The importation of medicaments for therapeutic and prophylactic use, measured in billion US dollars, has shown fluctuations over the years. In 2023, the value stood at 1.8071. Examining the year-on-year variations, significant growth periods were observed in 2017 and 2021, with increases of 19.38% and 8.08%, respectively. However, a decline of 6.36% was noted in 2022 before rebounding by 2.86% in 2023. Over the last five years, the compound annual growth rate (CAGR) was 3.08%. The forecast for the next five years projects a slower CAGR of 1.88%, resulting in a cumulative growth rate of 9.78% by 2028.
Future trends to monitor include:
- Potential impacts of global supply chain disruptions on import levels.
- Regulatory changes affecting the pharmaceutical industry in Singapore.
- Technological advancements in drug production and distribution.
- Shifts in healthcare demands and demographic changes in Singapore.
- Emergence of new therapeutic drugs and vaccines.
