The sector managed to hit an 18.3% surge in production.
After two consecutive double-digit declines, Singapore's biomedical manufacturing output posted an 18.3% growth in June.
According to RHB, this is due to the 21.4% expansion in the pharmaceutical output, an improvement from the 36.1% decline in the preceding month.
"This was on account of the higher production of active pharmaceutical ingredients and biological products," RHB noted.
The cluster would have posted an even higher growth if it were not for the medical technology segment, capping some of the upsides.
To recall, Singapore industrial output jumped 12.1%, accelerating from 4.4% growth in the preceding month. Excluding biomedical manufacturing, the IPI grew 11.9% YoY in June, easing slightly from a 13.1% reading in the month before.
Do you know more about this story? Contact us anonymously through this link.