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Singapore Biomedical Sciences Industry
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The Biomedical Sciences
industry is now being developed as the fourth pillar of Singapore’s
manufacturing sector, with world-class capabilities across the whole
value chain of activities.
Rapid scientific advances
are opening up new knowledge frontiers and growth opportunities in the
Biomedical Sciences industry. Singapore’s goal is to develop the
Biomedical Sciences to achieve the same level of success as the other
three industry pillars - electronics, chemicals and engineering.
By 2010, Singapore aims
to be home to 15 world-class Biomedical Sciences companies, the region’s
hub for clinical trials and drug development. This is in line with
Singapore’s intent to be a knowledge-based economy that places premium
on technology, innovation, capabilities and talent.
The Biomedical Sciences
industry - comprising the pharmaceutical, medical device, biotechnology
and healthcare services sectors - has shown promising growth that is
expected to continue for many more years.
Despite the currency
crisis in the region, the forecast for the medical devices market in
Singapore is optimistic due to the following reasons:
1) The Singapore
Government is committed to maintain the existing high standard of
medical care for its citizens.
2) Double-digit growth
in the incidence of cancer, the second leading cause of death in
Singapore, is a major concern to the Singapore Government.
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