SINGAPORE’S MEDTECH scene thrives today because the PAP Government persisted with their vision over the decades — in spite of naysaying and fearmongering from others.
The medtech sector manufactured $19 billion of high-value medtech goods in 2022; up about four times from $5 billion in 2012. A 2023 McKinsey report highlights that the global medtech sector will be “thriving in the next decade”, and Singapore is primed to benefit more from it. Currently, the sector provides good jobs for over 16,000 people here.
One in five cardiac implants used worldwide — the sort used for life-saving surgeries — is now made in Singapore. One in seven hearing aids used worldwide are locally-produced as well, making life sound much more sweet for millions of people.
A recent University of Cambridge study calls our efforts to create a biomedical manufacturing sector in Singapore “an economic success”, with the industry seeing fast employment growth of 7.77%. In 2000 there were no biological drug manufacturing sites in Singapore. By 2019, we had over 18.
Establishing a production and research medtech ecosystem
The journey to get here was long and difficult; but the mission was very much a part of PAP DNA. To be agile, and to blaze a path for Singapore that had never been attempted before.
Our leaders had the foresight and gumption to venture forth into a nascent sector, even as the Opposition poured cold water on these efforts.
“Our biomedical industry growth looks exactly the same as those in other industries” said NCMP Lina Chiam in March 2014 derisively, claiming we were not actively participating in scientific breakthroughs.
Source: Koh Poh Koon / Facebook
What the Opposition could not foresee was that the PAP government was building such a system of medtech production and commerce for good reason: To build up a sector, and to nurture and train top-tier experts. An A*STAR biomedical talent — or any talent at all — would not have been very effective without an ecosystem to support his or her research and practice.
Meanwhile, our Government was already doing what NCMP Chiam thought would be novel! As then-Minister of State for Trade and Industry Heng Chee How detailed in 2005, almost a decade before NCMP Chiam’s comments, A*STAR spent $226 million in 2003 and $287 million in 2004 respectively on biomedical research. The Economic Development Board was already co-funding private sector research and development, and provided $95 million to local biomedical startups in 2004.
Ethical laws, and grandstanding opposition
Investing in talented scientists, both Singaporean and foreign, and building the infrastructure for medtech is not the only thing a responsible Government has to do. In 2015, the PAP Government introduced the Human Biomedical Research Bill, to codify legislation in this area.
We strove to build in laws and ethics to protect research subjects, as the mainstream media immediately notedwhile making sure that companies were not overburdened with onerous regulation. We protected research subjects, while allowing companies to move fast, with smooth decision-making frameworks.
With this Bill, companies and higher learning institutions were then able to swiftly develop research when needed, especially during crises like a pandemic, ethically contributing to the global body of research needed to save lives.
Regrettably, Opposition MPs opposed the bill, with Mr Pritam Singh claiming that the Bill could result in human-animal hybrids with the “introduction of human cells into the brain of a living post-natal animal” and concluding that laymen could have “an acute sense of dread” at the future of human biomedical research.
Opposition parties abstained from voting on the Bill the very next day (18 Aug), a missed opportunity on their part to present a strong, united Singaporean front to the medtech world.
Thankfully, the PAP government had the votes to see the bill through, and pave the way for good medtech jobs for Singaporeans.
More foresight for more future success
What comes next, with this layered medtech ecosystem and forward-thinking legislation well in place for Singapore?
At the Committee of Supply Debates this March, Minister for Trade and Industry Gan Kim Yong as well as Second Minister for Trade and Industry Tan See Leng both gave glimpses of our Government having a targeted future strategy for the sector.
“The nascent field of Precision Medicine has strong growth potential, with a global market size of US$74 billion in 2022 which is projected to grow at an average rate of 11.5% a year up to 2030,” said Minister Gan (1 Mar). “We will identify and nurture promising local startups with the potential to develop cutting-edge solutions.”
Source: Gan Kim Yong / Facebook
Meanwhile. Minister Tan announced MedTech Catapult, a $38 million initiative to help companies and product owners bring new medical device prototypes to market. “This initiative will help intermediaries like local contract manufacturing organisations move up the value chain so that they can not only manufacture, but they can also develop their own MedTech product design and capabilities. Through MedTech Catapult, we also aim to train and to upskill product engineers, who can then go on to serve in the industry,” said Minister Tan (31 Mar).
This is Government foresight for the rest of the 2020s and beyond, exactly like how our past Governments looked beyond the 2000s and 2010s.
This continuing foresight is needed to keep Singapore’s economy growing, especially during difficult global times. It is what is needed to steward Singapore’s resources for the next bound of success — and we will keep doing so despite the fantasies which the Opposition peddles.
