HEALTHCARE | Staff Reporter, Singapore

Singapore's pharma sector to see modest growth in 2017

The market is slated to grow at around 6%.

Asia Pacific will pharmaceutical market will see modest growth in 2017, as ongoing trends such as the roll out of universal healthcare and advances by private healthcare providers is seen to continue.

According to BMI Research, Singapore's pharmaceutical market will see a modest growth of around 6% in 2017, on the back of 5% rise in the whole APAC region to US$321b.

BMI noted that there are two other themes that will define 2017 in APAC. one of which is the demise of Trans-Pacific Partnership.

"The TPP had the potential to reshape the operating environment for multinational drugmakers. This includes strengthening the intellectual property regime with patent adjustments to a more transparent procurement process," the firm noted.

It added,"Notably, the impact of the TPP would have extended beyond the seven APAC signatories' markets, as leaders from countries such as Indonesia, Thailand and South Korea had expressed their interest in eventually participating in the trade deal."

BMI also cited that in 2017, cost containment in the APAC region will become more acute as governments seek to contain rising healthcare spending amid a more uncertain economic outlook.

"While the broader trend of controlling costs has been an ongoing theme within the region, we expect 2017 to mark a key inflection point as governments adopt additional measures to further reduce spending. Notably, 2017 will see a more targeted approach being adopted, as authorities seek to mitigate the financial pressures stemming from the use of high value pharmaceuticals," BMI explained.

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