Pharma Market in SingaporeJanuary 11, 2022 2023-01-28 15:04
Pharma Market in Singapore
Pharma Market in Singapore
The Pharmaceutical Industry is growing at a faster rate day by day. How to prevent and cure various diseases is the main focus of the global pharmaceutical industry. In terms of growth, Singapore’s manufacturing and production industry plays a very vital role. It is becoming a global centre for the pharmaceutical industry. As per World Bank Data in 2012, Singapore spends 4.7% of its GDP into the healthcare industry. Singapore’s healthcare system holds six positions worldwide.
Singapore’s pharmaceutical sector attracts many foreign investors. More than 30 medtech companies have invested in the research and development of Singapore’s pharmaceutical industry. Singapore’s local start-ups and corporations are the largest manufacturers and exporters of pharmaceuticals all around the world. Syringes, Catheters, research instruments and many other equipment are manufactured and supplied from Singapore.
Market Size (2017-2030)
Pharmaceutical manufacturing industry is increasing employment in the country by providing the highest paying jobs. As per Singapore Economic Development Board (EDB) it’s pharmaceutical manufacturing industry provided more than 5700 jobs in 2016. It’s average wage was USD 70,000 in Singapore.
To develop the healthcare industry, Singapore invests huge amounts of money every year. As per Ministry of Singapore Health, there were speciality centres and 12,000 hospital beds in 25 hospitals in Singapore. In 2016, Singapore government for the development of healthcare facilities invested around USD 13 billion.
Sales of OTC drugs have been on an incline owing to the raise in the trend of self medication. Antibiotics at a larger scale are sold via OTC channels. Vitamins and Dietary supplements are the fastest growing segments of OTC. Since these medicines do not require prescription the manufacturers are able to sell it through online retail channels. Singapore produces 6% of the world’s over the counter (OTC) drugs. OTC drugs are expected to occupy 48% revenue share by the end of 2014.
Health Problems in Singapore
- Asthma- it is a chronic disease that causes the airways in one’s lungs become narrower making it harder to breathe. In Singapore about 5% adults and 20% children are suffering from the respiratory problem.
- Diabetes- It is an incurable chronic disease that occurs when body does not produce enough insulin leading to an excess of sugar in the blood. It is so common in Singapore that 1 out of 9 Singaporean have diabetes.
- High Blood Pressure- It is defined as high tension in the arteries due to the force of blood pushing against the walls of one’s blood vessels. Almost 24% of Singaporean have it. 1 out of 4 from that number don’t even know that they have high blood pressure which may lead to severe complications in future.
- Heart Problems- Common heart problems include abnormal heart rhythm, heart muscle disease and many other. Everyday 16 people die due to heart problems in Singapore.
- High Cholesterol- Cholesterol is found in the fats in your blood. It is actually necessary to keep building healthy cells. However, too much good is also bad. High levels of cholesterol causes fatty deposits to develop in your blood vessels. It can lead to increase your risk of heart disease. 1 in 6 Singaporeans are found with high cholesterol.
Adoption of modern technology has positively led to the growth of the pharmaceutical industry in Singapore. A strong customer trust relationship in foreign market is being built with the development of cost effective and reliable medical services. In developing countries of Asia Pacific regions obesity and an aging population is a major issue. It is bolstering the pharmaceutical market expanding its roots in Singapore. The pharmaceutical market has witnessed increasing advancement of generic, OCT, prescription and consumer health drugs.
Despite being the largest pharmaceutical suppliers there are many problems faced while exporting in Singapore. Product License from Association of Southeast Asian Nations (ASEAN) or ASEAN common technical Dossier (ACTD) is mandatory for all the foreign drug companies to export and import pharmaceutical products from Singapore.
There are many challenges being faced by the foreign companies who are manufacturing innovative drugs. Prior approval of other key markets are required to export innovative drugs in Singapore.
There are ecommerce scams from untrustworthy websites which can be damaging. Ecommerce scams have taken $82 millions from Singaporeans. Sometimes the packages doesn’t arrive and you realise that you have been cheated on.
Jindal Medical Store (JMS)
The answer to all the problems is JMS. They are one such pharmaceutical exporters who have an experience of more than 50 years. They have 72 distribution houses over 13 counties. It is one of the 19 exporters in this industry who has successfully served 79% of committed deliveries.
Through quality assurance and continuous service they ensure that customers have a hurdle free journey. They offer a wide range of Erectile Dysfunction products, Prime Life Science Drugs, Anti-Cancer medicines and Prime Ayurveda items. They are certified with WHO compiled products. They are the world’s 3rd largest supplier of Ajanta Pharma, Sunrise Remedies, Centurion Laboratories products. They have worked with customers of various countries like Russia, USA, Canada, New Zealand, China, Saudi Arabia, Italy and many others.