Record Number of Singapore Companies Exhibit at Medica
International Enterprise (IE), a Singaporean government agency, has released a six point list of why Singapore is a preferred sourcing location for medical technology. A record number of companies are exhibiting at Medica and Compamed in 2013.
The list—which includes details of advcances such as artificial cell membranes to help drug discovery, ultrasound robots for prostate biopsy, one-man controlled hospital equipment; and a wearable artificial kidney offering dialysis-on-the-go—is as follows.
1. Asia is the fastest growing market for the biomedical sciences industry. Increasing affluence and ageing populations in the region are spurring the demand for medical devices, from contact lenses to catheters. Driven by Asia’s growth potential, global medical technology (MedTech) companies have ventured east to research and develop products tailored to the region’s needs.
2. Singapore has established itself as the base for global MedTech companies to manufacture products for Asia and beyond. The city-state is well-connected to key growth markets such as China and India, and is Asia’s top country for intellectual property (IP) protection1. Singapore has been a successful partner to MedTech majors such as CIBA Vision, Edwards Lifesciences, Medtronic and others, who now have a presence in Singapore. In 2012, Singapore produced 2.6 billion euros worth of MedTech products for the global market.
1 Source: World Economic Forum, Global Competitiveness Report 2013
3. Today, Singapore’s precision engineering industry provides the back-bone of manufacturing support for the MedTech sector’s requirements, meeting the highest industry standards of precision machining and stamping, clean-room molding and assembly. Singapore companies’ capabilities range from custom components through complete unit manufacturing and services, as well as early product development in design and research.
4. Riding on the trend of increased MedTech innovation in Asia, Singapore has produced local companies which are successful in their respective domains. Inventions from these companies have helped to address pertinent gaps in the industry. These include: artificial cell membranes that can speed up drug discovery processes; an ultrasound robot to provide higher accuracy and lower risk prostate biopsy; one-man controlled hospital equipment; and a wearable artificial kidney offering dialysis-on-the-go for patients with advanced renal failure.
5. 24 companies are exhibiting their innovative products and solutions under the “Singapore Manufacturing Federation” pavilion in hall 16, stand B59 and A67, at Medica in Düsseldorf fairgrounds from November 20-23, 2013.
6. 10 companies are also exhibiting their manufacturing capabilities under the “Singapore Precision Engineering & Tooling Association” pavilion in hall 8a, stands G13, F13, and F09, at Compamed at the same location on November 20-22, 2013.