The BMS initiative and the pharmaceutical industry
The Biomedical Sciences (BMS) initiative focused on boosting industries such as pharmaceuticals, biotechnology, medical technology, and health care services. It aimed to combine these industries as one of the key foundations and driving forces of Singapore’s national economy. This initiative has positively impacted the biomedical manufacturing sector and has led to the advancement of drug discovery, development, and clinical research. Through this, the manufacturing output of the pharmaceutical and biological industry in Singapore has been valued in the billions since 2010.Following the BMS initiative, the government of Singapore completed the first stage of construction of the medical innovation and development center, Biopolis Hub, in 2005. In the following years, significant resources were invested to progress clinical research for different biomedical disciplines and attract foreign and private business investments. Singapore has been leveraging these investments to advance its pharmaceutical industry and attract international companies to set up their manufacturing and research and development establishments there. Now, Singapore is home to several of the world’s major pharmaceutical companies, such as Abbot, GlaxoSmithKline, and Lonza. This has also resulted in an increasing number of employees in the pharmaceutical industry, strengthening the commitment to the initiative.
Pharmaceutical industry outlook in Singapore
The pharmaceutical industry in Singapore has significantly expanded due to active support from the government through various investments. Since the introduction of the government initiative and inbound investments, the trade balance in the pharmaceutical industry has remained positive and has grown steadily. Singapore is among a few countries worldwide whose pharmaceutical export value far exceeded the import value. Also, the industrial production index for pharmaceuticals and biological products has shown an upward trend since 2010. Considering the government’s large investment in the industry and current industry performance, the outlook for the pharmaceutical industry in Singapore may continue to grow.
