Emerging GCC Hotspots in APAC: Spotlight on Singapore, Malaysia, and the Philippines

The Asia-Pacific (APAC) region is now a top choice for Life Sciences and Healthcare (LSHC) multinationals to establish their Global Capability Centres (GCCs). India leads with over 100 GCCs, while countries like Singapore, Malaysia, and the Philippines offer cost-effective advantages.

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Asia-Pacific is emerging as a major centre for Global Capability Centres for the Life Sciences and Healthcare industry in recent years. As per a recent study, the global pharmaceutical and life sciences GCC market was valued at $23.5 billion in 2023 and is expected to reach $92.4 billion by 2032, with a CAGR of 14.9 per cent. Notably, APAC was observed as the fastest-growing region in the world, with a projected CAGR of 16.3 per cent over the same period.

The main reasons for this advancement are the rapid economic growth in the region and improvements in healthcare infrastructure, which are attracting global LSHC companies to establish their hubs in this region. Across APAC, the local governments are taking various steps and introducing initiatives to facilitate investments from the West. This includes tax exemptions, setting up MedTech and Biotech parks, and similar other initiatives.

Within APAC, India has been a dominant player in the LSHC GCC space, with more than 100 GCCs as of 2024 from prominent companies like Novartis, BMS, Sanofi, and others. However, new locations such as Singapore, Malaysia, the Philippines, Vietnam, Indonesia, and Australia are also emerging as GCC hubs in recent years and many LSHC MNCs have started setting up their GCCs in these countries.

In this article, we will deep dive into LSHC GCC scenario of three emerging countries - Singapore, Malaysia, and the Philippines - that are shaping APAC's future as a LSHC GCC hub, due to multiple reasons like low-cost labour, English-speaking workforce, great connectivity in the region, and R&D infrastructure.

Singapore: APAC HQ for LSHC Companies