Coronavirus: global rush to stockpile medicines gives boost to Singapore’s pandemic-hit economy
- The continued good fortunes of the pharma giants in Singapore is a much-needed boost after its economy slumped in the second quarter
- The city state has become a centre for drug makers and is home to more than 50 factories, owned by big players including Pfizer and Takeda
The city state is on course for its worst ever recession this year but factory activity has held up, thanks partly to countries rushing to stockpile medicines during the pandemic.
The nation just half the size of Los Angeles has become a centre for drug makers and is home to more than 50 factories, owned by big players including Pfizer, Roche, GlaxoSmithKline and Takeda.
Singapore’s drug sector “plays an important role in the global pharmaceutical industry supply chain”, Rajiv Biswas, Asia-Pacific chief economist at consultancy IHS Markit, said.
And in 2020, “governments and private-sector firms have been building up inventories of critical drugs as a result of the severe supply chain disruptions in many countries during the pandemic”, he added.