1. The largest number of Singapore Medical Technology (MedTech) enterprises will be showcasing their innovations at MEDICA and COMPAMED, the world’s largest medical trade fair in Germany. The 41 company strong delegation is led by SPRING Singapore and International Enterprise (IE) Singapore, with the support of Singapore Manufacturing Federation (SMF) and the Singapore Precision Engineering & Tooling Association (SPETA). The companies will be housed together under a Singapore pavilion, themed, “Leading Asia in MedTech Innovations”.
2. Visitors to the Singapore pavilion will be able to appreciate the MedTech innovations and capabilities in both products and technologies from Singapore. At MEDICA, the latest innovations in medical devices, diagnostics and research will be represented by a mix of start-ups, small-medium enterprises (SMEs), research and tertiary institutes. At COMPAMED, Singapore’s advanced manufacturing firms will be showcasing their world-class development and manufacturing capabilities. In addition to the companies exhibiting at the tradeshow, for the first time, there will also be representatives from the healthcare attending the trade show, on the lookout for the latest standards and technology in medical care to sharpen Singapore’s efficiency and reputation in healthcare.
3. With over 450 partnerships opportunities facilitated in 2013, the number is set to increase, given the increasing focus on Asia. As the gateway city to the rest of the Asia Pacific, Singapore is poised to be in the centre of one of the fastest growing markets for MedTech. The region is currently valued at US$69 billion and is expected to grow further over the next 5 years. As the top ranked Asian country for intellectual property (IP) protection[1] and the leading hub for research and innovation in Asia[2], Singapore remains an attractive location for local MedTech firms to flourish and secure international partnerships to expand their business. Today, the medical technology sector is one of the fastest growing sectors in Singapore’s economy; the industry is worth S$4.3 billion and creates over 15,000 jobs. Singapore top ranked efficient healthcare system[3] further underscores the vibrancy of the entire medical sector.
4. Group Director for Industry Development at SPRING Singapore, Mrs Kee Ai Nah said, “The innovative medical solutions developed in Singapore have an international proposition that global players can incorporate in their domestic biomedical industry. Our participation in key international tradeshows such as MEDICA and COMPAMED enables our Singapore SMEs to gain international exposure, expand their business footprint and be valuable partners to global MedTech companies. With Asia-Pacific being one of the fastest growing MedTech markets and projected to occupy 30%[4] of the demand for global medical devices, we believe that global players will be able to find their ideal business partner in a Singapore-based MedTech enterprise to facilitate their expansion plans in Asia.”
Innovations in Singapore’s MedTech Industry*
5. Singapore’s Medtech innovations are world-class. With global demand for value-based healthcare on the rise, efficiency and accuracy in diagnostics are paramount. Innovative start-ups such as Endofotonics and HistoIndex are revolutionising the existing methodologies with their new products. Instead of extracting abnormal tissues for a biopsy, Endofotonics seeks to provide real-time, in-vivo diagnostics for gastro-intestinal cancer, eliminating the amount of guess work and time involved in the diagnosis of cancer. HistoIndex on the other hand, aims to replace existing stain-based imaging techniques with a revolutionary 3D multi-photon imaging system for more effective tissue diagnosis leading to better adapted treatments. Companies like HOPE Technik, WEB Biotechnology, Blue Amber and United BMEC are making their mark in the ‘smart monitoring’ segment, combining the latest in digital technology with healthcare to offer a higher standard of living for patients, while addressing pressing issues such as manpower shortages in the healthcare industry.
6. Singapore has also built up a strong MedTech manufacturing base to support the local and international MedTech companies anchored in Singapore. Combining high-value prototyping abilities with superior engineering capabilities, the advanced manufacturing firms also recognise the importance of international standards - most of the exhibiting enterprises at COMPAMED are ISO certified - to give global clients a peace of mind. The engineering firms are also able to offer market access in the region with manufacturing facilities in other parts of the Asia-Pacific. Singapore is also home to niche processes driven by technology. Advanced Materials Technologies is one of the few companies in the world with Powder Injection Moulding technology to work with metal and ceramic components. Sunningdale Technologies, Singapore’s largest manufacturer of precision plastic components, will showcase its new Liquid Silicone Rubber technology at the trade show. Singapore has also opened its S$7 million Material Centre of Innovation this year, focusing on material science, to help enterprises apply advanced synthetic materials for product development and push the boundaries of material technology development in Singapore.
Furthering International Opportunities for Singapore’s MedTech Industry
7. The Association of Medical Device Industry (AMDI) will also be participating in MEDICA this year. Supported by SPRING Singapore, the association was formed as the key representative body for the medical device industry in Singapore to offer business development services to support Singapore MedTech companies’ to meet global regulatory needs, ensure high industry standards and promote best practices. To further expand the opportunities available to the Singapore enterprises in the MedTech industry, the Association of Medical Device Industry (AMDI) Singapore will be signing a Memorandum of Understanding (MoU) with the German Hightech Industry Association (Spectaris) to facilitate technical cooperation and support to the member companies in both associations. The MoU also aims to support the advancement and growth of the industry by providing training opportunities to raise the standard of MedTech industry in both countries.
8. After the tradeshow, 16 enterprises will deepen their exposure in Europe. The delegates will travel to the award-winning cluster, the Freiburg HealthRegion, located in Southern Germany. Comprising hospitals, research institutes, clinical facilities, the visit to Freiburg HealthRegion will allow our local MedTech and healthcare companies to seek partners for clinical validation, co-development and knowledge sharing. There will also be an additional visit to Basel, Switzerland to explore opportunities with Swiss MedTech companies in areas of research and development, and technology development. Organised in partnership with PriceWaterhouseCoopers in Zurich and the Basel Area Economic Promotion, Singapore enterprises can learn more about the commercial opportunities available and network with Swiss biomedical companies as well as researchers from the University of Basel.
9. Earlier this year, SPRING Singapore had organised two other business mission trips to offer international market access opportunities to local MedTech companies. In May 2014, the MedTech SMEs who attended the German-Singaporean Business Forum (GSBF) in Munich, Germany, benefitted from the series of company visits, business matching and networking seminars to enhance collaborations with German mittelstands. SPRING Singapore also recently led 14 MedTech and Healthcare SMEs from 27-31 October, to the Cleveland Medical Innovation Summit in the U.S., to explore business and technology transfer opportunities and for them to stay updated on the latest MedTech trends and regulatory requirements in America.
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About SPRING Singapore
SPRING Singapore is an agency under the Ministry of Trade and Industry responsible for helping Singapore enterprises grow and building trust in Singapore products and services. As the enterprise development agency, SPRING works with partners to help enterprises in financing, capability and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING develops and promotes an internationally-recognised standards and quality assurance infrastructure.SPRING also oversees the safety of general consumer goods in Singapore. Please visit www.spring.gov.sgfor more information and news about SPRING Singapore.
About International Enterprise (IE) Singapore
International Enterprise (IE) Singapore is the government agency driving Singapore’s external economy. It spearheads the overseas growth of Singapore-based companies and promotes international trade. Its vision is a thriving business hub in Singapore with Globally Competitive Companies and leading international traders. IE Singapore attracts global commodities traders to establish their global or Asian home base in Singapore. Today, Singapore is a thriving trading hub with a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters. Through its Global Company Partnership and Market Readiness Assistance, IE Singapore also works with Singapore-based companies in their various stages of growth towards being globally competitive.
About MEDICA & COMPAMED
MEDICA is the world‘s largest medical marketplace annually organised in November in Düsseldorf. MEDICA is held from 12-15 November. Every year around 132,000 specialist visitors from over 120 countries meet and find out about innovations and trends in the medical sector. Over 4,600 exhibitors market their products, maintain contact with their customers and achieve new business perspectives. Held in parallel to MEDICA, COMPAMED is the leading international trade fair aimed at providing high tech solutions for medical technology, for the supplier industry of the medical technology sector. COMPAMED is held from the 12-14 November. The unique combination allows MEDICA and COMPAMED to represent the entire industry process chain and the full range of medical products, devices and instruments. For more information, please visit: http://www.medica-tradefair.com/ or www.compamed.de.
About The Association of Medical Device Industry (AMDI)
The Association of Medical Device Industry (Singapore) or AMDI was incorporated in January 2011. The AMDI serves as a key representative body for the medical device industry in Singapore. It aims to advocate good practices and promote high industry standards among the trade. For more information, please visit: http://www.amdi.org.sg
For media enquiries, please contact:
Mr Ngeow Shang Lin
Manager, Corporate Communications
SPRING Singapore
Direct: 6279 3184
Mobile: 9877 6305
*The individual companies are also available for interviews, kindly contact SPRING Singapore for further details.
[1]Global Competitiveness Report 2013, World Economic Forum
[2] Global Innovation Index 2014, INSEAD, Cornell University and Intellectual Property Organisation
[3]Bloomberg Visual Data 2014, Most Efficient Health Care: Countries
[4]Ernst & Young 2013, Pulse of the Industry Report
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