Speech by SMS Low Yen Ling at the MedTech Forum

John Collings, Chairman, APACMed

Harjit Gill, CEO, APACMed

Distinguished Guests,

Ladies and Gentlemen,

Introduction

1. A very good morning to all. I am delighted to join you this morning to celebrate the 10^th anniversary of the Asia Pacific Medical Technology Association (APACMed) at the opening of this year’s Asia Pacific MedTech Forum.

Celebrating a decade of achievements

2. On behalf of the Singapore Government, allow me to extend our heartiest congratulations to APACMed for this significant milestone. As the sole regional trade association for the medical device industry, APACMed has seen remarkable growth over the short 10-year period – from 14 members in 2014 to more than 380 members in 2023. This achievement reflects the impressive progress of both the association and the MedTech industry in the Asia Pacific.

  a. The MedTech sector in Singapore has registered significant growth in the last decade. It has added more than 6,000 jobs, and its manufacturing output has tripled to S$20 billion since 2014.

  b. I want to thank many of you – business leaders and head honchos of Multinational Corporations (MNCs) – for helping us pitch Singapore as the next investment destination when your MNCs in the home countries are trying to consider where to site the investments. I want to commit to you – Singapore will always be open for business. A lot of you also told us that the reason why you have anchored additional investments here, even in today’s troubling geopolitical environment, is due to our key attributes – integrity, rule of law, reliability, and quality. All these attributes are important for the healthcare industry, and certainly, the MedTech industry.

3. Today, APACMed continues to play a pivotal role in driving innovation and fostering collaboration for the sector. I am very glad that your efforts will increase access to innovative medical technologies not only in Singapore, but also in the Asia Pacific, and we look forward to collaborations between leading companies, healthcare providers, governments, and regulatory authorities. Looking ahead, the Asia Pacific MedTech market is poised to grow and is projected to reach US$225 billion by 2030.

4. This forum reflects the excitement and bright prospects of the MedTech sector. As delegates connect and exchange insights, we will be given a peek into the shape and future of healthcare and the latest technologies.

Singapore as a MedTech hub

5. The healthcare landscape in the Asia Pacific is poised for a significant transformation, with AI innovations leading in the next decade. Singapore is well-positioned as a launchpad for MedTech companies, particularly in harnessing AI. With rising affluence, longer lifespans, and technological advancements, healthcare spending and the demand for quality medical products will grow rapidly in Singapore, and in the region. Furthermore, AI presents an opportunity to offer greater access to healthcare. As a leading biomedical sciences hub committed to leveraging AI technologies, Singapore provides an ideal platform for MedTech companies looking to seize regional opportunities and drive innovation.

6. Singapore boasts a well-established MedTech base. Our local ecosystem of MedTech enterprises nurtures a vibrant pool of some 400 companies, from start-ups, SMEs, to global giants. All 30 of the Top 30 multinational MedTech companies have already set up operations here, and we have a strong presence of more than 50 regional headquarters. We are also home to over 25 R&D centres and 35 manufacturing facilities that supply global markets. This thriving environment is a testament to Singapore’s attractive and compelling proposition to MedTech companies.

Supporting innovation in a thriving MedTech ecosystem

7. The Singapore Government is committed to supporting our MedTech industry. We have done so through several initiatives. For example, in March 2024, we introduced the MedTech Catapult, a S$38 million programme by the Agency for Science, Technology and Research (A*STAR). MedTech Catapult aims to accelerate the market entry of high-value MedTech products for Singapore companies. Through MedTech Catapult, we are positioning Singapore for the next wave of smart medical devices and supporting the growth of a robust MedTech ecosystem.

8. Furthermore, as part of our National AI Strategy 2.0, the Singapore Government is committing more than S$1 billion over the next five years to catalyse AI initiatives and spur innovation across the economy. We will partner with 100 companies to establish AI Centres of Excellence and promote the development and adoption of AI solutions across our industries, including the MedTech industry. Despite its early days, I am happy to share with you that the initiative has already yielded promising collaborations. One example is NVIDIA’s recent partnership with the Singapore Institute of Technology (SIT) to establish the SIT Centre for AI. We hope to see more such collaborations that will seize the growth opportunities of MedTech and AI.

9. As we push the boundaries of the MedTech industry, we will continue to equip our workforce with the skills to support the sector’s growth. We are investing in our talent through initiatives like the Singapore Biodesign and SGInnovate Summation to maintain our edge. These programmes focus on developing innovation and enterprise (I&E) talent in MedTech and AI. We will continue to train our workforce to support the industry’s expansion in Singapore and beyond.

10. I am greatly heartened by the partnership between APACMed, Bain, and EDB, which aims to understand the AI talent needs of the MedTech industry. This collaboration casts a timely spotlight on the emerging potential of AI in MedTech and supports the development of educational and training programmes to build the necessary expertise in the region. I commend the three parties for this effort. We look forward to more of such collaborations involving APACMed and the MedTech sector.

Conclusion

11. Once again, allow me to extend my heartiest congratulations to APACMed and your 380 member companies on a very successful decade. This is just the beginning, and I think there will be many more constructive and productive decades ahead.  I wish you all a very productive forum. Let us continue to come together as MedTech ecosystem to cooperate and drive progress, growth and innovation in the MedTech industry. Together, we can collectively advance health and wellbeing through fresh technologies, exciting solutions and breakthrough devices for global good.

12. Congratulations, and thank you.