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Open a Life Science Company in Singapore

Open a Life Science Company in Singapore

Asian citizens are among the healthiest individuals in the world, according to various reports issued over the past few years. One of the reasons countries like China, Japan and even Hong Kong and Singapore have healthy residents is the investments made in the healthcare sector which provides for quality services. From this point of view, Singapore has emerged not only as a regional but as an international healthcare hub thanks to the developments and investments made in new medical technology, treatments and advanced services based on the use of state-of-the-art medical equipment. All these elements have been united under the flag of the life science industry in Singapore.

An investor who wants to open a Singapore company can choose the life science sector which has contributed with almost 10 billion SGD to the economy in 2015. Our Singapore company formation consultants can offer information on the legislation related to the life science sector.

You can also watch the video below for information on how to set up a life science business in Singapore:

Types of businesses which can be set up in the Singapore life science sector

The Singapore life science sector is comprised of many segments, which is what makes this industry approachable to all investors. Specialists such as doctors or pharmacists can open life science companies, but individuals unrelated to the medical field can also invest in research and development in the life science sector in Singapore in 2024.

If you are interested in company registration in Singapore in the life science industry, here are the types of businesses you can open:

  • biomedical companies;
  • pharmaceutical companies;
  • research and development companies;
  • medical technology manufacturing companies.

Our company formation experts in Singapore can assist with the registration of the life science company.

Licenses for life science companies in Singapore

No matter the type of Singapore life science business one decides to open in 2024, there is also the licensing phase to be completed upon the registration of the company. The product license is issued by the Health Sciences Authority in Singapore. Marketing and export licenses related to the sale, respectively export of the products will also be required. Our experts in company formation in Singapore can help you obtain this license.

Why open a life science company in Singapore?

Singapore is currently one of the most chosen countries in the world by those who want to invest in life sciences because of the following reasons:

  • Singapore is a biotechnology development hub thanks to the great number of medical research institutions;
  • the Singapore government has enabled various incentives dedicated to this industry, among which the best known is the Competitive Research program;
  • Singapore is a regional pharmaceutical manufacturing hub;
  • the city-state has one of the most well-prepared workforces in the medical field in the region.

Singapore, a top life sciences destination in 2024

The life sciences industry in Singapore is one of the best performing among the medical branches, thanks to government incentives and infrastructure. Between 2020 and 2023, this sector registered an annual growth of 8.3%, which is quite impressive.

One of the most important issues addressed by the government through life sciences companies is aging. As such, healthcare costs for the old age population are expected to reach USD 49 billion by 2030. The authorities also invest around USD 400 million into preventive healthcare programs.

For assistance in starting a life science business in the Lion City, please contact our Singapore company formation advisors.