he Singapore government has identified Medical Technology (also commonly known as MedTech) as a key sector within the biomedical sciences industry for development. With the existing capabilities in engineering, manufacturing and biomedical sciences, Singapore is well placed to nurture a thriving MedTech sector in further boosting the local economy.
The growth in MedTech will play an important role to cope with rising healthcare costs; an ageing population and increasing prevalence of chronic diseases. Significantly, the rise in consumerism also implies consumers are increasingly taking a proactive approach to personal health and demanding higher quality of care and lifestyle. Asia, with its growing economy and population, represents a major untapped market for MedTech companies. This provides an opportunity for forward-looking MedTech organisations to innovate and develop cost-effective solutions to address the region’s gaps in healthcare needs.
Being a part of Singapore Manufacturing Federation’s Medical Technology Industry Group, my team and I are committed and passionate to be a part of the ongoing journey to support a sustainable value-based healthcare system in Singapore. We hope to work with relevant partners in the MedTech Industry to maintain both affordability and quality of care while Singapore is making three transformational shifts to keep its healthcare system sustainable.
Our collaborative efforts to work with the government/government agencies, industry partners, professional trade associations and academic institutions progressively keep the MedTech Industry alive with country updates, trendy news and industry educational information. There are four proactive subcommittees of different focuses which has been keeping the MedTech Industry alive. These subcommittees come together as the Main Committee to meet the common objective of becoming ONE voice in representing the local MedTech Industry.
Though the journey has its challenges with limited resources, the collaborative efforts to build the better future for local MedTech Industry will remain. Going forward, we are determined to connect with member companies to uncover market opportunities; to shape policies with government stakeholders; to be a representative voice in the industry and to deliver value-added events and activities in building capabilities for member companies as key goals to keep the Medical Technology Industry alive.
Ms Margareta Laminto
Singapore Manufacturing Federation
Medical Technology Industry Group