Skills shortages could scupper Singapore's pharma growth prospects

As increasing numbers of pharmaceutical companies expand into Singapore, future growth could be impacted by a marked skills shortage, according to the Global Sentiment Survey from Berkley Group.

The group, which analyzes employment and market perceptions, said that a people crisis looms for pharma companies in the country. Recent reports from the Ministry of Trade reveal that the Singapore economy grew 5.4% in first-quarter 2014, which has led to increased investment in the region and heightened confidence amongst jobseekers and employers. Despite this, Berkley’s research reveals that future growth may be halted by a lack of available talent. The report says that 80% of the current workforce intends to move jobs in the next year, with 60% planning to do so within six months.

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