Singapore is home to many of the world’s leading biomedical research, biotech and manufacturing companies. There are currently more than 30 multinational R&D centers in Singapore, and over 50 BMS (biomedical sciences) manufacturing firms including medtech plants producing devices such as implantable pacemakers, contact lenses and life science instruments.
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According to Bloomberg Intelligence, the number of drug candidates in biopharma pipelines is at an all-time high. Global pipeline compounds will exceed 15,000 in 2018, up from about 10,400 in 2012.
Global medical device leaders such as Medtronic, Baxter International and Becton Dickinson have all been drawn by Singapore's strong governmental and regulatory support, robust infrastructure (including dedicated biomedical industrial parks), and wide availability of scientific and operational talent. In a similar vein, local firms like Veredus Laboratories have also capitalized on this circle of support to propel themselves onto the global stage.
“Being a young company, we have to constantly innovate to catch up. We are in a good location where we can assemble a good team and good people to come and work together. The majority of our company's assets are based in Singapore and we do a majority of the work here. I derive my passion from responsibility, for without hard work, it doesn't count."
Dr. Rosemary Tan
About Veredus Laboratories
Home-grown Veredus Laboratories develops innovative solutions to some of the world’s biggest medical challenges. The company’s Lab-on-Chip devices detect and diagnose dangerous pathogens including those that cause flu, tuberculosis, anthrax, smallpox, malaria and food-borne diseases, producing results in hours instead of days.
The government has allocated S$4 billion (US$3 billion) in health and biomedical science investment, building on previous initiatives such as the Biopolis research and development center, with the aim of developing an ecosystem that better enables the translation of research into improved healthcare results.
Funds Allocated to Health and Biomedical Sciences under RIE2020 Plan
Projected Global Biopharma R&D Spending in 2018
With Asia being the world’s fastest-growing healthcare market, the incremental benefit brought by a boost in global R&D spending—projected at US$161 billion for 2018—will be the most in this region. Singapore is perfectly placed to cement its position as a regional and global healthcare hub.