This Asian country beats Singapore in terms of support for biopharma innovation

Singapore is ranked fourth worldwide.

Singapore has splurged millions in supporting biopharmaceutical innovation, but the city-state is only second to Taiwan in terms of how domestic policies support worldwide life sciences innovation.

An analysis by technology policy think tank Information Technology and Innovation Foundation showed that the United States, Switzerland, Taiwan, Singapore, and Sweden have enacted policies that contribute the most to life-sciences innovation globally.

These policies have helped these nations become leading life-sciences innovators themselves, the report said.

The United States places first overall, a product of ranking seventh in the government R&D allocated to health research indicator, of ranking first on the IP indicator, and of tying for first on the price-controls indicator.

Switzerland, Taiwan, Singapore, and Sweden come in second through fifth, respectively, a result of their robust government investment in life-sciences research coupled with low pharmaceutical price controls for Switzerland, Taiwan, and Singapore, and strong IP protections for Switzerland and Sweden.

Although Taiwan beats Singapore in terms of policy, the city-state’s aggressive push into life sciences has resulted in eight of the top ten global pharmaceutical firms locating their regional headquarter there.

“Despite tremendous progress over the past half century, the world is still not producing as much life-sciences innovation as is needed or possible,” said Stephen Ezell, ITIF vice president for global innovation policy.

“Countries that fail to invest adequately in life-sciences research, pay less than their fair share for drugs, or put in place weak intellectual property protections for drugs hurt the entire global community by slowing down biopharmaceutical innovation that could cure or better manage diseases for future generations,” he added.