Updated on 21 October 2016
It's been widely recognized that biomedical research has an impact that could affect millions both locally and globally, so much so that it was identified as the fourth pillar of economy in Singapore in 2000, and SGD16.1 billion was allocated for the development and support of biomedical research from 2010 to 2015.
In fact, the biomedical research industry is now worth USD250million globally, with almost 50 percent of that current market demand being met by work done in Singapore. Research and development in the biomedical field is essentially the first step towards advancement in the medical field, which includes making new technology more cost efficient towards the fight against diseases.
But just how does this translate into benefits for the everyday consumer, or in this case, patients?
Let's first look at an overview of healthcare in Singapore, which is a multi-billion dollar endeavor - healthcare spending in 2016 is estimated to be around SGD11 billion, up from SGD4.7 billion just three years ago. These costs would be exponentially higher if all illnesses were treated at hospitals as the cost to build, operate and maintain is significant, and are not ideal for diseases which need continuing care, especially those that are chronic or age-related, like diabetes.