DALLAS, Dec. 21, 2014 /PRNewswire-iReach/ -- Singapore's healthcare market is driven by
universal access to health insurance schemes and world-class
biomedical sciences research facilities, although the healthcare
market is small in comparison to those of other developed
countries, due primarily to the limited size of its population. The
value of the pharmaceuticals market in Singapore increased from $489m in 2008 to $761m in 2013 at a Compound Annual Growth Rate
(CAGR) of 9.3% and is expected to increase further from
$776m in 2014 to $873m in 2020 at a CAGR of 2.0% (Tarn et al.,
2008; DoS, 2014; EDB, 2014c). Universal healthcare coverage covers
100% of the population. The five types of healthcare insurance
plans available are Medisave, MediShield, Medisave-Approved
Integrated Shield Plans, MediFund and ElderShield. Complete Report
is Available @
http://www.reportsnreports.com/reports/320692-countryfocus-healthcare-regulatory-and-reimbursement-landscape-singapore.html
.
Photo - http://photos.prnewswire.com/prnh/20141219/165558
Singapore is known for its
world-class biomedical sciences research facilities for the
development of the pharmaceutical and medical device markets at
medical technology hubs such as Medtech, Biopolis and Tuas
biomedical park. The country has emerged as a regional hub for the
manufacture and R&D activities of multinational pharmaceutical
companies and offers excellent opportunities for Biomedical
Sciences (BMS) companies via a pro-business environment, low unit
labor costs, low corporate tax, and strong government support. The
BMS industry consists of four sectors: pharmaceuticals, medical
technology, biotechnology, and healthcare services. The BMS
Industry Partnership Office (IPO) was established in 2010 and
includes the National Medical Research Council, Ministry of Health
(MoH), A*STAR and the Singapore Economic Development Board
(EDB).
Singapore is a small country
with a total population of approximately 5.4 million as of 2013
(DoS, 2014), which is less than in neighboring countries
Indonesia (248 million) and
Malaysia (29.9 million) (IMF,
2014f; IMF, 2014g). Domestic companies have fewer opportunities for
permanent establishment due to the limited patient population,
which in turn has a negative effect on the revenue generated by
domestic companies, ultimately impeding pharmaceutical market
growth. Order a Purchase copy of this report @
http://www.reportsnreports.com/Purchase.aspx?name=320692 .
The medical device market is expected to grow as Singapore strengthens its position as the
region's healthcare hub. Medical devices are imported primarily
from the US, Japan and
Germany (ITA, 2014). Products such
as syringes, catheters and research instruments are manufactured
domestically. In 2011, the output of the medical technology sector
was SGD4.3 billion ($3.4 billion) and this total is expected to reach
SGD5 billion ($4 billion) in 2015 (EDB, 2014a).
Singapore offers a transparent
regulatory system for the drug and medical device approval
application process and a strong Intellectual Property (IP)
protection framework. Singapore
offers a transparent drug and medical device approval application
process system with a strong intellectual property protection law.
The regulatory agency for IP - the Intellectual Property Office of
Singapore - is efficient and
operates in a very transparent way, making it relatively
straightforward for owners to protect their IPs. Singapore is ranked number one in Asia and second in the world for strong IP
protection in the world, followed by Finland (IPOS, 2014a).
Efficient healthcare infrastructure and increasing public
healthcare expenditure is expected to drive the healthcare market
in Singapore. In 2010,
Singapore was ranked fourth
globally for its healthcare infrastructure. The MoH is responsible
for providing for the healthcare service needs of the people,
through policy planning and co-ordination. Singapore's healthcare institutions consist of
public hospitals, private hospitals and specialty centers, covering
the entire spectrum of clinical services, from basic health
screening to dental surgery and quaternary care.
Inquire for Discount @
http://www.reportsnreports.com/contacts/Discount.aspx?name=320692 .
(This is a premium report priced at US7995 for a single user
License.)
Singapore's Healthcare 2020
Masterplan aims to enhance the accessibility and quality of the
healthcare system for the people so that anyone in need of
healthcare services can receive the attention required within an
appropriate time frame (MoH, 2012). In 2008, the public-sector
health expenditure share was approximately 30.2%, which increased
to an estimated 39.7% in 2013 at a CAGR of 5.6% (World Bank,
2014j). This is expected to drive the country's healthcare
market.
Singapore's economy is stable
due to continued government initiatives, which are aimed at
increasing Foreign Direct Investment (FDI) and attracting
investors. These factors are important for the growth of the
economy. The country offers a stable economy for investors due to
the stable government and its initiatives. Gross Domestic Product
(GDP) per capita of Singapore was
$56,113 in 2014 and is expected to
increase further to $67,808 in 2020
at a CAGR of 3.2% (IMF, 2014a). This increasing growth in GDP per
capita reflects the economic growth.
Explore more reports on Pharmaceuticals industry at
http://www.reportsnreports.com/market-research/pharmaceuticals/
.
About Us:
ReportsnReports.com provides market research reports to
industries, individuals and organizations with an objective of
helping them in their decision making process. Our library of
500,000+ industry & country research reports covers 5000+ micro
markets.
Media Contact: Ritesh
Tiwari, ReportsnReports, +1888391544,
sales@reportsandreports.com
News distributed by PR Newswire iReach:
https://ireach.prnewswire.com
SOURCE ReportsnReports