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7 Pages • Essays / Projects • Year: Pre-2018
In Singapore, the pharmaceutical industry is a key player in the national economy specializing in the production and marketing of medicinal drugs. Commonly referred to as pharmaceuticals, the industry has a variety of firms that deal with brand medication and generic drugs. The country is now witnessing a speedy growth in this sector occasioned by an improvement in R&D productivity and other medical technology in a period marked by improvement in medical science (Grindrod, 2015). This has improved the state of medical research by presenting broader perspectives of understanding disease in order to create the most appropriate curative drugs. As innovation in the field of medicine ensues, leading biomedical firms have identified strategic business opportunities in Singapore; GlaxoSmithKline and Takeda are notable pharmaceutical firms looking to capitalize on the growing market (Anderson, 2014). One of the driving forces pushing the country’s sector growth is the protection of intellectual property. Ultimately, the industry has had to overcome challenges such as rising consumer expectations and the end of the blockbuster era, which are weighing heavily on sector’s sustainable growth. Ultimately, the remarkable success observed in Singapore’s pharmaceutical industry is attributable to favorable government policy initiatives, rising demand of drug therapy, and innovation.
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