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4IncubatingandInnovatingMedTechforImprovedHealthcareinSingaporeSingaporesMedTechindustryisadynamicsector withconsiderablelong-termgrowthpotentialBroadlyspeakingtheindustryencompassesthemanufacturingofmedicalanddiagnosticdevicesengineeringcomponentsandhealthcaretechnologiesalongsidecutting-edgeresearchconductedbyinstitutionsandorganisations–and thesectorsgrowth trajectoryover thepastdecadehasbeenoutstandingBackin2012SingaporesMedTechindustrysmanufacturingoutputstoodat$5billionFastforwardto2023andthatfigurehassurgedto$20billion–anincreaseoffourtimesin justtwelveyearsThisimpressivegrowthismirroredintheindustryscontributiontothenationseconomyIn2012itaccountedforonly17%ofSingaporestotalmanufacturingoutputof$288billionBy2023thatsharehadgrownasubstantial5%toatotalof$396billionmanufacturingoutputThesefigurespaintanoptimisticpictureofthesectorshealthandvitalitySingaporeisnowhometoover400MedTechcompaniesrangingfrompromisingstart-upstoestablishedmultinationalcorporations(MNCs)Togetherthesecompaniesemploymorethan16000skilledtechniciansandresearchersTheover35manufacturingplantsoperatedbyMNCshereareatestamenttoSingaporesinvestment-friendlyenvironmenthighlyskilledworkforceandrobustintellectualproperty(IP)protectionframeworkAdditionallymore than50 foreignMedTechcompanieshaveestablished theirregionalheadquartersinSingaporeand thenumberofresearchanddevelopment(R&D)centresexceeds25
