Page 8 - MedTech 2021
P. 8

                  SINGAPORE MEDTECH DIRECTORY 2020/2021
KEY DRIVERS OF GROWTH
 Infrastructure
Unlike other industries that see fast- changing trends, the MedTech industry has to cope with higher barriers of entry and longer incubation periods – from product development to adoption and commercialisation. In Singapore, the adoption barriers are lower as there are a lot of IT, electronics and software companies.
“We now have more infrastructure in place to support innovation, and medtech-specific intermediaries. These provide early-stage incubation support
and investments in MedTech startups, and enables them to fast-track the development and commercialisation of technologies,” said Mr Johnny Teo, Director for healthcare and biomedical at ESG.
Mr Abel Ang, Group Chief Executive of Advanced MedTech added that infrastructure in other areas such as Singapore’s “status as a global financial capital, the ease of doing business, and its growing prowess as a technology hub, especially in artificial intelligence, are big pluses”.
Public-Private
Collaboration
Government funding, academic expertise, a robust startup ecosystem, and cooperation by legacy institutions all help fuel the growth of Singapore’s MedTech industry.
For instance, the Diagnostics Development (DxD) Hub, formed in 2014 under the Diagnostics Development Hub Agency for Science, Technology and Research’s (A*Star) enterprise arm, has been speeding up the commercialisation of diagnostic technologies.
It brings together clinicians, researchers, entrepreneurs and industry professionals onto a common collaborative platform.
Singapore has been focusing its efforts to encourage partnerships between public healthcare clusters and MedTech startups or SMEs. Given that many major healthcare clusters have teams to accelerate clinical innovations, they serve as a platform for local MedTech companies to test out their product in a hospital setting, allowing the products to be better positioned for downstream commercialisation and eventual adoption.
In 2018, three public healthcare clusters in Singapore supported some 100 innovations.
  6




















































































   6   7   8   9   10