Distinguished Guests, Ladies and Gentlemen,
1. Good morning. It is my pleasure to be here today to celebrate the opening of 10x Genomics’ Singapore office and manufacturing facility. Congratulations to the team on this significant milestone.
10x Genomics’ Office in Singapore
2. We are delighted that 10x Genomics has chosen Singapore as the location for your first manufacturing facility in Asia.
3. Since its founding in 2012, 10x Genomics has had remarkable growth. Revenue has increased exponentially, from USD 3 million in 2015 to USD 300 million in 2020. This is growth that most companies cannot even dream of!
4. Today, 10x Genomics’ products are used by researchers all over the world, including top global research institutions and pharmaceutical companies.
5. Your Singapore facility will bring you closer to your end markets, and help you achieve your next bound of growth. I am also glad that you will be working closely with a local manufacturer, Venture Corporation, who will be providing the sub-assembly and components of your Chromium instrument that will be sold globally.
a. This partnership between 10x Genomics and Venture Corporation is a good example of how MedTech MNCs can leverage our existing ecosystem of advanced manufacturing companies, to achieve mutually beneficial partnerships.
Singapore is well-positioned as a gateway to the Asia-Pacific for MedTech companies
6. The Asia-Pacific region, home to approximately 60% of the world’s population, is set to be a major growth engine for the MedTech industry. It is expected to overtake Europe by 2023 to become the second largest MedTech regional market with an estimated market size of USD 137 billion.
7. Singapore, as a leading biomedical sciences hub in Asia, is well-positioned to enable MedTech companies to tap on these vast regional opportunities.
8. Today, Singapore is proud to be home to more than 60 multinational MedTech companies undertaking a range of activities from manufacturing to research and development.
a. 50 of the world’s leading MedTech firms have set up their regional headquarters here, and we are also seeing a strong presence of more than 25 R&D centres established by MedTech MNCs in Singapore.
9. This bears testament to our robust manufacturing capabilities, thriving research base, and innovation ecosystem, which together serve as strong value proposition for MedTech companies to grow their operations here.
The Singapore Government is committed to supporting our biomedical sector and MedTech companies
10. The Singapore Government is committed to supporting and growing our biomedical sector. Earlier this year, we had announced our Manufacturing 2030 plan, which is our 10-year plan to grow Singapore’s manufacturing sector by 50%.
11. We will do so by continuing efforts to attract leading companies to Singapore, strengthening our existing base of companies, expanding efforts to develop a robust pool of local talent, and enhancing research and innovation.
a. Singapore is also making significant investments in advanced manufacturing technologies, to ensure that we remain attractive as a hub for the world’s leading MedTech manufacturers.
i. We have allocated SGD 25 billion under our national Research, Innovation and Enterprise 2025 plan, in a continuing effort to tap on science and technology to secure our economic future.
ii. On top of funding, we have also launched key technology initiatives in 3D printing, robotics and industrial internet of things, to keep up with the rapid transformation of manufacturing that is happening globally.
12. Through these efforts, we hope to support biomedical and MedTech companies like 10x Genomics in their quest to improve the health and lives of millions of people around the world.
13. To end off, I would like to congratulate 10x Genomics once again on the opening of your Singapore office and manufacturing facility. We look forward to the innovative products and new discoveries that 10x Genomics will bring to the region. Thank you.