While major economies in the Asian region are severely hit by the global meltdown, Singapore’s biomedical and pharmaceutical industry is using the current period to prepare for recovery in coming years.
According to PricewaterhouseCoopers (PwC) Singapore, despite the slackening economies in Asia due to the global meltdown, Singapore’s biomedical and pharmaceutical industry is bracing itself in anticipation of eventual recovery.
In the current year (2009), the global pharmaceutical industry is likely to witness a growth of around 4-5%. The output of Singapore’s pharmaceutical sector is expected to rise to 25% of the country’s total manufacturing output in 2011 against 22% in 2007. Moreover, Singapore’s biomedical manufacturing business shrank 27.3% in January 2009 as compared to the same month last year.
Higher investments are expected to arrive in the Asian region, which is home to nearly two-thirds of the global population that requires medicines, drugs and the support of pharmaceutical firms. The demand for medicines will keep on rising with the gradually increasing affluence and age of people.
Thus, there are bright prospects that large number of prominent pharmaceutical firms will establish some of their business activities in Singapore due to its extremely secure intellectual property defense and enforcement system, along with the accessibility to profitable and competent resources.
Moreover, Singapore recognizes that research and development are fundamental to sustained development and knowledge creation. Over the past ten years (1998-2008), Singapore has effectively developed its R&D hubs, nurtured top scientific and innovative talent and promoted R&D partnerships between the public sector and private organizations.
With a dozen of research centers devoted solely to a large number of technological fields, Singapore draws in a topnotch bunch of researchers and experts from various parts of the Asia-Pacific region, European and the United States.
Moreover, huge investments have been pouring into the area in the past few weeks as prominent players like Zuellig Pharma and Abbott spread out and set up their operation bases which are likely to continue.
As per a Research Analyst at RNCOS, “Biomedical and pharmaceutical firms in Singapore should remain diversified. Those focusing on just one segment of the industry will be severely affected than those extending an array of products in spite of the ongoing economic downturn. Singapore also needs to 'prepare for the upturn' by foraying into newer areas, like bio-medical technology which is founded on composite molecules that evolves from the cells of bacteria, mammals, and yeast.”
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