Private spending is also expected to rise in response to evolving healthcare needs. Additionally, Asia is poised to drive 40 per cent of growth in the global healthcare market over the next decade, highlighting the region’s importance in the industry.
Foreign investors are drawn to Singapore’s pro-business environment and its strategic location, which facilitates access to other Asian countries. Many multinational corporations have established their presence in Singapore, taking advantage of designated parks such as the Singapore Science Park (SSP), Biopolis, and the Tuas Biomedical Park. These parks provide the necessary infrastructure for companies to thrive and cater to the broader regional market. Renowned companies like GSK, Baxter, Roche, Merck, Pfizer, Sanofi-Aventis, and Abbott have selected Singapore as their global manufacturing base or regional headquarters.
Government Investment and Innovation
The Singaporean government recognises the pivotal role of science and technology in the city’s “survival and success.” It has consistently invested in these areas, with a particular focus on creating a global innovation hub. As part of the Research, Innovation, and Enterprise Plan (RIE), the government has committed one per cent of Singapore’s GDP to research and development from 2021 to 2025, including S$2.2 billion earmarked for relevant postgraduate programmes. The strategy emphasises talent development by nurturing local scientists, engineers, and technologists while remaining open to international talent.
This story is from the BioSpectrum Asia August 2023 edition of BioSpectrum Asia.
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This story is from the BioSpectrum Asia August 2023 edition of BioSpectrum Asia.
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