Mr S Iswaran at the Bio-Scaffold-Saveetha University MOU Signing Ceremony

SPEECH BY MR S ISWARAN MINISTER OF STATE FOR TRADE AND INDUSTRY REPUBLIC OF SINGAPORE AT BIO-SCAFFOLD- AVEETHAUNIVERSITY MOU SIGNING CEREMONY 24 SEP 2007, 11.30AM (INDIA TIME) AT THE SAVEETHAUNIVERSITY CHENNAI, INDIA

Your Excellency Dr Poongothai, Minister of Social Welfare, Government of Tamil Nadu,

Mr Calvin Eu, High Commissioner to India

DrN.M. Veeraiyan, Chancellor, SaveethaUniversity,

Mr Victor Lee, CEO, Bio-Scaffold International Pte Ltd,

Distinguished Guests, Ladies and Gentlemen,

Good morning

It gives me great pleasure to be here this morning to witness the start of an important collaboration between a budding Singapore biotechnology firm and an established dental research institution in India.

Growth of the Biotechnology Sector

The signing of this MOU, between Bio-Scaffold International and Saveetha Medical and Educational Trust of Saveetha University, establishes a platform for joint biomedical research on Bone Regeneration and Dental Implantology to develop new applications through clinical trials.It marks an important development in cooperation between the biotech sectors of India and Singapore, and is aligned with Singapore’s efforts to develop our biomedical sector.

In 2006, biomedical manufacturing in Singapore contributed 24.6 per cent of total manufacturing value-added, of which the medical technology sub-sector contributed about 2.2 per cent. Starting from a relatively modest base, our medical technology sub-sector has grown at a robust rate.In the first seven months of this year, for example, the medical technology sector has posted a strong growth of 25.2 per cent, surpassing the 13.8 per cent growth recorded in the pharmaceuticals sector.

However, the biotechnology research industry in Singapore is still at a nascent stage. Most of the medical devices sold in Singapore are developed by multinational companies for commercial use. There are few homegrown companies spearheading research and development efforts in this area, and there is a lack of a distinctive Singapore brand in this new and exciting field.

I am therefore pleased to see a home-grown Singaporean firm, Bio-Scaffold International (or BSI), undertaking such cutting edge developmental work in the local and regional biotechnology scene. I understand that BSI is among the world’s first, if not the first, bio-tech company to use its proprietary technology to produce bio-scaffolds for bone implants.

BSI’s past collaborations with A*STAR and the Singapore Institute of Manufacturing Technology resulted in the development of a new technology for processing scaffolds. BSI has also recently entered into clinical trials with the National University of Singapore’s Faculty of Dentistry and is now in the final stages of commercialising its bio-scaffolds for alveolar sockets.

Boost for Collaboration between India and Singapore

Singapore, with its emphasis on technology and R & D, and India, with its vast market and reservoir of talent, complement each other well in the biotech sector.This latest collaboration between BSI and SaveethaUniversity could mark the beginning of a strategic partnership between Singapore and India in clinical trials.Singapore has the scientific capabilities and healthcare infrastructure, such as the regulatory framework, to support early phase I and II trials.India, on the other hand, with its long established healthcare institutions and large pool of patients, is well positioned for phase III and IV trials.It is a good example of how Indian and Singaporean biotech companies can leverage off the comparative advantages of our two countries to create a compelling global value proposition.

Such partnership models can boost India’s and Singapore’s biotechnology sector in two ways.First, it will heighten international awareness of India’s and Singapore’s expertise in medical devices. Despite the growth of the healthcare industries in both India and Singapore, the medical devices market in both countries continues to be dominated by the large MNCs. This model of partnership will enable companies like BSI to create their own unique brand of medical devices, and enhance the recognition of homegrown biomedical capabilities in regional and global markets.

Secondly, such collaboration will enable Indian and Singaporean companies to use the fast-growing healthcare sector and medical tourism industry in the region as a springboard to gain wider acceptance in the global market. According to a study by the Confederation of Indian Industries (CII) and McKinsey, India’s healthcare spending will exceed US$45 billion by 2012. Singapore has excellent market and business connectivity with major markets (such as the US) through our network of Free Trade Agreements, and has been growing as an international centre for medical services and biomedical research, development and manufacturing.There is, therefore, tremendous potential for likeminded Indian and Singaporean biotech companies to work together to develop and market their products not only in their respective domestic markets, but also in the region and beyond. I would like to invite all those engaged in biotechnology research based in Chennai to join hands with Singapore companies to explore opportunities in this arena.

Conclusion

On this note, let me congraluate BSI and SaveethaUniversity on the signing of this MOU, as they affirm their commitment to jointly create breakthroughs in the areas of biotechnology and biomedical science. I am confident that your collaboration will spark the cross-fertilisation of ideas and spur the development of new processes and applications in bio-scaffolds.Thank You

At the signing table L-R:Dr R.Rajagopal (Vice Chancellor, SaveethaUniversity) and Mr Victor Lee (CEO, Bio-Scaffold International)

Standing L-R: Dr Vinod Narayanan (Professor, Dept of Oral & Maxillofacial Surgery, SaveethaDentalCollege), Mr Calvin Eu (High Commissioner to India), Dr Poongothai (Minister of Social Welfare, Government of Tamil Nadu), MOS S Iswaran, Dr Veeraiyan (Chancellor, SaveethaUniversity)