Singapore has a leading and developing Biomedical sciences industry. The biomedical sciences manufacturing sector here has become the fourth pillar of the manufacturing industry. The Singapore government in 2016 has committed an investment of S$4 billion budget to enhance researches and commercialisation activities in health and biomedical sciences. It is a leading biomedical and pharmaceutical attraction in Asia.
Its health and biomedical graph shelters major research institutes and biomedical exception and a great hub of energetic local companies. These companies contribute in the procurement of innovative products related to medical technology, bio-pharmaceuticals and health products as supplement and traditional medicines.
The Singapore government has framed steps in the Healthcare industry Transformation map (ITM) for an exceptional health care system in future. The industries offer jobs and amplifies its skill, enhances its productivity and endeavour for innovative techniques working towards better sustainability.
According to the 2019 data, there are about more than 350 biotechnology and medical technology companies in Singapore. It marks its continuous growth in various therapeutic areas like Oncology and infectious diseases. Over 30 of the world’s renowned biotech and Pharmaceuticals companies like Johnson & Johnson,GlaxoSmithKline,Thermo Fisher scientific, IQVIA, Roche, Novartis, Pfizer, Medtronic, Sanofi etc have established their headquarters, manufacturing, R & D in Singapore.
These render huge contribution in terms of providing global technological solutions , advanced analytics, clinical research services to the life science industry. Science-based innovations are carried out to combat some of the challenging health-care issues. A wide range of innovative products in areas of Pharmaceuticals , vaccines and Consumer healthcare are developed .
The government’s Biomedical Sciences (BMS) initiative launched in June 2000 has wonderfully succeeded in amplifying both foreignandprivateInvestors responsible for the growth and development of these industries.
There was an approval of 148 clinical trials in Singapore in the financial year 2021, a surge than the previous years. The total export value of vaccines for human medicine from Singapore in 2020 ranged to around 3.58 million U.S dollars.An amount of approx 8.9 billion U.S dollars was the total export value of Pharmaceutical products from Singapore the same year.
There is still a lacunae in the development of this demanding industry due to deficit of localmanpower. The government is investing radically in the development of specialised talent in this industry but unfortunately could not match. Therefore its ability to appraise highly-skilled employees is a major challenge in the path of the growing industry. Singapore has the expertise to resolve the upcoming challenges faced by the industry.
Global Pharmaceutical firms will continue to surge Singapore’s status as a hub and accelerate access to the elevating market opportunities in Asia.