2. Speeches
Speech by MOS Lee Yi Shyan at the official opening of Medical Fair Asia and Medical Manufacturing Asia 2014 at Suntec
9 September 2014
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Mr Gernot Ringling, Managing Director, Messe Düsseldorf Asia
Mr Jeremy Fong, Chairman, Singapore Precision Engineering and Tooling Association
Distinguished Guests,
Ladies and Gentlemen,
1. It gives me great pleasure to join you at the Official Opening of Medical Fair Asia and Medical Manufacturing Asia 2014.
2. Both exhibitions are modelled after the highly successful MEDICA, the world’s largest trade fair for the medical industry, and COMPAMED, the leading specialist international trade fair for suppliers to the medical manufacturing market, both concurrently held and organised by Messe Düsseldorf, Germany.
3. Today marks a momentous milestone for Medical Fair Asia 2014 as we open the tenth edition and the largest in its 17-year history. Since its beginnings in 1997 with less than 100 exhibitors, it has grown significantly along with the medical and healthcare industry. It is now firmly established as one of the most sought after medical and healthcare events in Asia, and the biggest in Southeast Asia.
Asia Pacific Region Expected to Drive Global MedTech Demand
4. The global medtech industry has been growing rapidly over the last decade, and is expected to continue to offer strong growth prospects in the coming years. With a projected compound annual growth rate (CAGR) of 6.7 per cent, the global market for this industry is expected to be worth US$456 billion in 2018. The medtech market in the Asia Pacific region alone was worth US$69 billion in 2013, and is expected to grow at a CAGR of 10.3 per cent over the next three years
.
5. The rapid growth of medtech demand in this region can be attributed to two key factors. One is demographic change, comprising population growth, longer life expectancy and an ageing population, all of which will fuel a greater demand for healthcare services. The other factor is the increasing demand for higher standards of care, which is driven by increasing affluence and greater awareness of advanced healthcare options.
6. Besides offering established medtech companies strong growth prospects, the Asia Pacific region is also an attractive market for new start-ups. The region’s rich diversity of races, cultures and habits of living creates a wide spectrum of patient needs and niches for start-ups to first establish themselves, before expanding to serve a larger market segment.
Singapore’s Strong Value Proposition to MedTech Companies
7. Singapore offers a strong value proposition to medtech companies seeking to tap upon growth opportunities in the Asia Pacific region.
8. First, Singapore is well-connected to the Asia Pacific region through our status as a global and regional air and sea transport hub. Singapore has also established strong trade links with the world, through an extensive network of trade agreements. This network helps companies in Singapore access key markets and tap upon business opportunities overseas.
9. Second, we have built up a robust eco-system to support medtech innovation and commercialisation. Singapore’s public-sector research institutes have established strong capabilities in a wide range of disciplines such as bioimaging, cell biology, materials engineering, microelectronics and nanotechnology. Besides collaborating with scientists from these research institutes to work on developing new technologies and applications, Singapore-based companies can also collaborate with the local hospitals in test-bedding their ideas.
10. This strong innovation ecosystem has resulted in the emergence of homegrown companies with innovative medical devices in recent years. ClearBridge BioMedics is one example with its ClearCell FX System. This system is able to isolate and capture circulating tumour cells (CTCs) from a blood sample, akin to sieving out a needle in a haystack. With the system, researchers and clinicians can analyse CTCs from patients’ blood samples, allowing doctors to provide more targeted treatments for patients.
11. Third, Singapore has built up a strong medtech manufacturing base with superior engineering capabilities. Over the last decade, our local medtech industry has more than tripled its manufacturing output, reaching S$5 billion in 2013. Over the same period, the sector has grown to employ 10,000 workers.
12. Our local medtech companies have built a strong track record working with global leaders such as Medtronic and Boston Scientific. They have the capability to produce complex and high quality medical equipment, while adhering to strict standards of IP protection and regulatory requirements stipulated by the US FDA and European EMEA. With an extensive network of facilities in Asia Pacific, they are able to offer a wide range of services, including product conception, prototyping and post-manufacturing processes such as cleansing, packaging and sterilisation.
Commitment to the Development of MedTech sector in Singapore
13. The Singapore Government is working closely with our local medtech players to develop the industry in two areas. First, we are working with the industry to catalyse the growth of innovative start-ups. The medtech industry is a highly regulated one with a low tolerance for risk. It can therefore be challenging for a young company with an innovative technology to find investors, especially in the early stages of the start-up process. Therefore, under SPRING Singapore’s Sector Specific Accelerator Programme, appointed accelerators identify and co-invest, with SPRING, in start-ups with high potential and take a hands-on approach to help these start-ups get their businesses off the ground. There are also other SPRING programmes to help young companies grow. For example, the Technology Enterprise Commercialisation Scheme (TECS) is a competitive grant that awards up to S$500,000 to innovative young enterprises in their efforts towards commercialising proprietary technology at the Proof of Concept or Proof of Value stages of development.
14. Second, we have been helping existing enterprises strengthen their capabilities and grow. Some SMEs in the medtech industry face difficulty accessing new markets due to the costs of complying with certain international or market-specific standards. Such SMEs can tap upon SPRING’s Capability Development Grant (CDG) to upgrade their internal processes and enhance the quality of their products and services to help them meet these standards and access new business opportunities.
15. SPRING Singapore and International Enterprise (IE) Singapore also organise overseas missions and coordinate Singapore companies’ participation in tradeshows to promote the Singapore medtech industry. I am pleased to share that a delegation of Singapore companies will be displaying their innovations in the medtech sector at the upcoming MEDICA
and COMPAMED in Germany this November.
16. IE Singapore also works with the Singapore Precision Engineering and Tooling Association to link up interested global medtech players with Singapore companies. One example of this collaborative effort is the Global Asia Trade Exchange (GATE) 2014 which is being held in conjunction with Medical Fair Asia and Medical Manufacturing Asia 2014. GATE is a global buyer-centric business matching event, where procurement decision makers can meet Singapore-based manufacturers for one-to-one discussions.
Conclusion
17. In closing, I would like to thank the organisers for inviting me to join you at the opening of the Medical Fair Asia and Medical Manufacturing Asia 2014. This event is indeed a valuable opportunity for businesses and investors to discover novel technologies, explore new markets and tap upon business opportunities in this region. I wish you all a fruitful and rewarding time in Singapore.
18. Thank you.
Data extracted from Business Monitor International Database.
MEDICA is one of the largest and most established medtech trade fairs in the world.