Speech by Mr Teo Ser Luck at the Biomedical Engineering Society (Singapore) 20th Anniversary Dinner, 12 Nov 2011

SPEECH BY TEO SER LUCK, MINISTER OF STATE FOR TRADE AND INDUSTRY AT THE BIOMEDICAL ENGINEERING SOCIETY (SINGAPORE) 20TH ANNIVERSARY DINNER ON SATURDAY, 12 NOVEMBER 2011, 6.45PM, AT AZALEA ROOM, SHANGRI-LA HOTEL

Dr James Goh, President of Biomedical Engineering Society (Singapore)

Distinguished guests,

Ladies and gentlemen,

Introduction

It is my pleasure to be here this evening to launch the Biomedical Engineering Society (BES) Industry Chapter. The Biomedical Engineering Society (Singapore), started in 1990 by engineers and doctors from the National University of Singapore, was established with the aim to encourage collaborations between the engineering and medical communities. Since then, BES Singapore has attracted more than 250 members across universities, polytechnics and hospitals in Singapore. As BES celebrates its 20th year anniversary this year, I am pleased to witness BES embarking on this next step to better serve the medical technology, or medtech community with the BES Industry Chapter.

Global Drivers and Opportunities for Medical Technologies in Asia

Rising health costs, aging populations and the increasing prevalence of chronic diseases have led to rapid changes in healthcare globally. With economies developing rapidly, the increasing literacy of global markets has led to more people taking a proactive approach to personal health, focusing not only on better treatments but also a higher quality of care and lifestyle.

On top of this global trend, Asia presents new growth opportunities with a growing base of aging population and rising affluence. By 2050, the United Nations expects Asia’s population of 60 year-olds and above to grow beyond 100 million. At the same time, Asians’ growing purchasing power is expected to fuel the demand for better quality healthcare systems and solutions¹.

These drivers represent tremendous growth potential and a unique prospect for the medtech industry in Asia. More importantly, these drivers provide an opportunity for the medtech industry to innovate and develop cost-effective solutions to address the region’s unmet healthcare needs.

Medical Technology Industry and Singapore

Today, the medtech industry accounts for approximately US$336 billion in annual revenues worldwide. The sector is characterized by rapid growth rates², high profit margins³, innovative technology, quality engineering and manufacturing capabilities, as well as a vibrant clinical research environment. Strategically, this makes the medtech industry an attractive cluster for Singapore, as it leverages on our existing strengths in engineering, manufacturing and biomedical research.

Though nascent, the medtech industry has become a fast growing industry for Singapore over the years. The manpower base in the sector has doubled from about 4,000 in 2000 to more than 8,000 in 2010. Over the same period, the medtech industry has doubled its manufacturing output from $1.5 billion in 2000 to about $3.6 billion in 2010. Today, Singapore is home to 25 medtech companies manufacturing a diverse range of products from hearing aids to pacemakers.

Beyond manufacturing, Singapore is also a fast-growing medtech innovation hub with more than 30 medtech companies conducting R&D in areas such as product development and value engineering. They include Becton Dickinson, Siemens Medical Instruments, Welch Allyn, Hill-Rom, Biosensors, to name a few⁴.

Commitment to Growing the Medical Technology Industry

The government is committed to growing the medtech sector. To support this growth, we will need to train new talent and continuously innovate to maintain and grow our leadership position. Our economic agencies such as A*STAR and SPRING Singapore have embarked on various programmes to promote the medtech sector in Singapore. For instance, A*STAR established the Singapore Stanford Bio design programme to train the next generation of Asian medtech innovators and leaders. SPRING Singapore has also recently launched the Biomedical Sciences Accelerator to help fund and grow medtech start-ups.

Collaborating for Growth

We also recognize that nurturing the medtech ecosystem is imperative. The healthcare challenges of our time are set to be more complex and diverse. Therefore, medtech innovations not only need to go beyond single disciplines, but also require the partnership of minds and resources across different domains to innovate and deliver new healthcare solutions. Our economic agencies aim to facilitate such collaborations among engineers, doctors, clinicians and academia. One example is the recent Healthcare Innovators Forum 2011. The annual forum brings together healthcare professionals and industry to discuss and exchange ideas for novel healthcare solutions. This platform represents a whole-of-government effort, and involves agencies such as the EDB-MOH Health and Wellness Programme Office, MOH and SPRING Singapore.

Supporting Medical Technology Industry Professionals

Complementary to these programmes, I believe the BES Industry Chapter will play an important role in fostering closer collaborations between communities. Not only will it provide professional development opportunities, the BES Industry Chapter will also serve as a convening platform for the industry to engage different stakeholders in the Singapore ecosystem more efficiently and effectively. I encourage BES and other medtech and healthcare stakeholders to seek out opportunities and to work together towards making an impact on global healthcare.

Conclusion

In closing, I would like to congratulate BES (Singapore) in embarking on another step towards supporting the medtech community with the launch of the BES Industry Chapter. Thank you.

[1] Source: EDB
[2] Medtech CAGR of 9% vs. Pharmaceuticals CAGR of 5-6%
[3] Source: EDB
[4] Source: EDB