SPEECH BY MR S ISWARAN, SENIOR MINISTER OF STATE FOR TRADE AND INDUSTRY AT THE OFFICIAL LAUNCH OF A-PULSE CASP® SOFTWARE BY HEALTHSTATS INTERNATIONAL, TUESDAY, 24 FEBRUARY 2009; 7:25PM AT CUIGINI RESTAURANT AND LOUNGE BAR

Dr Ting Choon Meng

Executive Chairman & CEO of HealthSTATS International;

Prof Bryan Williams

Professor of Medicine, University of LeicesterSchool of Medicine, UK;

Distinguished Guests;

Ladies and gentlemen;

Good evening.

I am pleased to join you this evening for the official launch of A-PULSE CASP® software – a groundbreaking software developed by a homegrown Singaporean company, HealthSTATS International. I extend my heartiest congratulations to HealthSTATS on achieving yet another significant milestone coming in the wake of the company’s other revolutionary product - the BPro - a watch-like device which tracks 24-hour blood pressure pattern.

What underpins HealthSTATS’ success is its mindset and ability to challenge the status quo and long established processes. With HealthSTATS’ pioneering technology, branded as “EVBP” or evidence-based blood pressure, we can expect revolutionary changes to the way blood pressure is monitored and managed worldwide.

Together, these “Made in Singapore” products will have a tremendous impact in addressing the ever-increasing incidence of blood pressure-related diseases in the world. These innovative products are borne out of a resolute commitment to R&D, and a passion to provide an evidence-based approach for the treatment of blood pressure-related conditions.

Developing Singapore as Asia’s centre for medical technology innovation

Over the years, Singapore has made significant investments in the biomedical sector, putting in place a firm foundation and sound infrastructure.

Today, it is heartening to see that we are beginning to reap the fruits of our investments and labour. We have a strong track record in biomedical sciences manufacturing and R&D activities, and have witnessed breakthrough R&D achievements. We are widely recognised as a regional medical hub with a thriving ecosystem of cutting-edge medical technology companies.

Currently, we have over 25 companies with research centres in Singapore, including three corporate R&D laboratories run by Eli Lilly, GlaxoSmithKline and Novartis.

Singapore presents an ideal test-bed for medical companies to propagate their innovative ideas via a robust test-bedding infrastructure. We see a myriad of partnership opportunities between biomedical companies and public sector research institutes and public hospitals. Alliances with multinationals in pharmaceutical, healthcare and biotechnology are also widespread.

In fact, medical technology is an industry earmarked for rapid growth in Singapore as we work towards developing Singapore as a centre for medical technology innovation in Asia.

The industry registered strong growth in both manufacturing output and value-add at 18 per cent and 15 per cent respectively in 2007, accounting for over 7,300 jobs.

SMEs contribute positively to growing medical technology sector

The country’s growing medical technology sector would not be possible if not for our SMEs. They account for 48% of our GDP and employ 6 in 10 of our workers. They play a crucial role, not only in supporting large companies but also in helping to attract MNCs to invest in Singapore.

SMEs also play a critical role in our drive for innovation. There are tremendous economic and social returns when they successfully bring their R&D efforts from bench to market, or develop a breakthrough technology that places Singapore in the global marketplace.

Assisting SMEs during the downturn

In this current economic climate, the government has made provisions for a government-backed financing package to help SMEs ride out the slump. To support SMEs’ internationalisation efforts, we have introduced schemes to help develop the export competency of Singapore exporters with limited export knowledge.

Furthermore, to help build up the long-term capability of our SMEs, we recently introduced a $200 million package called BUILD, or Business Upgrading Initiatives for Long-term Development.The capability development programmes cover a wide range, including technology innovation and product development.

Conclusion

HealthSTATS has proven that it can continue to do well despite the current economic landscape. Its clear strategy and business model, focused on innovation and a deep-rooted commitment to R&D, provides a decisive competitive advantage.

I applaud HealthSTATS’ unstinting efforts in R&D, leading to its successful launch of a novel product today.Congratulations once again to HealthSTATS, and I hope that your success will be an inspiration for all of us.