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Ministry of Trade and Industry
2. Speeches

Speech by SMS Low Yen Ling at the Life Science Incubator Elementum Laboratory Official Opening

10 February 2025

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Distinguished guests,

Ladies and gentlemen,

Introduction

  1. Good afternoon, everyone. I am delighted to join you for the official launch of Life Science Incubator’s (LSI) new laboratory here at Elementum. Congratulations on this significant milestone!

  2. First, I would like to commend LSI for their dedication and hard work in bringing this facility to life. This new space will be instrumental in driving research and innovation across the biotech, medtech, and foodtech sectors.

Singapore: A Global Leader in Biomedical Sciences

  1. Singapore’s biomedical sector has always been a cornerstone of our economy, driven by forward-thinking policies and sustained investment in research, innovation, and infrastructure. From biopharmaceutical manufacturing to medtech, our diverse ecosystem continues to grow in strength, depth and also sophistication.

    1. In 2022, Singapore’s biopharmaceutical sector produced more than S$19 billion worth of products for global markets.

    2. The biopharmaceutical sector already employs more than 9,000 people, and this number is expected to grow as more companies and institutions establish their presence here.

  2. Looking ahead, we must continue to foster an environment that nurtures innovation, facilitates collaboration, and accelerates the translation of research into tangible solutions. This will drive economic growth for Singapore and improve lives globally.

Advancing Innovation, Powering the Future

  1. Singapore has made strategic investments to position ourselves as a thriving hub for R&D and innovation.

    1. Under the Research, Innovation, and Enterprise (RIE) 2025 Plan, the government has committed 1% of our GDP, or S$28 billion, from 2021 to 2025, to growing our knowledge-based and innovation-driven economy.

    2. Our strategy addresses global challenges, unlocking new growth opportunities and aligning research and development efforts with national strengths, interests, and needs.

    3. We actively foster collaboration between our public research agencies, multinational corporations, and startups, to address and develop solutions to complex challenges.

  2. Singapore remains committed to developing world-class infrastructure that supports cutting-edge research. JTC’s one-north business park, home to LSI’s new facility, exemplifies this vision. Designed as an R&D hub, one-north brings together a dynamic ecosystem of established firms, startups, and academic talent. LSI’s new co-working lab adds more than 2,000 square metres of fitted-out labs and collaboration spaces to this ecosystem, further strengthening one-north’s role in Singapore’s research and innovation landscape.

The Importance of Co-working Laboratories

  1. Co-working laboratory spaces offer flexible, shared environments where startups, researchers, and small-to-medium enterprises can innovate, collaborate, and grow.

    1. By providing affordable access to state-of-the-art technology and infrastructure, co-working labs help startups allocate more resources to R&D.

    2. Co-working labs also foster interdisciplinary collaboration by bringing together startups from diverse fields within the life sciences. They enable researchers to share findings, exchange insights and explore potential joint projects, driving innovation through cross-disciplinary partnerships. This is where innovation happens.

  2. Today’s launch embodies the spirit of collaboration. LSI’s new facility in Elementum fosters an environment where researchers and companies can share resources, expertise and ideas. This cross-pollination accelerates innovation, enabling breakthrough discoveries to reach the market faster.

LSI’s Contributions to the Life Sciences Community

  1. Since opening their first laboratory in Singapore at the German Centre in 2021, LSI has supported over 35 startups and businesses.

    1. Regular LSI-organised events provide a platform for member startups to exchange insights, showcase their research and highlight their achievements to the broader biomedical sciences community.

    2. Last year, LSI partnered with Enterprise Singapore to sponsor lab space for two winners in the Health and Biomedical category of SLINGSHOT, Enterprise Singapore’s flagship deep tech startup pitching competition that connects entrepreneurs with corporates, industry veterans and investors on a global stage.

  2. LSI has supported Singapore’s biomedical sciences ecosystem by nurturing startups, incubating successful firms that have gone on to secure significant funding, and attracting talent, ideas, and investments.

  3. With this new facility, I am confident that LSI’s journey will continue to inspire breakthroughs, and I look forward to the exciting developments that will emerge from this space.

Conclusion

  1. In closing, congratulations to everyone at LSI. As we continue to invest in and grow Singapore’s life sciences sector, I encourage all of you to make full use of this new space, collaborate, and push the boundaries of innovation. Together, we will ensure Singapore remains at the forefront of global biomedical sciences research and innovation.

  2. Thank you, and I wish you all an inspiring day ahead.

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