Biomedical technology in Singapore
Singapore is a global center for the development of the medical and biomedical technology. Home to most of the largest medical technology companies, Singapore hosts both commercial sites and plants in which medical devices are produced. Also, 10 of the largest biomedical companies in the world have their regional headquarters in Singapore. The Government also allocates impressive amounts of money for the development of the medical technology industry in Singapore. On an annual basis around 1.5 billion SGD are spent on biomedical research and development programs in Singapore. One of the most important aspects leading to the development of the biomedical sector is the education programs dedicated to those working in this sector in Singapore.
Programs for the development of the biomedical sector in Singapore
In order to encourage key players on the biomedical market but also to attract more investors in Singapore, the Government in collaboration with the Ministry of Health has designed several platforms that would help equipment manufacturers in Singapore and suppliers to evolve. Among these the Economic Development Board’s Partnerships for Capability Transformation (PACT) initiated in 2010. The PACT program aims to help Singapore biomedical and pharmaceutical companies to meet all international manufacturing and certification requirements. The Government allocated 250,000 SGD for a period of five years to the program.
The Medical Technology Manufacturing Consortium enabled by the Singapore Institute of Manufacturing Technology also created a publicly-funded research institute which established new medical technology research and development platforms.
For additional information about available incentives in the biomedical sector and for complete guidance for investors who wish to open a company in Singapore, you may get in touch with our local specialists.
Setting up a biomedical company in Singapore
All biomedical and pharmaceutical companies in Singapore are required to apply for a product license before releasing their products. The same license is also required for Singapore biomedical companies exporting their products. The license is issued by the Health Sciences Authority in Singapore.
For complete information on how to open a company in Singapore as a biomedical business, please contact our consultants in company incorporation.