Singapore pharmaceuticals market is small and mature, says BMI

Singapore is ranked fifth of the 16 markets assessed in the Asia Pacific region by analysts at Business Monitor International for the third quarter of 2010, up from the previous quarter and improving further upon its rise from eighth in fourth-quarter 2009 to seventh in first quarter 2010. Globally, Singapore ranks 22nd of the 82 pharmaceutical markets surveyed by BMI.

While Singapore's consistent and transparent medicine regulations are attractive to multinational drugmakers, its fundamental drawback is a small and mature pharmaceutical market that is growing slowly. 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.

Pharma contributed 20% of manufacturing output