Goal is S$25bln manufacturing output by 2015

Government will continue to enhance the environment for R&D activities with annual expenditure in biomedical sciences exceeding S$1 billion.

Mr Lee Yi Shyan, Minister of State for Trade & Industry and Manpower, said, "Asia’s healthcare markets are expanding. According to Frost & Sullivan, the markets are projected to grow from US$246 billion in 2009 to US$349 billion in 2012. With such vast market opportunities, it is little wonder that many Asian countries are developing biomedical manufacturing and R&D activities. In Singapore’s case, our plans for the development of a biomedical cluster began 10 years ago. Since then over S$5 billion have been invested."

Bio-medical companies are encouraged to take on regional functions in Singapore. Currently there are over 100 bio-medical sciences companies based in the island country, 30% of which have set up regional and international headquarters functions.

"The biomedical sciences industry is now an important sector of Singapore's economy. It contributes 4.1% of the nation's GDP and employs more than 16,000 individuals. Last year, despite the difficult economic conditions, the sector continued to grow, attracted new projects that resulted in 1,200 new jobs. Our goal is to attain S$25 billion in manufacturing output by 2015," added Mr Lee Yi Shyan.