Slow growth of 3.4% a year forecast for Singapore pharma market, which will reach value of $705 million in 2014

Having moved up from eighth in the fourth quarter of 2009 to seventh in first-quarter 2010, Singapore is now placed ninth (of 15) in the Asia Pacific Pharmaceutical Business Ratings (BERs) for second-quarter 2010 by Business Monitor International, due to relative improvements in its peers scores.

Nevertheless, while Singapore offers many draws, including a consistent and transparent medicine regulation framework, its small and mature pharmaceutical market is growing slowly. Therefore, over the medium term, BMI expects Singapore to fall down the ratings, as emerging countries such as Vietnam and Indonesia become more alluring to foreign firms selling patented products. Currently, the value of Singapore's pharmaceutical expenditure is estimated at S$812 million ($560 million) at consumer prices.

But has become a major biomedical hub