ADECCO ECONOMY RECOVERY HEALTHCARE PHARMACEUTICAL SECTOR
Singapore - Even though the Singapore government warns that the growth in the pharmaceutical sector may not last, the industry remains buoyant from a recruitment perspective.
The growth in the local pharmaceutical sector is considered "volatile" because of the unpredictable schedules of Singapore-based manufacturing plants for Western pharmaceutical companies, reported Wall Street Journal. Yet, according to an Adecco survey, 29% of companies surveyed have observed a rise in job openings in the pharmaceutical sector, making it one of the highest rising industries with regards to job creation. Thanks to the government's continued investments in healthcare services, Singapore stands at fourth position behind the three most developed regional pharmaceutical markets of Japan, Australia and South Korea.
"Increasing the staffing levels in the pharmaceutical sector to cope with the coming need makes sound strategic sense for companies," says Lynne Ng, regional director for Adecco Southeast Asia. "Especially considering that in April 2009 manufacturing output in the Singapore pharmaceutical sector climbed 24.7% over March 2009."
Furthermore, the Singapore government had previously announced a S$20.5 billion public sector development programme in February, with S$4 billion earmarked for the modernisation of older hospitals and clinics and the construction of new healthcare facilities.
The aging baby boomer generation is also a positive factor impacting the pharmaceutical industry. According to the Committee on Aging Issues in Singapore, the first batch of post-war baby boomers will reach 65 years of age. With one in every 12 Singaporeans aged 65 or above, they will be utilising the healthcare system at an especially high rate.
The pharmaceutical sector currently makes up for 5% of Singapore's recently announced gross domestic product growth of 20.4%, which explains the rebound in manufacturing. The manufacturing sector recorded a 1.5% slip in the second quarter, compared to a 24.3% slump in the first quarter.
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