Singapore’s biomedical industry has been enjoying strong growth in the recent years, propelled by rapid developments in biomedical sciences which drives up its manufacturing outputs.
For the whole of 2010, Singapore's biomedical sciences manufacturing output rose to $21 billion and it aims to hit a manufacturing output of $25 billion by 2015.
This industry growth is set to escalate as major leading pharmaceutical, biotechnology and medical device companies continue to establish operations or expand their scope of activities here. In the next decade, we will continue to grow the biomedical sciences sector by strengthening our capabilities in translational and clinical research.
- In 2006, research and development spending in biomedical sciences reached US$760 million.
- In 2008, biomedical companies from all over the globe invested over US$500 million in Singapore.
- In 2009, the biomedical sciences sector contributed about 4% of Singapore's GDP and employed more than 16,000 individuals.
- 4,300 researchers carry out biomedical sciences R&D in more than 50 companies and 30 public sector institutes.