New report provides detailed analysis of the Healthcare and Medical market
Published on January 13, 2010
by Press Office
(Companiesandmarkets.com and OfficialWire)
LONDON, ENGLAND
For the Q110 update of the Singapore Pharmaceuticals & Healthcare Report, BMI has introduced 10- year forecasts for overall medicine sales. These forecasts shows that pharmaceutical spending will increase from US$568mn in 2008 to US$753mn in 2019, equating to a compound annual growth rate (CAGR) of 2.69%. However, due to the strengthening Singapore dollar, the CAGR is forecast to be just 1.96% in local currency terms. Underlining the mature nature of the market, pharmaceutical expenditure as a percent of GDP is projected to decline from 0.33% in 2008 to 0.28% in 2019. Singapore has moved up one place in BMI's Asia Pacific Pharmaceutical Business Ratings, from 8th in Q409 to 7th in Q110. The country scores very well for Country Risk, which is a composite assessment of corruption, the legal framework and bureaucracy.
Singapore's consistent and transparent medicine regulations are also attractive to multinational drugmakers. The fundamental drawback is a small pharmaceutical market that is growing slowly, with strict price controls also a deterrent. Over the medium term, we expect Singapore to fall down the ratings, as emerging countries such as Vietnam and Indonesia become more alluring to foreign firms selling patented products. Singapore is a major pharmaceutical manufacturing hub. The main attractions to drugmakers are a skilled workforce, a stable political environment, government incentives and a thriving port. In November 2009, Swiss global healthcare company Roche opened its US$500mn biologics manufacturing plant in the Tuas industrial zone in the country. In Q309, Medtronic invested SGD80mn (US$55.94mn) in a Singaporean manufacturing facility producing cardiac rhythm disease management devices for the regional market. High-quality healthcare services are available to all Singaporeans, regardless of income level. To help citizens co-pay' for services, there are four schemes: Medisave, Medishield, Eldershield and Medifund. Introduced in 1984, Medisave allows Singaporeans to put aside part of their income (6-8% of their monthly salary depending on age) into an account to meet future personal or immediate family's hospitalisation, day surgery or certain outpatient expenses.
Medishield is a low-cost catastrophic medical insurance scheme. This allows Singaporeans to effectively risk-pool the financial risks of major illnesses. Eldershield is a severe disability insurance scheme that provides basic financial protection to those who need long-term care, especially during old age. It provides a monthly cash payout to help pay out-ofpocket expenses for the care of a severely disabled person. Medifund is a medical endowment fund set up by the government to act as the ultimate safety net for needy Singaporean patients who cannot afford to pay their medical bills despite heavy subsidies.
Singapore Pharmaceuticals and Healthcare Report Q1 2010: http://www.companiesandmarkets.com/r.ashx?id=P0N32NV1N195432
Published on January 13, 2010
by Press Office
(Companiesandmarkets.com and OfficialWire)
LONDON, ENGLAND
For the Q110 update of the Singapore Pharmaceuticals & Healthcare Report, BMI has introduced 10- year forecasts for overall medicine sales. These forecasts shows that pharmaceutical spending will increase from US$568mn in 2008 to US$753mn in 2019, equating to a compound annual growth rate (CAGR) of 2.69%. However, due to the strengthening Singapore dollar, the CAGR is forecast to be just 1.96% in local currency terms. Underlining the mature nature of the market, pharmaceutical expenditure as a percent of GDP is projected to decline from 0.33% in 2008 to 0.28% in 2019. Singapore has moved up one place in BMI's Asia Pacific Pharmaceutical Business Ratings, from 8th in Q409 to 7th in Q110. The country scores very well for Country Risk, which is a composite assessment of corruption, the legal framework and bureaucracy.
Singapore's consistent and transparent medicine regulations are also attractive to multinational drugmakers. The fundamental drawback is a small pharmaceutical market that is growing slowly, with strict price controls also a deterrent. Over the medium term, we expect Singapore to fall down the ratings, as emerging countries such as Vietnam and Indonesia become more alluring to foreign firms selling patented products. Singapore is a major pharmaceutical manufacturing hub. The main attractions to drugmakers are a skilled workforce, a stable political environment, government incentives and a thriving port. In November 2009, Swiss global healthcare company Roche opened its US$500mn biologics manufacturing plant in the Tuas industrial zone in the country. In Q309, Medtronic invested SGD80mn (US$55.94mn) in a Singaporean manufacturing facility producing cardiac rhythm disease management devices for the regional market. High-quality healthcare services are available to all Singaporeans, regardless of income level. To help citizens co-pay' for services, there are four schemes: Medisave, Medishield, Eldershield and Medifund. Introduced in 1984, Medisave allows Singaporeans to put aside part of their income (6-8% of their monthly salary depending on age) into an account to meet future personal or immediate family's hospitalisation, day surgery or certain outpatient expenses.
Medishield is a low-cost catastrophic medical insurance scheme. This allows Singaporeans to effectively risk-pool the financial risks of major illnesses. Eldershield is a severe disability insurance scheme that provides basic financial protection to those who need long-term care, especially during old age. It provides a monthly cash payout to help pay out-ofpocket expenses for the care of a severely disabled person. Medifund is a medical endowment fund set up by the government to act as the ultimate safety net for needy Singaporean patients who cannot afford to pay their medical bills despite heavy subsidies.
Singapore Pharmaceuticals and Healthcare Report Q1 2010: http://www.companiesandmarkets.com/r.ashx?id=P0N32NV1N195432