BMS Industry Development DivisionTeam 2 (GG)

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Biomedical Science Industry

Biopharma Wellness Medtech

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Global trends impacting Medtech

The Rise of Asia A Growing Middle Class An Ageing Population

Internet of Things Global Network Effect

Singapore’s Medical Technology

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A growing industry in Singapore:

1. Strongest performing manufacturing industry

65% of manufacturing output growth

2. Established Medtech regulatory environment

Clinical trials are approved in 3-6 weeks

3. Existing foundations in public-private partnerships

A*’s MedTech Innovation Grant

4. Leveraging on the nation’s strengths

Ties engineering, manufacturing, and

biomedical industries

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Other Market Leaders/Competitors

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Singapore’s Advantages in Digital BMS

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Strategy 1: Develop local incubators, attract overseas counterparts

Singapore’s population has high Digital Literacy → which can be taken advantage of when innovators want to do product testing

NHS Innovation Accelerator: provides mentorship, partnerships, funding advice and grant support for products ready for commercialisation

According to the WEF, Singapore is ranked #1 in Technological Readiness

Example: Effective Testbed for Live-tracking of blood glucose levels for diabetics patients

Singapore’s aging population is well-poised to accept new information biomedical monitoring technology for chronic illnesses

Execution:

1. Setting up of government-backed incubator with strong connections to public healthcare service providers

2. Hastening implementation of new digital technologies in public healthcare system → portfolio companies develop faster

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Strategy 1: Develop local incubators, attract overseas counterparts

Transformation of the Biomedical Science Industry:

1. Fosters growth of adjacent industry sectors → IoT, Electronic Eng, Precision Manufacturing, etc

2. More responsive digital healthcare industry → more effective testbed for MedTech Testing

3. Greater product diversity → healthy competition and encourages differentiation

4. Greater foreign ownership of Singapore MedTech startup companies → more connections for overseas expansion

● Facilitating partnership between data analytics and Med Tech companies developing new devices to enhance product development through critical data analysis

○ E.g. of industry: sensors for medical wearables for tracking of chronic diseases● Providing grants to med tech companies on the condition of partnership● Convert successful R&D into product manufacturing in Singapore for local use and export● Partnership e.g.: IBM and Medtronic, Apple and IBM, Intersystems and med devices companies

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Strategy 2: Facilitating and Incentivising Partnership

Data Analytics Companies

Product R&D

Device R&D Firm Hospitals

Patients

Device Prototypes

Test Bed for Device Prototypes

Data Collection

Data analytics for fine tuning of product & algorithm building

Value Chain for Med Tech Product

Strengths:

Effective Test Bed - Quickly Test Prototype and Scale

Demographics & Access - Largest % of Aged Population in SEA

Human Capital - IDA: Manpower Development, Supportive Platforms (IP/Data Protection)

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Strategy 2: Facilitating and Incentivising Partnership

Singapore is the gateway to the SEA market

Provide entire value chain of product development,

manufacturing and distribution in Singapore

Support Government’s push in building data analytics industry to

position Singapore as an international Data

and Analytics Hub (IDA)

Supporting further growth in the analytics

industry by creating demand

Increase in business activity of the Med

Tech industry

Enhance standing as Regional Hub for Med

Tech Activities

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Broader Impacts

Stronger R&D and start-up culture

Foreign firms provide competition and

much-needed tech know-how

Healthcare service providers can focus more on value-adding to patient

care

More efficient healthcare system with reformed

cost structures

Jobs higher up the value chain are created

Lower value jobs are shed

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Risks / Challenges and Management

Sector Specific Accelerator Programme

Local med-tech sector is young, and may not be able to compete with larger foreign firms

Maintenance of stringent product and process

standards.

Safety Hazards if users are not adequately

trained

Streamlining regulatory frameworks across ASEAN

to facilitate access to regional markets.

Small Population. Smaller domestic market, smaller

patient base.

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Further Considerations

● Look at both adjacent industries in biomedical industry

●● Pharm-bio: Customized therapy●● Healthcare/Wellness: Integrate information into

clinicians’ practices ●● Two secondary impacts: - Individual wellness- Reduced cost

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Conclusion

● Current trends favor the development of medical technology in Singapore

●● Our goal is for Singapore to be an innovator the

medtech sector●● Singapore possesses the advantages to harness

opportunities ●● Strategies will enable us to harness these

opportunities ●● Challenges to implementation can be addressed

through a variety of measures