SPEECH BY MR S ISWARAN, SENIOR MINISTER OF STATE for TRADE & INDUSTRY AND EDUCATION AT THE LAUNCH OF PATIENT SUPPORT DEVELOPMENT CENTRE AND RESPIRATORY CARE TECHNICAL CENTRE IN HILL-ROM’s ASIA PACIFIC INNOVATION CENTRE ON TUESDAY, 13 APRIL 2010, 0940 HRS AT 1 YISHUN AVENUE 7

Mr John Greisch, President and CEO, Hill-Rom,

Distinguished Guests,

Ladies and Gentlemen,

Good morning.

Introduction

I am pleased to join you today for the official launch of Hill-Rom’s Patient Support Development Center (otherwise known as PSDC) and Respiratory Care Development Center (or RCDC).

Opportunities in Asia for the Global Healthcare Industry

Notwithstanding the recent economic downturn, the long term prospects for the global healthcare industry remain strong. A recent report by Frost and Sullivan shows that the global healthcare market ended 2009 with about US$1.06 trillion in revenues. This figure is expected to grow to US$1.3 trillion in 2012. The Asia-Pacific currently accounts for 24 percent of revenue. By 2015, the region is expected to contribute a significant 40 per cent of global healthcare revenues.Indeed, with its ageing population and rising affluence, Asia presents tremendous opportunities for global medical technology companies.

Singapore – Asian Hub for Healthcare and Research

More global healthcare companies than ever before are investing in new facilities or expanding existing ones in Asia.In 2008, leading medical technology (or MedTech) companies such as Hill-Rom had already recognised the need to leverage on opportunities in the region. This led to Hill-Rom establishing its Asia Pacific Innovation Centre in Singapore.The centre was Hill-Rom’s first Asian home base for new Hill-Rom teams focused on R&D for global applications of the company's various projects. Hill-Rom was able to tap on Singapore’s strategic location, talented workforce and test bedding infrastructure, and grow its pipeline of innovative products.Today, Hill-Rom will be expanding its activities even further. It will undertake full product development of patient support systems and respiratory care products with the establishment of these two new centres.

Many other MedTech companies have also made Singapore their home base in the region. As a leading market with sophisticated Asian healthcare consumers, Singapore is an ideal base for these companies to innovate and develop solutions for Asia and beyond. Indeed, the MedTech sector is now one of Singapore’s fastest-growing sectors, contributing more than S$3 billion in manufacturing output and employing about 8,300 people in Singapore.There is also strong potential to grow our capabilities in MedTech innovation even further by leveraging on our strong scientific, engineering and clinical capabilities.In November last year, A*STAR launched the Biomedical Engineering Programme (BEP) in collaboration with Boston’s Center for Integration of Medicine and Innovative Technology (CIMIT).These initiatives will bring together research scientists, engineers and clinicians to translate novel ideas and designs into viable and cost-effective healthcare solutions.

Nurturing Next-Generation Asian Medical Device Innovators

Apart from forging strategic research partnerships, Singapore is also building up the talent needed for the MedTech sector. Early this year, EDB and A*STAR jointly launched the Singapore-Stanford Biodesign program with Stanford University. Targeted at Singapore postgraduate students, it seeks to nurture the next generation of Asian medical device innovators.

In this regard, I am also pleased to announce yet another initiative that will further expand our talent pool in the MedTech sector. The Singapore Economic Development Board will be launching the Medtech Innovate, Design, Engineer for Asia in Singapore programme or in short, the Medtech IDEAS programme. In partnership with our MedTech industry, 150 training places will be set-aside to nurture multidisciplinary teams of engineers, voice-of-customer specialists and regulatory experts in Asian medical device innovation. These trainees will spend time at leading companies’ global headquarters as well as their Singapore-based R&D labs.

This approach of training Singaporeans in multidisciplinary teams at dual locations will allow companies to have access to a valuable supply of talent - talent that is familiar with global best practices in the MedTech design process as well as Asians’ unmet clinical needs. I look forward to seeing these teams playing key roles in developing medical technology innovations that will improve healthcare outcomes for patients in Asia and the rest of the world.

Conclusion

Indeed, Medtech companies based in Singapore have already made their mark in the global healthcare industry. For example, Hill-Rom’s Asia Pacific Innovation Centre developed the Respiratory Care’s Vest Airway Clearance System, which is now the first-of-its-kind medical device in respiratory care.As the Singapore government continues to invest in research areas and capabilities in the biomedical and healthcare sectors, I am confident that the MedTech sector in Singapore will grow even more strongly.

In closing, I would like to offer my warmest congratulations to the staff and management of Hill-Rom on the launch of the Patient Support Development Center (PSDC) and Respiratory Care Development Center (RCDC).I look forward to many years of successful partnership between Hill-Rom and Singapore. I wish you all the very best. Thank you.