Singapore has a growing biomedical sciences industry, with the biomedical sciences manufacturing sector being an important fourth pillar of the manufacturing economy. In 2016, the Singapore government committed to a S$4 billion budget to drive research and commercialisation activities in health and biomedical sciences.
Singapore’s health & biomedical landscape is made up of major research institutes and biomedical giants, as well as a vibrant pool of local companies. These companies offer innovative products in medical technology, bio-pharmaceuticals, and complementary health products that include supplements and traditional medicine.
The Singapore government has outlined steps towards a future-ready healthcare system in the Healthcare Industry Transformation Map (ITM). It aims to boost the sustainability of the industry by enhancing jobs and skills, raising productivity, and catalysing innovation.
An ageing global population will only increase the demand for healthcare products and services. The number of people aged 65 or older is expected to triple from 524 million in 2010 to nearly 1.5 billion in 2050.
Singapore companies can look towards addressing this demographic trend to capture new opportunities for your healthcare and biomedical business.
Bank on Singapore’s strong reputation for quality healthcare services globally to bring your business overseas.
Singapore companies have a strong competitive advantage in the strength of our public healthcare institutions, and the credibility of our private healthcare players, which include clinics, specialist care, acute hospitals, intermediate and long-term care facilities, and medical support services.
For example, private Singapore healthcare players such as Alliance Healthcare, Raffles Medical Group, and Q&M Dental have already established a strong foothold in Asia.