Mr S Iswaran at the Official Opening of Menicon Singapore, 2 Mar 2011

SPEECH BY MR S ISWARAN, SENIOR MINISTER OF STATE FOR TRADE AND INDUSTRY AND EDUCATION, AT THE OFFICIAL OPENING OF MENICON SINGAPORE, 02 MARCH 2011, 10:30 AM AT 8 INTERNATIONAL BUSINESS PARK

Mr Hiroyuki Yamamoto, Minister, Deputy Chief of Mission, of the Embassy of Japan in Singapore

Mr Kyoichi Tanaka, Chairman, Menicon

Dr Hidenari Tanaka, CEO of Menicon and Honorary Consul-General of Singapore in Nagoya Japan,

Distinguished guests,

Ladies and gentlemen,

Introduction

Good morning. It is my pleasure to join you today for the official opening of Menicon Singapore. We are pleased that Menicon, as one of the world’s leading contact lens manufacturers, has chosen to establish its newest manufacturing facility and R&D centre in Singapore.

Singapore – Launchpad to Emerging Markets in Asia

Menicon’s investment in Singapore highlights the strong economic relationship between Japan and Singapore, which spans more than 4 decades. In the early years, Japan played an important role in helping Singapore develop technical expertise in areas such as precision engineering. Japanese companies such as Sumitomo and Panasonic were key partners and investors in Singapore’s industrialisation efforts.

Today, some 2,700 Japanese companies have operations in Singapore. Many of them leverage on Singapore’s connectivity and industrial capabilities to expand their businesses globally. Increasingly, many Japanese companies also view Singapore as an ideal launch pad for the emerging markets in Asia.

Much of Asia has recovered well from the global financial crisis and the region is now one of the key growth engines for the global economy. Take, for example, the healthcare markets in Asia which are expanding rapidly. According to Frost and Sullivan, the Asia-Pacific market is projected to grow from US$277 billion in 2010 to US$348 billion in 2012. The Asia-Pacific medical devices’ market alone will be worth some US$62.3 billion by 2012, accounting for over 25% of the global market.

Singapore –a Key Biomedical Sciences Hub in Asia

Consequently, Singapore’s Biomedical Sciences industry is one of our fastest growing sectors. It now employs over 13,000 people in the manufacture of drugs and devices, and over 4,000 researchers, contributing more than $3 billion in manufacturing output.

A number of biomed companies based in Singapore have also made significant breakthroughs. In Menicon’s case, it was their R&D team in Singapore which successfully developed and commercialized a new range of daily disposable contact lenses. These lenses will be manufactured in its new facility in Singapore using a state of the art manufacturing technology for contact lenses developed by Menicon known as the “Flat Pack” technology.

Menicon’s success also underscores Singapore’s value as a choice location for medical device companies wishing to undertake the full value chain of activities, from R&D to the manufacturing of high-quality devices for global markets.

Singapore has the requisite talent, technology and facilities for high quality medical device manufacturing. We have a skilled workforce, advanced manufacturing processes and reliable supplier networks. We have also developed excellent facilities for MedTech companies, which we continue to enhance and expand. JTC Corporation recently announced the development of a MedTech Park in Jalan Tukang. Occupying a 7.4 hectare site in the Jurong Lake District, the park will offer common facilities and bring together MedTech manufacturers, suppliers and service providers in one location. The MedTech Park will help companies to optimise costs and accelerate the set-up of their operations, as well as promote collaboration and greater synergy within the MedTech community in Singapore.

Singapore also offers an ideal environment for research and development. Companies seeking to innovate and commercialise new healthcare solutions have the support of a strong framework for the protection of intellectual property rights, combined withaccess tocutting-edge technology and top international talent.

Last year, we launched the Medtech IDEAS programme (IDEAS stands for “Innovate, Design and Engineer for Asia in Singapore”). We also launched the Singapore-Stanford Biodesign programme. These schemes will develop top talent and expertise for Asian device innovation and help companies transform their insights into effective solutions for the market.

Late last year, Prime Minister Lee Hsien Loong, announced that the Research Innovation and Enterprise Council, which he chairs, will invest S$16.1 billion over the next five years. Of this, a significant proportion will be focused on encouraging greater public and private sector research collaboration so that more innovative products and services can be developed and commercialised.

As global demand shifts towards Asia, companies will also need to start tailoring their innovations to suit the Asian market. In this regard, Singapore can offer biomedical companies a strategic advantage in Asia. With our well-established healthcare industry, and as a base for many international companies in the region, Singapore is well-placed to help companies gain insights into Asia’s healthcare markets and its evolving needs.

Last year, our National University of Singapore launched the Initiative to Improve Health in Asia (or “NIHA”) to improve public health and health-care delivery in Asia. Under this initiative, researchers from across Asia will have the opportunity to collaborate with experts in Singapore on areas such as financing, preventive care and comparative health systems. Initiatives such as these ensure that Singapore is well-placed to help drive healthcare related research in Asia.

Conclusion

In closing, let me extend my warmest congratulations to the management and staff of Menicon on the official opening of Menicon Singapore. As Menicon is also celebrating its 60th anniversary this year, let me take this opportunity to wish Menicon continued success in the years ahead. I look forward to the partnership between Menicon and Singapore growing as robustly as indeed Menicon itself has throughout its long history.
 
Thank you