CMS Celebrates Secondary Listing on SGX and Sets the Stage for Global Pharmaceutical Expansion into Emerging Markets. China Medical System Holdings Limited (CMS) marked a significant milestone with the successful secondary listing on the Main Board of the Singapore Exchange (SGX). In celebration, CMS and SGX co-hosted the “Singapore and Emerging Markets Pharmaceutical Industry Growth Forum & CMS SGX Secondary Listing Appreciation Dinner”, held at PharmaGend—CMS’s state-of-the-art CDMO manufacturing facility in Tuas, Singapore. The event was a grand convergence of nearly 150 influential representatives from government agencies, global pharmaceutical firms, biotech companies, investment institutions, and key opinion leaders from across the industry.
The forum featured a dynamic agenda filled with keynote speeches and panel discussions focused on the transformative growth potential of the pharmaceutical industry in Singapore and broader Asia-Pacific emerging markets. Topics included the globalization of Chinese pharmaceutical innovation, strategies for market entry and commercialization, and the creation of a sustainable, collaborative pharmaceutical ecosystem.
In her opening remarks, Ms. Caihan Chia of SGX highlighted the increasing appeal of Singapore as a gateway for Chinese enterprises, citing regulatory ease, policy incentives, and access to international capital. CMS’s listing not only reinforces Singapore’s role as a capital hub but also strategically positions the company to expand its pharmaceutical footprint across Southeast Asia. Ms. Louise Ho from the Singapore Economic Development Board echoed these sentiments, emphasizing Singapore’s growing importance as a regional base for pharmaceutical innovation and investment.
Emerging markets such as Southeast Asia and the Middle East are becoming pivotal growth engines for the global pharmaceutical sector. Driven by demographics like aging populations, a growing middle class, and rising health awareness, these regions are seeing increased demand for advanced healthcare solutions. According to IQVIA, by 2028, pharmaceutical markets across the Asia-Pacific, Middle East, India, and Latin America are projected to reach between USD 336–384 billion—nearly rivaling the market size of Western Europe.
To capitalize on these trends, CMS is pursuing a “dual hub” strategy rooted in China and Singapore. Since launching its “New CMS” transformation plan in 2018, the Group has focused on three strategic pillars: product innovation, commercial transformation, and global expansion. Today, CMS boasts a pipeline of nearly 40 first-in-class (FIC) and best-in-class (BIC) drugs, supported by a diversified commercial portfolio in areas like cardiovascular, gastroenterology, ophthalmology, and skin health. Its skin health subsidiary, Dermavon, has already established leadership in China and is on track for a future independent listing in Hong Kong.
CMS’s globalization strategy was brought to life at the event with showcases from its international business clusters:
- PharmaGend, established in 2023, is poised to become Southeast Asia’s largest CDMO, capable of FDA- and HSA-compliant production for global exports.
- Rxilient, founded in 2021, leverages local expertise to bring innovative therapies to markets across Southeast Asia, the Middle East, and greater China.
- CMS R&D, launched in 2024 in Singapore, drives early-stage drug development aligned with global standards.
- HiGend, CMS’s latest 2025 initiative, serves as an incubation platform accelerating early-stage biopharma R&D with a hub-and-spoke model.
Three high-impact panel discussions highlighted critical aspects of CMS’s expansion strategy. The first explored long-term strategic vision, commercial excellence, and CMS’s journey in turning Stulln eye drops and ruxolitinib cream into regional success stories. The second focused on how Chinese pharma companies can adapt their domestic innovation models to the complexity of emerging markets. Participants emphasized the need to integrate globalization strategies early in the pipeline and align with partners possessing end-to-end commercialization capabilities.
The third panel, moderated by Mr. Frank Hong of Legend Capital, featured investment experts discussing the next phase of Chinese pharmaceutical globalization. While IP licensing has proven Chinese innovation’s global competitiveness, speakers agreed that a shift from one-off deals to full internationalization—spanning R&D, manufacturing, and sales—will be essential for lasting success.
CMS’s end-to-end approach to “Research–Manufacturing–Commercialization–Investment”, firmly rooted in both China and Singapore, is paving a new path for industrial globalization. The Group’s achievements and forward-looking strategy are setting a compelling example for Chinese pharmaceutical enterprises seeking to expand abroad. As the company invites global partners to join in building a robust and inclusive pharma ecosystem, CMS is committed to bringing high-quality, innovative therapies to patients across emerging markets and creating a multi-regional growth framework for the future of global healthcare.