Despite its established nature, Singapore's pharmaceutical market has limited growth potential when compared with other similarly developed countries in the region, according to a new report from Dublin, Ireland-based Research and Markets. At some 80% of the total market by value, prescription drugs dominate, with the segment expected to remain prominent.
Manufacturing output has also fluctuated recently, with strong growth in the summer months of last year failing to extend into the fall. The downturn has been reflected in the active pharmaceutical ingredients sector, which has witnessed a contraction in production after a change in the sector's product mix, says the report.
The market's value is likely to exceed $660.0 million by 2010, up from $530.0 million in 2005, boosted by changing demographics and rising health care spending. It will also be supported by pending consolidation of guidelines on pharmaceuticals and other health care products.
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