Singapore's pharma market set to break $1 billion mark by 2019, report

20 June 2017

The pharmaceutical market in Singapore is set to rise from $948 million in 2017 to around $1.2 billion in 2021, and will first exceed the $1 billion mark in 2019.

According to research and consulting firm GlobalData’s latest report, the market, which will expand at a compound annual growth rate of 5% during the forecast period, will be driven by universal access to health insurance and world-class biomedical research facilities.

With a population of only 5.6 million as of 2016, Singapore provides limited scope for domestic businesses to generate revenue. However, the country is a regional hub, and provides world-class infrastructure for manufacturing and R&D facilities of multinational pharmaceutical companies.

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