Updated on 25 May 2012
Reforms in government policies and initiatives have helped bioscience companies enhance talent pool
Reforms in government policies and initiatives have helped in setting focus for bioscience companies, which has resulted in an enhanced manpower pool in Asia.
Singapore has emerged as a high potential destination for international biomedical companies to operate in Asia. Singapore's strong intellectual property laws, excellent connectivity with target markets, world-class infrastructure, exemplary safety and regulatory record, and a highly skilled 13,000-strong biomedical workforce, have allowed it to become a key global biomedical manufacturing site. Its present strategy is to focus on the medical device sector. Recently, the government enhanced its regulatory framework for medical devices in order to facilitate safe medical devices.
National and international companies can draw on Singapore's networks and talent to strengthen and grow their businesses in Asia. Leveraging on Singapore's existing strengths in engineering, manufacturing and biomedical research, the local medtech industry witnessed fast growth over the years, with the total number of personnel crossing the 10,000 mark.
Similarly, China implemented a series of policies to reform its medical system. China is undergoing significant improvement over the key aspects of its medical system reform. In 2011, the Ministry of Commerce, China, stressed on improving the work system and personnel competence to meet healthcare reform requirements and to launch personnel training programs, and enhance people competence.
Australia, despite its changing economic policies, has maintained strong overall employment conditions in the life science industry. According to a survey by industry association, AusBiotech, there was an expansionary sentiment from the year 2010-11 and 58 percent of companies are expecting to increase their number of staff in 2012.