Illustrative image (Photo: internet)Hanoi (VNA) - Singapore'spharmaceutical industry is benefiting from the skyrocketing demand forpharmaceuticals in the world market.
The Singapore economy isheading to the worstrecession in history this year but the operation ofpharmaceutical factories has held up, thanks partly to countries rushingto stockpile medicines during the COVID-19 pandemic.
The country hasbecome a centre for drug makersand is home to more than 50 factories, owned by big players including Pfizer,Roche, GlaxoSmithKline and Takeda.
Singapore's drug sector plays an important rolein the global pharmaceutical industry supply chain.
In2020, governments and private-sector firms have been increasing inventories ofcritical drugs as a result of the severe supply chain disruptions in manycountries during the pandemic.
Thebiomedical manufacturing industry, including pharmaceuticals, has grownstrongly, with production in September 2020 increasing by 90 percent over thesame period last year.
The country’s exports also posted stable growthmost of the year, helped by drug shipments.
Singapore, with a population of 5.7 million, is one of the few countries thatexports more pharmaceuticals than it imports. In 2019 it shipped pharmaproducts worth 8.1 billion USD while spending only 3.1 billion USD on imports./.
VNA
