2013-02-28 15:13:18 - New Healthcare market report from Business Monitor International: "Singapore Pharmaceuticals & Healthcare Report Q1 2013"

BMI View: Singapore will be of moderate attractiveness to investors given its small pharmaceutical market size, despite the growing demands for more pharmaceuticals and healthcare from its increasingly ageing population. However, the city-state will continue to attract companies looking to set up regional offices, manufacturing hubs or research and development facilities in the country given its strong regulatory framework and relatively stable political and economic environment.

Headline Expenditure Projections

* Pharmaceuticals: SGD901mn (US$716mn) in 2011 to SGD942mn (US$751mn) in 2012; +4.5% in local currency terms and +4.9% in US dollar terms. Forecast broadly in line with previous quarter. ?? Healthcare: SGD13.1bn (US$10.4bn) in 2011 to SGD14.5bn (US$11.5bn) in 2012; +10.9% in local currency terms and +11.2% in US dollar terms. Forecast

broadly in line with previous quarter. ?? Medical Devices: SGD449mn (US$357mn) in 2011 to SGD467mn (US$372mn) in 2012; +4.0% in local currency terms and +4.3% in US dollar terms. Forecast broadly unchanged from Q412.


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Risk/Reward Ratings: Despite having higher risks scores and country rewards scores, Singapore will continue to rank fifth (out of the 18 key markets in Asia Pacific) behind China primarily due to its small and developed pharmaceutical market. Consequently in our Q113 Asia Pacific Pharmaceutical Risk/Reward Ratings, the country scores 61.9, behind China's 62.5.

Key Trends And Developments

* In October 2012, Novartis announced that it will be investing more than US$500mn into the construction of a biotechnology facility in Singapore, next to its existing pharmaceutical plant. This facility will be Novartis' first biologics production site in Asia. In addition to the pharmaceutical plant, Novartis has several operations in Singapore: Novartis Asia-Pacific head offices, Novartis Institute for Tropical Diseases and two production facilities for Alcon.
* In September 2012, Religare Health Trust in Singapore, which will eventually own assets managed by Indian hospital group Fortis, started pre-marketing for its SGD500mn (US$405mn) initial public offering (IPO), The trust is providing an indicative yield of 8.5-9% for the IPO.
* In the same month, Swedish refrigerated air cargo container manufacturer Envirotainer opened a new office in Singapore to improve access to the growing pharmaceutical market in Asia Pacific, CEO Gustaf Ljunggren said. The new office will work in close cooperation with the company's regional head office in Sydney to facilitate temperature-controlled air cargo containers and cold chain management services across Asia Pacific.

BMI Economic View: Although the Singaporean government carries total debts equivalent to 108.3% of GDP, this figure is misleading as the entirety of the debt is domestic and the majority of it is intragovernmental. While Singapore's overall public debt level is thus not a concern, its Central Provident Fund (CPF) program contributes to the country's extremely high savings rate of 49.8%. We expect this rate to trend down over the long-term (to 39.8% of GDP) even as CPF policies remain in place, as the Singaporean consumer outperforms external demand.

BMI Political View: Singapore faces very limited political risks in the near term and we expect the ruling People's Action Party to retain its monopoly on power. However, over the longer term, the city-state will come under greater pressure from its citizens to become a more vibrant democracy and foster credible opposition parties.

Partial Table of Contents:

Contents
Executive Summary
SWOT Analysis
- Singapore Pharmaceuticals And Healthcare Industry SWOT
- Singapore Political SWOT
- Singapore Economic SWOT
- Singapore Business Environment
Pharmaceutical Risk/Reward Ratings
- Table: Asia Pacific Pharmaceutical Risk/Reward Ratings, Q113
- Rewards
- Risks
Singapore - Market Summary
Regulatory Regime
- Regional Harmonisation
- Intellectual Property Issues
- Trade Agreements
- Pricing And Reimbursement Regime
- Pricing And Reimbursement Developments
Industry Trends and Developments
- Epidemiology
- Non-Communicable Disease
- Communicable Disease
- Healthcare Sector
- Healthcare Provision
- Hospital Sector
- Electronic Medical Records
- Financing
- Healthcare Insurance
- Healthcare Company Developments
- Medical Tourism
- International Healthcare Collaboration
- Research & Development
- Bioscience Sector
- Research & Development Activities
- Clinical Trials
- Clinical Trials Industry Developments
- Medical Devices
- Table: Classification Of Medical Devices In Singapore
- Medical Devices Industry Developments
Industry Forecast Scenario
- Overall Market Forecast
- Table: Pharmaceutical Sales Indicators 2008-2016
- Key Growth Factors - Industry
- Table: Healthcare Features In Budget 2011 And Budget 2012
- Table: Healthcare Expenditure Indicators 2008-2016
- Table: Healthcare Governmental Indicators 2008-2016
- Table: Healthcare Private Indicators 2008-2016
- Key Growth Factors - Macroeconomic
- Prescription Drug Market Forecast
- Table: Prescription Drug Sales Indicators 2008-2016
- Patented Drug Market Forecast
- Table: Patented Drug Market Indicators 2008-2016
- Generic Drug Market Forecast
- Table: Generic Drug Sales Indicators 2008-2016
- OTC Medicine Market Forecast
- Table: OTC Medicine Sales Indicators 2008-2016
- Pharmaceutical Trade Forecast
- Table: Exports and Imports Indicators 2008-2016
- Medical Device Market Forecast
- Table: Medical Devices Sales Indicators 2008-2016
- Other Healthcare Data Forecasts
- Key Risks To BMI's Forecast Scenario
Competitive Landscape
- Pharmaceutical Industry
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