Market Report, "Singapore Pharmaceuticals & Healthcare Report Q2 2016", published

Non-communicable disease will continue to dominate Singapore's epidemiological profile, creating strong commercial opportunities for medicines addressing these illnesses. Companies seeking to benefit from these revenue earning prospects will have to compete with the population's ongoing use of alternative treatments as a supplement to conventional medicine.

Headline Expenditure Projections

Pharmaceuticals : SGD1.10bn (USD798mn) in 2015 to SGD1.15bn (USD790mn) by 2016; +5.1% in local currency terms and -0.9% in USD terms.
Healthcare: SGD19.67bn (USD14.31bn) in 2015 to SGD21.15bn (USD14.50bn) by 2016; +7.5% in local currency terms and 1.3% in USD terms.

Risk/Reward Index

Singapore is ranked seventh out of 19 other Asia Pacific markets (scoring 59.7 out of a maximum 100) on BMI's Pharmaceutical Risk/Reward Index for Q216. The country's above average score on country rewards (scoring 17.1 out of 21.0) with the highest score for risk (27.8 out of 35) in the region is weighed down by the limited industry rewards (14.8 out of 44.0) due to the country's small population.

Full Report Details at
- http://www.fastmr.com/prod/1130990_singapore_pharmaceuticals.aspx?afid=302

Latest Updates

In February 2016, the masterplan to develop the Singapore General Hospital campus over the next 20 years was unveiled. The new site intends to bring together different aspects of care for patients and integrate technology into the delivery of healthcare.

In January 2016, it was disclosed that SGD19bn (USD13bn) will be channelled towards scientific and technological research under the Research, Innovation and Enterprise 2020 plan. Funds will be channelled into key areas that will provide a competitive edge or meet national needs. Disease groups that have been identified include cancer, cardiovascular disease and diabetes.

In December 2015, local news sources disclosed that patients may soon be able to order repeat prescription medicines online from retail pharmacies and have them delivered to their home.

BMI Economic View

Singapore's economy is treading water amidst a domestic economic restructuring and poor external demand conditions, and we see little prospect for a significant pick-up over the coming quarters. As such, we have downgraded our real GDP forecasts for 2015 and 2016 to 2.2% and 2.5%, respectively, from 2.5% and 3.2% previously. Meanwhile, the MAS has confirmed our expectations for a weaker Singapore dollar policy, suggesting further weakness against the US dollar heading into 2016.

BMI Political View

The People's Action Party's landslide victory in September's general election will allow the party to stay the course with its broad policy framework adopted in 2011. This will entail incremental augmentations of Singapore's social safety net, as well as a gradual restructuring of the economy away from dependence on foreign labour.

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