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Singapore’s pharmaceutical market is predicted to rise from $948 million in 2017 to around $1.2 billion in 2021, exceeding the $1 billion mark in 2019, according to research and consulting firm GlobalData.
The company’s latest report states that the market, which will rise at a of 5% during the forecast period, will be motivated by universal access to health insurance and world-class biomedical research facilities.
Despite the strong growth rate and apparent opportunities in the pharmaceuticals market, GlobalData believes there are several barriers that manufacturers should look out for in the coming years. Government initiatives to promote the use of generics are being introduced to make drugs more readily available for patients by harmonizing the regulatory requirements, which may hinder the pharmaceutical market.