Singapore Maintains Attraction in Pharmaceutical Industry
- Posted by admin
- 19 August 2013
Singapore is generally known to be a destination that is extremely attractive for all businesses alike. Specifically, though, Singapore has consistently ranked highly as the top destination for providing the best bio medical science career opportunities. In the Asian region, it is indeed the number one destination of choice for pharmaceutical jobs. There are several reasons why this is so:
1) Strong bio medical sciences industry
According to the Economic Development Board (EDB) of Singapore, Singapore has a crucial edge as the global medical technology hub of Asia:
As Asia’s leading location for medical technology, Singapore is home to over 30 medical technology companies which have set up commercial-scale plants to produce medical devices for the regional and global markets. In addition, all of the top 10 medical technology companies have their regional headquarters in Singapore, from which to drive business expansion in Asia. Global leaders that have set up manufacturing, R&D and headquarter functions in Singapore include AB SCIEX, Baxter International, Becton Dickinson, BIOTRONIK, Hoya Surgical Optics, Life Technologies, Medtronic and Siemens Medical Instruments.
In addition, Singapore’s bio medical sciences industry continues to grow exponentially since the year 2000 – indeed, spectacular growth:
Part of Singapore’s burgeoning bio medical sciences sector, the medical technology industry almost tripled its manufacturing output from S$1.5 billion in the year 2000 to about S$4.3 billion in the year 2011. Over the same period, its manpower base more than doubled from about 4,000 to 9,000. By the year 2015, the medical technology sector targets to achieve S$5 billion in manufacturing output.
2) Secure environment
Singapore’s strong physical and regulatory infrastructure, its global connectivity, and its skilled manpower base have landed an impressive and growing list of global players in Singapore, all of which operate multi-purpose plants with the capability to manufacture a broad range of APIs, biologic, and nutritional.
All in all, Singapore has successfully, in the last decade, established itself in its position as the manufacturing hub for leading pharmaceutical companies in Asia, and continues to push the growth rate even now. For a complete report of the market trends and outlook of the pharmaceutical industry in Singapore.