Biotech Investment. Singapore’s economy has grown by 7.9% in just the last year, with large government incentives aimed at boosting the country’s biotech industry. Last year, the government announced that it would increase its R&D budget to $8 billion over the next five years. Considered one of the world’s top innovative countries in biotechnology, Singapore ranked third after the United States and Denmark in Scientific American’s Annual Worldview 2012.
Singapore’s Advantages. Several factors, including significant government investment and cutting edge facilities such as Biopolis, have been responsible for attracting more biotech innovation. Also among the most favorable environments in Asia for outsourcing clinical trials, Singapore has a reputation for conducting high quality clinical research. According to the country’s industry association for businesses in the life sciences, BioSingapore, all of the top ten global bio-pharmaceutical companies have a presence in the country. As a result, there are several cutting edge technologies which have been developed such as stem cell research.
The Challenges. Many companies in Singapore continue to face significant challenges, ultimately limiting their ability for innovation and growth. Biotech start ups in particular reportedly have insufficient funds despite the government’s commitment to growing the industry. In addition to government funding, Singapore biotech companies may need to employ individuals with greater management and international marketing experience.
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