DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/w7rh69/countryfocus) has announced the addition of the "CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Singapore" report to their offering.
Singapore's healthcare market is driven by universal access to health insurance schemes and world-class biomedical sciences research facilities, although the healthcare market is small in comparison to those of other developed countries, due primarily to the limited size of its population.
The value of the pharmaceuticals market in Singapore increased from $489m in 2008 to $761m in 2013 at a Compound Annual Growth Rate (CAGR) of 9.3% and is expected to increase further from $776m in 2014 to $873m in 2020 at a CAGR of 2.0% (Tarn et al., 2008; DoS, 2014; EDB, 2014c).
Universal healthcare coverage covers 100% of the population. The five types of healthcare insurance plans available are Medisave, MediShield, Medisave-Approved Integrated Shield Plans, MediFund and ElderShield.
Singapore is known for its world-class biomedical sciences research facilities for the development of the pharmaceutical and medical device markets at medical technology hubs such as Medtech, Biopolis and Tuas biomedical park. The country has emerged as a regional hub for the manufacture and R&D activities of multinational pharmaceutical companies and offers excellent opportunities for Biomedical Sciences (BMS) companies via a pro-business environment, low unit labor costs, low corporate tax, and strong government support. The BMS industry consists of four sectors: pharmaceuticals, medical technology, biotechnology, and healthcare services. The BMS Industry Partnership Office (IPO) was established in 2010 and includes the National Medical Research Council, Ministry of Health (MoH), A*STAR and the Singapore Economic Development Board (EDB).
Singapore is a small country with a total population of approximately 5.4 million as of 2013 (DoS, 2014), which is less than in neighboring countries Indonesia (248 million) and Malaysia (29.9 million) (IMF, 2014f; IMF, 2014g). Domestic companies have fewer opportunities for permanent establishment due to the limited patient population, which in turn has a negative effect on the revenue generated by domestic companies, ultimately impeding pharmaceutical market growth.
The medical device market is expected to grow as Singapore strengthens its position as the region's healthcare hub. Medical devices are imported primarily from the US, Japan and Germany (ITA, 2014). Products such as syringes, catheters and research instruments are manufactured domestically. In 2011, the output of the medical technology sector was SGD4.3 billion ($3.4 billion) and this total is expected to reach SGD5 billion ($4 billion) in 2015 (EDB, 2014a).
Key Topics Covered:
1 Tables & Figures
3 Overview of Pharmaceutical and Medical Device Market
4 Market Access
5 Country Analysis
6 Opportunities and Challenges
For more information visit http://www.researchandmarkets.com/research/w7rh69/countryfocus