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SINGAPORE: Specialist logistics group Zuellig Pharma has opened a S$40 million distribution facility in Singapore.
The 290,000 square foot centre will also be the regional headquarters for the firm's clinical trials and anti-counterfeiting solutions division.
Zuellig is confident that the pharmaceutical sector will stay resilient despite the current economic slowdown.
The opening of Zuelling Pharma's new facility marks the firm's 70th year in Singapore. It is currently the largest pharmaceutical distributor in the region, with over 60 per cent of the regional market share.
The new centre will handle about 2,000 orders a day from 300,000 customers across 15 markets.
Zuellig believes its S$40 million investment is a sound one, with demand for drugs and healthcare expected to remain strong.
Eric Zwisler, CEO, Zuellig Pharma Asia Pacific, said: "The correlation between economic troubles and the pharmaceutical industry is much less than in other industries. So there will always be a societal need, people will get sick, and pharmaceuticals and healthcare will have to provide for that."
But the firm added that it is unrealistic to expect the sector to remain completely unscathed by the global recession.
Pharma giants GlaxoSmithKline and AstraZeneca both recently laid off 6,000 workers each around the world due to flagging demand.
Pharmaceuticals are not immune to the downturn, but support for the industry is expected to continue, especially in areas such as R&D.
Senior Minister of State for Trade and Industry, S Iswaran, said: "If you look at the Singapore context, public sector spending on research and development continues to be very strong.
"In fact, if you look at our recent Budget, we have not cut back on that. We have reinforced that, and that has been taken note of by the international research community."
Zuellig said it is well-positioned to tap into the continued support from the government. It currently services some 4,000 customers in Singapore. - CNA/vm
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