The global biomedical refrigerators and freezers market is slated to magnify at a strong CAGR of 4.2% over the period amid 2016 and 2024. The market, which was worth $2.91 billion in 2015, is predicted to upswing to $4.28 billion by 2024…
BMI View: The delivery of healthcare in Singapore will continue to change as the country looks to deepen
the integration of technology with its medical sector. This will see a shift in the flow of patients seeking
medical services, their interaction with physicians and potentially the use of pharmaceuticals as mobile
applications play a greater role. Consequently, drugmakers will have to adapt their marketing strategies to
account for these shifts in the patient journey to capture the commercial opportunities in the Singapore
Headline Expenditure Projections
? Pharmaceuticals: SGD1.1bn (USD798mn) in 2015 to SGD1.2bn (USD844mn) by 2016; +5.4% in local
currency terms and 5.7% in USD terms. US dollar values upgraded in line with shifts in currency.
? Healthcare: SGD21.3bn (USD15.5bn) in 2015 to SGD23.5bn (USD17.2bn) by 2016; +10.5% in local
currency terms and 10.8% in USD terms. US dollar values upgraded in line with currency changes.
Singapore is ranked seventh out of 19 other Asia Pacific markets (scoring 60.9 out of a maximum 100) on
BMI's Pharmaceutical Risk/Reward Index for Q416. The country's above average score on country rewards
(scoring 17.1 out of 21.0) with the highest score for risk (27.8 out of 35) in the region is weighed down by
the limited industry rewards (16.0 out of 44.0) due to the country's small population.
? In May 2016, Mundipharma announced that it will be establishing a new SGD100mn (USD74mn) global
research and development (R&D) centre in the country. Slated to begin operations in January 2018, the facility will be the world's first betadine consumer health hub that combines R&D, manufacturing and
distribution into one. A key focus of the hub would be on finding new ways to combat infectious