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                                    21DIRECTORYOFSINGAPOREPROCESS&CHEMICALSINDUSTRIES2023/2024ThepharmaceuticalindustryisatrilliondollarbusinesswithpromisinggrowthpotentialBy2027IQVIAInstituteforHumanDataScienceexpectsglobaldemandformedicinecouldhitUS$19trilliondrivenbynewdruglaunchesandwideruseofrecentlylaunchedbrandsEmergingmarketswillunderpindemandtheIQVIAnotedinitsnewreportGlobalUseofMedicines2023-Outlookthrough2027WithexpandingpopulationandashiftinproductmixgrowthisprojectedtobestrongestinLatinAmericaAsiaAfricaandtheMiddleEastrisingbyover10%involumeandover30%inspendingovertheforecastperiodChinatheworldssecondlargestcountrybypharmaceuticalspendingaftertheUnitedStateswillsee8%gaininaggregatevolumeoverthefiveyearswhilespendingwillincreasebyasharper19%WhiletheworstofthepandemicmaybebehindusCOVID-19continuestohaveanimpactonpharmaceuticalmarketsgloballyandisestimatedtoexpandthenetcumulativepharmaceuticalmarketbyUS$500billionfrom2020 through2027largelydue to vaccine saidthereportAsidefromthepandemicthetherapyareaswith thehighest forecast spending are oncologyimmunologyandanti-diabeticsfollowedbycardiovascularIQVIAestimatesthatoncologywillgrowatcompoundannualgrowthrate(CAGR)of13%to16%toaboutUS$370billionby2027almostdoublethecurrentlevelasnoveltreatmentsaredevelopedforcancerImmunologywillgrowataslower3%to6%duetothelaunchofbiosimilarsSingapore– AnEmergingVaccineHubHosttosome60manufacturingplantsproducingawiderangeofproductsfromantibioticsandfluvaccinestohypertensionanddiabetestheSingaporepharmaindustryhasexpandedintandemwiththeglobalindustryFromS$484billionin2000whentheBiomedicalScienceInitiativewasfirstpromotedthepharmamanufacturingoutputrosetoS$1994billionin2022accountingfor51%ofSingaporesbiomedicalmanufacturingoutputWitheightoftheworlds10largestpharmaceuticalcompaniesowningplantsinSingaporeincludingGSKNovartisandPfizerbiomedicalmanufacturingcomesthirdafterelectronics and chemicalsin terms of SingaporesmanufacturingoutputTheindustryhascontinuedtoexpandInNovember2022GSKofficiallyopenedahigh-potencymanufacturingandtestfacilityinJurongthefirstinSingaporecapableofproducinghighlypotentcomponentsforcancertreatmentsBuiltatthecostofS$44millionitproducescytotoxicagentoneofthreecomponentsneededinthedevelopmentofantibodydrugconjugatesatargetedtherapytotreatatypeofbonemarrowcancercalledmultiplemyelomaAndaspartofitsS$500millioninvestmentinSingaporeMerck&Coopenedanewsecondarypackagingfacilitytomanufacturevaccinesandbiologicsatits72-acremanufacturingcampusandbrokegroundonanewplanttoproduceinhalersinOctober2022MercksplantinTuasbringstofivethenumberofvaccineplantsbasedinSingapore–fromzerobeforeCOVID-19-withaproductrangeencompassingthemoretraditionalliveattenuatedandrecombinantvaccinestothelatestmRNAonesproducingabilliondosesannuallyBiomedicalManufacturingOutput2018-2022(milliondollars)20182019202020212022(p)Pharmaceuticals212296147983171782181370199408MedicalTechnology133149145928157704178578189380BiomedicalManufacturing345445293911329486359948388788Source:EconomicDevelopmentBoard
                                
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