OBJECTIVES: A report by the Global Asthma Network (2014) ranked Singapore as an intermediate risk country for asthma prevalence. However, subsidy on asthma medication is limited to only a few selected inhaled corticosteroids and long-acting β-agonists fixed dose combinations. The purpose of this model was to show the potential budgetary impact of the inclusion of fluticasone propionate/formoterol (FP/FORM) on a government subsidy list in Singapore, for treatment of patients with moderate-to-severe asthma. METHODS: A budget impact model was built to show the change to annual drug costs for patients with moderate-to-severe asthma in Singapore following the inclusion of FP/FORM on a government subsidy list. The relevant prevalent population that requires treatment was identified, and the different treatment costs pertaining to this population were applied according to the market shares (IQVIA R03F Singapore National Sales Data) for different scenarios. The focus was on drug costs over five years, and publicly available non-subsidised patient prices obtained from pharmacies of local restructured hospitals were used in the model. An additional analysis was conducted examining the difference in exacerbation costs if uncontrolled patients were switched from fluticasone propionate/salmaterol (FP/SAL, Evohaler^®) to FP/FORM. Assumptions based on published literature were validated by clinicians. RESULTS: The budget impact analysis showed that inclusion of FP/FORM on a government subsidy list, and the increase in market share as a result, could lead to drug cost savings of S$1,022,937 in the scenario where patients switch from FP/SAL (Evohaler^®), and drug cost savings of S$2,561,917 in the scenario where patients switch from budesonide/formoterol (BUD/FORM, Turbuhaler^®), over five years. CONCLUSIONS: Inclusion of FP/FORM on a government subsidy list in Singapore could lead to significant drug cost savings. FP/FORM is also associated with clinical benefits, such as low exacerbation rates, compared to FP/SAL and BUD/FORM, which could lead to further cost savings for uncontrolled asthma patients.