Singapore, April 16, 2008: The Singapore Economic Development Board (EDB) brought in S$932 million ($686 million) of investments in fixed assets and S$245 million ($180 million) in total business spending for the biomedical sciences industry in 2007. This strong wave of investments points to an expanding base of manufacturing and research activities for the biotechnology, pharmaceutical, medical technology and healthcare sectors in Singapore.

Investments in 2007 are expected to contribute more than 1,700 jobs when fully realized. Over the next few years, biomedical sciences announcements and expansions will contribute more than 5,000 positions for engineers, scientists, technicians and corporate executives across manufacturing and R&D facilities.

Since the year 2000, when the biomedical sciences initiative was launched in the island country, manufacturing output has expanded fourfold from S$6.3 billion ($ 4.64 billion) to S$24 billion ($17.67 billion) in 2007 at a Compounded Annual Growth Rate (CAGR) of 21%. Value-Added also increased by more than threefold from S$3.8 billion ($ 2.80 billion) in 2000 to exceed S$13 billion ($ 9.57 billion) in 2007. Employment doubled from 5,880 to more than 11,500 over the same period.

Speaking to media at the opening of Biomedical Asia 2008, Ms Aw Kah Peng, Assistant Managing Director, EDB, said, "The biomedical sciences sector is a key pillar of the Singapore economy. It is also important because it has the potential to address our population’s current and future healthcare needs. In 2007, we sustained a strong performance in manufacturing, R&D and investments. On the home front, local companies and researchers made significant progress in their research. Moving forward, we will continue to build up capabilities in translational and clinical research in partnership with industry. These capabilities will complement Singapore's foundation in good science and support the development of new treatments and products for unmet healthcare needs."

Mr Yeoh Keat Chuan, Executive Director, EDB said, “Singapore's competitive edge in manufacturing will be enhanced as it further develops its capabilities in biologics and medical devices. In R&D, pharmaceutical and biotechnology companies are validating Singapore’s position as a location of choice for research and innovation by expanding their research facilities and operations here. There is also a growing base of medical technology R&D as companies leverage on the established biomedical and physical sciences research infrastructure here. Singapore-based companies and scientists are making rapid progress in all areas of research.

Sharing his views Mr Beh Kian Teik, Deputy Director, EDB said, “Singapore continues to draw leading scientists and invest in research infrastructure to build on an established foundation. It is also making headway in translational and clinical research (TCR). Over the past year, key research and training institutes as well as the first TCR flagship programme in gastric cancer were established. The government has committed over S$300 million in new research facilities. TCR will be a key launch-pad for the next phase of the sector's growth, as we work with the industry to develop new solutions for the Asian market.”

“Moving forward, Singapore will build on the strong R&D base to strengthen its capabilities in translational and clinical research to bring discoveries from the bench to the bedside and the marketplace, and ultimately improve human healthcare for Singapore. This presents new opportunities for companies to partner Singapore in developing novel solutions for the expanding Asian market and beyond,” Mr Beh Kian Teik said.

 

Ms Chu Swee Yeok, CEO, Bio*One Capital said, “In line with EDB's objectives of developing a vibrant and sustainable BMS industry, Bio*One continues to nurture promising local companies and attract innovative growth companies to establish operations in Singapore, alongside the multinational corporations. In 2007, Bio*One committed more than S$90 million ($66.27 million) in over 15 projects, comprising new and follow-on investments, almost all of which have linkages or activities in Singapore.” 

She further said, “In recognition of Singapore’s strong medical foundation and excellent reputation for healthcare standards, Bio*One has expanded its focus areas to include services and healthcare delivery, in addition to its existing focus on therapeutics and medical technology.”