Yes
Most medication are cheaper at JB pharmacy's retail price as compared to "subsidized" Polyclinic prices.
Not that there are no subsidy in Singapore, there are significant subsidy at Polyclinic in Singapore. But the problem is the cost structure, Singapore's cost structure is expensive which flows into the cost of the medication.
In addition, medication manufacturer price medication differently for different countries: For rich and developed countries like Singapore and USA, they price it higher since the population / insurance system can afford the higher price of medication. For poorer lower income countries, they price it lower, since if you price too high, their local not able to afford it and you not able to sell much of your medication anyway.
