'The Next Lap - Biosciences in Singapore 2025'
SINGAPORE - The next 10 years of Singapore's biosciences industry is the focus of a new white paper that captures the views and predictions of the nation's biosciences industry leaders.
"The Next Lap - Biosciences in Singapore 2025" was produced in conjunction with Clearstate, an Economist Intelligence Unit business. It summarizes the development of Singapore's biosciences cluster to date and compares it with successful bioscience clusters in Israel, Taiwan and South Korea. The white paper provides insights on research and development and commercialisation opportunities, and highlights the talent needed to help Singapore sustain and entrench its position as the "Biopolis of Asia".
Simranjit Singh, Executive Council BioSingapore, said that over the past 15 years, Singapore has succeeded in building a reputation as a regional powerhouse in biosciences, but challenges such as limited resources and rising costs persist. He said there is a need for Singapore to increase its focus on key areas of research where it has a distinctive advantage.
Singh said: "The next phase of development presents new challenges & opportunities for Singapore as healthcare markets undergo transformational shifts on a global scale. As we look ahead to 2025, the bioscience sector should consider how best to create success stories that inspire more biosciences companies to establish & grow in Singapore."
Commercialisation remains at an early stage with big gaps in venture funding and management experience in bringing healthcare products to the market, he said. There are also opportunities untapped in emerging markets in Asia that could be a robust growth engine as demand for healthcare services in these markets is predicated to soar, Singh said.
BioSingapore, started by the Singapore Economic Development Board in 2004, is a leading life sciences association serving Singapore and the ASEAN region. Our vision is to enable a successful and vibrant life sciences community by connecting the industry to solutions.