Singapore pharma and health care market

Headline expenditure projections from Business Monitor International for Singapore show that spending of pharmaceuticals in 2010 reached Singapore $858 million ($629 million), rising to S$903 million in 2011, a growth rate of 5.2% in local currencies and 13.9% in US dollar terms.

The Island State’s overall health care expenditure was S$10.86 billion ($7.97 billion) in 2010 and S$11.42 billion ($9.07 billion) in 2011; +5.2% in local currency terms and +13.8% in US dollar terms.

The author of the BMI report commends initiatives launched by Singapore's government to ease the financial burden of health care on lower-income patients. However, the limited number of hospital beds and disproportionately high private health care expenditure will continue to put pressure on patients. BMI believes Singapore's aging population and its high standard of medical technology will continue to attract investors, particularly those willing to invest in elderly care and medical tourism.