MedTech Hub names first big-time investor

Biosensors International Group has been confirmed to set up operations in the newly launched industry facility.

Ten other local and foreign conglomerates have also expressed interest to take up space in MedTech 1, said Minister for Trade and Industry Lim Hng Kiang at the inauguration of MedTech Hub.

In explaining the appeal of MedTech 1, the minister said the specialized zone offers common sterilisation and shared corridor facilities, which meet the stringent manufacturing and distribution guidelines and are all but assured to help "reduce costs and risks in manufacturing their products to meet regulatory requirements."

He noted that MedTech 1 Hub is part of Singapore's efforst to attract medtech investments, which are booming as Asian populations begin to age and require more upscale products and services from the industry.

"Over the years, the global medtech industry has been growing rapidly. It is expected to grow at a rate of some 10 per cent per annum. Today, the global medtech industry accounts for approximately S$423 billion in annual revenues," said Minister Lim Hng Kiang.

"Across the various regions in the world, Asia Pacific is the fastest growing medtech market, and it is expected to account for a quarter of the global market share by this year. An ageing population, a prevalence of chronic diseases and the growing affluence of its middle class have collectively led to an increase in demand for high quality medtech products. This naturally presents tremendous opportunities for global medtech companies to extend their presence here in Asia and address the healthcare needs of everyone here in this region," he said.

"Against this backdrop, Singapore is therefore well positioned to harness the growth opportunities. Our medtech sector has witnessed significant growth over the past decade. In year 2000, the manufacturing output stood at only S$1.5 billion. Last year, this almost tripled to S$4.3 billion," he added.

"We recognise the competition for medtech investments will become more intense. Singapore has many areas of strengths that are sought after by investors. These include our qualified manpower, excellent connectivity to key Asian markets, our transparency in doing business and strong intellectual property protection, all of which are crucial attributes for knowledge-intensive industries like medtech," he said.

"To nurture and promote high-value growth clusters such as medtech, JTC plays the role of an industrial infrastructure developer and innovator so as to provide specialised solutions that differentiate Singapore from other locations. One of these solutions is to cluster companies within the same industry sector in a specific area," he added.

"The MedTech Hub is the latest of JTC’s specialised infrastructure projects, following what we have done in Seletar Aerospace Park, in CleanTech Park and in the Offshore Marine Centre. It is the first specially built facility for the medtech industry in Singapore and is set to host an integrated ecosystem of both local as well as international medtech companies, involving medtech manufacturers, suppliers and service providers, and providing things such as shared utilities," he said further.