EDB Says Eight out of 10 Japanese Pharma Companies Expanding into Singapore
Eight out of the top 10 Japanese pharmaceutical companies have set-up their regional headquarters in the city-state, says EDB Chairman Beh Swan Gin
More Japanese pharmaceutical companies are expanding their research and development (R&D) operations in Singapore, the Economic Development Board Chairman Beh Swan Gin commented at the opening of the Takeda Pharmaceutical office in Biopolis late February.
Currently, eight out of the top 10 Japanese pharmaceutical companies have set up their regional headquarters in Singapore.
Dr Beh also announced that another Japanese firm, Chugai Pharmaceutical, has committed an additional S$276 million to its antibody engineering lab in Singapore from 2017 to 2022.
Japanese pharmaceutical firms are attracted to Singapore mainly because of its strong connectivity to the other markets in Asia, said Mr Beh, adding that the Republic also plays an important role in helping these pharmaceutical companies understand the regulatory environment in the fragmented marketplace in Asia.
Still, Singapore is not resting on its laurels and is “expanding the network and sophistication of professional services firms that support senior decision makers in these regional headquarters”, said Dr Beh.
Takeda Pharmaceutical first established its Asia-Pacific regional operations and clinical development hub in Singapore in 2008. Its new office will house its vaccine development activities, the Emerging Markets Business Unit and its regional R&D centre.