Article preview reprinted from Medtech Insight - March 2010
The growth of markets within Asia is creating an enticing lure for medical device, pharmaceutical, and biomedical companies seeking to establish or enhance their presence in the region. Countries with large populations-and, in some cases, underserved medical needs for certain conditions-represent an opportunity to expand health care treatments. The government of Singapore is working hard to make sure foreign companies understand the island nation is very willing to offer that expertise and create an ideal location that could serve as a gateway to all of Asia. Read more ...
Singapore Offers Gateway to Asian Health Care Markets
Article preview reprinted from Medtech Insight - March 2010
The growth of markets within Asia is creating an enticing lure for medical device, pharmaceutical, and biomedical companies seeking to establish or enhance their presence in the region. Countries with large populations—and, in some cases, underserved medical needs for certain conditions—represent an opportunity to expand health care treatments. However, every country has its own set of rules and regulations for practicing medicine as well as business, and setting up an operation requires expertise. The government of Singapore is working hard to make sure foreign companies understand the island nation is very willing to offer that expertise and create an ideal location that could serve as a gateway to all of Asia.
Singapore is already home to a number of medical corporations that have set up manufacturing and regional headquarters in the country. The name-dropping list includes some of the largest US health care entities, including Baxter International Inc., Becton Dickinson & Co., Edwards Lifesciences Corp., Medtronic Inc., and Siemens Medical Instruments Pte. Ltd./Siemens AG (See Exhibit 1.) However, Singapore is not only actively working to increase the number of foreign companies in the country, but also the types of business activities that take place there. Although the region has a solid reputation for manufacturing, the Singapore Economic Development Board (EDB) is trying to elevate awareness of the country as a destination for the more creative aspects of the business, such as research and development that will lead to new products and therapies.
US University Program to Foster Innovation
In a recent interview, Beh Kian Teik, director of biomedical sciences for Singapore's EDB, told Medtech Insight the country's high education levels offer an attractive pool of research scientists and engineers (RSEs). The country is home to an estimated 28,600 RSEs, of which 20% have PhD degrees and 26% have Master's degrees. (See Exhibit 2.) And for the last decade, various government agencies and universities have been working to increase Singapore's viability as a location for foreign companies to establish or expand research and development (R&D) operations. The latest initiative in this area involves a landmark cooperative agreement with Stanford University and its Biodesign Program, which has a growing reputation for training students, fellows, and faculty in innovative biomedical technologies that fit current market needs.
The program has already produced a dozen start-up companies, including Kerberos Proximal Solutions Inc., co-founded by Stanford biodesign students in 2001. The company, which developed a cardiovascular device to remove blood clots, was acquired by FoxHollow Technologies Inc. for approximately $32 million in cash and stock in 2006 [200610131], prior to FoxHollow's acquisition by ev3 Inc. Other companies springing from participants in the university program include the orthopedic diagnostic company InnoSpine In purchased by Kyphon Inc. (now a division of Medtronic) in 2006, and iRhythm Technologies Inc., which received US Food & Drug Administration approval in 2009 for the Zio Patch, which helps detect and diagnose arrhythmias.
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