Asia is seeing a rapid development in biomedical sciences, with Singapore as a leading bio-cluster .It is quickly emerging as a global powerhouse in the biomedical Industry due to the astonishing growth of its market, the size of its talent & resource base as well as its world-class technological infrastructure. The biomedical sciences sector is the second-largest contributor to Singapore's GDP within the manufacturing sector.According Economic Development Board (EDB), the biomedical sciences industry contributed about five percent of Singapore's GDP growth in 2011. The manufacturing output grew from $18.2 billion in 2010 to $21.5 billion in 2011. The biomedical industry is also a significant value-added contributor, adding $10.3 billion in value-add in 2011 compared to $8.1 billion in 2010.
Looking ahead, Singapore has committed S$16.1 billion in continued support of research, innovation and enterprise activities between 2011 and 2015. Out of the S$16.1 billion, S$3.7 billion is dedicated to enhancing existing biomedical R&D infrastructure, integrating multi-disciplinary research and translating basic science into tangible outcomes.
Many companies also use Singapore as a base for their business activities. Currently, global companies and Asian enterprises alike are already using Singapore as a beachhead in Asia. This includes 8 of the top 10 pharmaceutical and all of the top 10 medical technology companies, which have their regional headquarters in Singapore, from which to drive business expansion in Asia.
For instance, Bayer Healthcare is investing USS $14.5 million into cancer research in Singapore. It is partnering Singapore-based hospitals, universities and research institutes to improve the early diagnosis of cancer, and treatment outcomes for cancer patients.
Likewise, Singapore-based Aslan Pharmaceuticals and Array BioPharma entered into an agreement to develop Array's HER2 / EGFR inhibitor. The agreement leverages Aslan's strengths in clinical development in Asia, due to the high prevalence of patients with gastric cancer in this part of the world. Also, Roche established a 100 million Swiss franc Translational Medicine Hub to partner Singapore's scientific and medical institutions. T
Moreover, the Singapore government is giving high priority to enhance the healthcare infrastructure and is implementing advance technologies to facilitate healthcare delivery. The government incentives such as low corporate tax rates and strong intellectual property laws encourage multinational pharmaceutical companies to locate their operations in this island nation. As Singapore continues to attract more major companies to set up manufacturing and R&D centres here, the industry is expected to grow at an escalating rate.
(Source: Insight Alpha)