the sales of such products through a contract sales organisation in Malaysia. Astellas Singapore will start its business in October, and quickly build up its business capabilities in both Singapore and Malaysia.
- In July 2013, US-based Pathway Genomics Corporation entered a partnership deal with Singaporebased company Parkway Laboratory Services. Parkway Laboratory Services' laboratory, Parkway Health Laboratory, caters to physicians as well as patients at several hospitals. It has the widest array of services among private laboratories in Singapore. A comprehensive saliva-based nutrigenetic test, Pathway Fit, will be offered to these hospitals and physicians under the partnership.

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 Q4 2013
- Kenya Pharmaceuticals & Healthcare Report Q4 2013
- Latvia Pharmaceuticals & Healthcare Report Q4 2013
- Pakistan Pharmaceuticals & Healthcare Report Q4 2013
- Mexico Pharmaceuticals & Healthcare Report Q4 2013
- Taiwan Pharmaceuticals & Healthcare Report Q4 2013
- Australia Pharmaceuticals & Healthcare Report Q4 2013
- Central America Pharmaceuticals & Healthcare Report Q4 2013
- Netherlands Pharmaceuticals & Healthcare Report Q4 2013
- Portugal Pharmaceuticals & Healthcare Report Q4 2013