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How Singapore’s pharma industry ranks on the global scale
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With world-class infrastructure and excellent global connectivity, Singapore is a leading hub for world trade, particularly where the pharmaceutical and medical devices industry is concerned.
Growing by more than 30 per cent in 2011, Singapore’s pharmaceutical industry has risen to become a world leader in innovation, placing fifth in the world according to the 2015 Scientific American Worldview, which ranks the biotechnology innovation potential of 54 countries. This success has led many businesses to move their global functions, such as manufacturing and clinical trials, completely to Singapore.
However, the rapidly developing healthcare and life sciences markets of neighboring countries are increasing the regional competition in these sectors. According to findings from the Michael Page 2015 Global Healthcare & Life Sciences Insights report, competition is coming from countries such as Malaysia and the Philippines, which are proving attractive options for companies looking to reduce their production costs. This has seen some businesses downsizing their Singapore facilities in search of cheaper labour elsewhere.
Despite this, Singapore’s healthcare industry still continues to grow, with its medical devices sector forecast to experience a compound annual growth rate of 14.3 per cent.
There is also continued growth in the Research & Development sector, with state-of-the-art facilities and a pool of highly educated and talented professionals within this field concentrated in Singapore.
The report also suggests that other aspects of Singapore’s healthcare industry has remained unchanged, maintaining its position as a destination for highly skilled talent and global professionals looking to develop their careers while experiencing Singapore’s state-of-the-art facilities.
Surprisingly though, Singapore still faces unique recruitment challenges due to the high level of skill and experience companies need, matched with high employee turnover as skilled workers continually seek out new challenges. As a result, the industry relies heavily on insights from recruiters who have a deep, local understanding of the market and how it ranks comparatively to other global talent pools.
To read the full analysis of Singapore’s pharmaceutical and medical devices industry, including deeper insights into its talent market, and a side by side salary comparison with other global industries, download your copy of the report today.