Distinguished guests,

 

Ladies and gentlemen,

 

1. Good afternoon. It is my pleasure to join you today at the official opening of A*STAR’s MedTech Catapult initiative.

 

2. Since March last year when I announced this initiative at MTI’s Committee of Supply debate, the teams have been working hard to bring together product owners and manufacturers, to kickstart the development of new MedTech products. Today’s event will unveil the good work done as part of this initiative, and showcase some of the promising partnerships that have been forged these past months.

 

Singapore’s MedTech Landscape and Growth Outlook

 

3. The MedTech sector is an important growth sector for Singapore on several counts.

 

a. First, it brings good economic outcomes. Today, we have a well-established base of more than 400 MedTech companies, which collectively employ over 17,000 people. The global top 30 multinational MedTech companies, such as Medtronic and Becton Dickinson, have all set up operations here.

 

b. Second, the sector demonstrates how Singapore can punch above our weight despite our small size. We have outsized influence in the manufacturing of high-end medical products – one in ten of the world’s contact lenses are Made-in-Singapore, and so are one in five of cardiac-related implants used worldwide.

 

4. The good news is that we expect the MedTech sector to continue growing.

 

a. Globally, the surge in AI-driven innovations will continue to drive advancements in various MedTech domains – from business operations, diagnostics, to treatment processes.

 

b. Regionally, with a booming middle-class population in Asia and rising consumer demand for quality healthcare, the sector is projected to grow from US$164 billion today to over US$225 billion by 2030 just in Asia alone, according to EDB’s estimates.

 

c. Singapore is well poised to tap new growth opportunities from this boom, and maintain our leadership position.

 

The Role of MedTech Catapult in our Growth Strategy

 

5. To achieve this, one of our key strategies is to sustain Singapore’s status as a hub for end-to-end development of MedTech products.

 

a. For a sector like MedTech where speed-to-market is key, companies need an environment that allows for strong synergy between their R&D and manufacturing arms. Doing this well would mean a shorter time from concept to commercialisation, and companies can respond more quickly to market demands.

 

b. Singapore takes pride in our ability to provide such an environment, with our strong manufacturing base and a world-class R&D ecosystem. Today, 70% of our MedTech manufacturers already conduct R&D locally.

 

6. We want to continue being that innovation hub for MedTech, not just for the bigger players, but also for our local contract manufacturers – the likes of Fong’s Engineering and Manufacturing and Sunningdale Tech – who support the bigger companies.

 

a. Thus far, our local manufacturers have done well in carving out a competitive niche for themselves. But we cannot afford to rest on our laurels, given how fast tech developments are progressing.

 

b. To stay relevant and competitive, it is important for these firms to constantly upgrade their product offerings. This would require them to develop R&D capabilities, which many do not have today for various reasons – lean teams, or limited access to resources.

 

7. This is the gap that MedTech Catapult serves to plug, by being the first in Southeast Asia to empower our manufacturers to partake in the R&D of new medical devices and life science tools.

 

a. As part of the initiative, MedTech Catapult will connect product owners and contract manufacturers, identify high-value project ideas and translate these ideas into commercial products. The aim is to provide the design and development expertise, as well as networks that companies need to successfully launch their products into the market.

 

b. Several of our companies are already on board this initiative, such as Castomize, a spin-off from the Singapore University of Technology and Design that develops remouldable casts. MedTech Catapult will support Castomize in redesigning the manufacturing process for the company’s new generation product, so that production can be scaled to meet growing market demand.

 

c. Besides Castomize, at least 10 companies have applied to be part of MedTech Catapult, and I was told there are 5 other projects currently in the pipeline. I look forward to learning more about them during the tour later.

 

8. It is heartening to see the promising participation rate at such an early stage, and we want to ride on the momentum to bring onboard more partners. Our hope is for MedTech Catapult to eventually grow into Singapore’s go-to national product development house for medical devices and life science instruments to support the R&D efforts in the MedTech sector.

 

a. To this end, MedTech Catapult has collaborated with several agencies – including MTI, A*STAR, EnterpriseSG and EDB – and worked with the Singapore Precision Engineering and Technology Association, or SPETA in short, to develop a Local Supplier and Contract Manufacturer Directory.

 

b. The directory provides a snapshot of local capabilities in MedTech manufacturing and serves as a useful resource for industry players to connect with potential local partners for their manufacturing needs.

 

c. This way, we tap the collective expertise of our MedTech players, and can better develop solutions to move the sector forward.

 

Continued Efforts in Sustaining a Skilled Workforce and an Innovation-friendly Regulatory Environment

 

9. I have spoken at length about how MedTech Catapult can help our companies grow through innovation, but this initiative on its own will not suffice.

 

a. As I mentioned earlier in my speech, our MedTech sector is where it is today because of the vibrant ecosystem we have developed over the years to support innovation.

 

b. Besides the strong partnerships between our foreign MNCs and local firms, which MedTech Catapult will help to strengthen further, we also pride ourselves on the skilled workforce we have, and the favourable business environment we offer.

 

10. On our part, we will continue to equip our workforce with the skills required to support the sector’s growth. Programmes such as A*STAR’s Singapore Biodesign have trained over 2,000 professionals, and many go on to take up roles in the health and MedTech innovation scene – ranging from clinician innovators to co-founders of health and MedTech firms. In fact, some may well be part of the next project that MedTech Catapult is supporting.

 

11. We will also ensure our overall business environment stays favourable for MedTech companies looking to grow in this region.

 

a. This includes maintaining a world-class intellectual property regime, to offer the necessary protection for companies engaging in innovation.

 

b. Of course, we will also stay connected to our partners in Asia, so that we continue serving as the gateway to the region, where there is a growing consumer market base to tap on.

 

Conclusion

 

12. In closing, opportunities abound for the MedTech sector in Singapore. Having been in a related field in my previous career, I saw for myself how the sector has grown, thanks to your bold and entrepreneurial pioneers. Now, the sector is at the cusp of a new growth wave, and it is our chance to make the most out of what we can. MedTech Catapult is a good step towards this direction. I encourage all stakeholders to leverage this initiative – both to turn promising ideas into actual products, and to catapult Singapore towards a global hub for MedTech excellence.

 

13. Here’s to more impactful partnerships and continued growth. Thank you.