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Biomedical Sciences Companies Expanding in Asia Invested More Than US$500 Million in Singapore
Date:5/18/2009

ATLANTA, May 18 /PRNewswire-Asia/ -- Global biomedical sciences companies invested more than US$500 million in Singapore in the year 2008. This rides on Singapore's strong scientific fundamentals, with biomedical sciences R&D expenditure exceeding US$760 million in 2007.

The continued confidence in Singapore points to the city-state's attractive investment environment, as companies look to the fast growing Asian market to fuel their growth. As a leading bio-cluster in Asia, Singapore provides access to global talent, world-class scientific and clinical excellence, as well as excellent connectivity to key regional markets.

Mr. Yeoh Keat Chuan, Executive Director, Biomedical Sciences, Singapore Economic Development Board (EDB) said: "Singapore is aggressively positioning itself as a home for business, innovation and talent in Asia to be future- ready. Our efforts will enable companies based in Singapore to innovate and create value, thereby capturing the opportunities presented by Asia's growth."

Expanding Base of Research Investments

A growing base of more than 50 global pharmaceutical, biotechnology and medical technology companies are carrying out R&D in Singapore, alongside 30 public-sector research and medical institutes.

Bayer has committed US$13 million to carry out R&D in Singapore, starting with a US$2.3 million collaboration with the National University of Singapore (NUS) Yong Loo Lin School of Medicine to conduct translational cancer research, which includes profiling oncology drugs in an Asian context.

Schering-Plough opened a 30,000 square-foot Translational Medicine Research Centre (TMRC), which will support the company's global R&D programmes by focusing on biomarker discovery and development. Schering-Plough's TMRC will also be the company's focal point for non-invasive imaging for discovery research and early
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SOURCE Singapore Economic Development Board (EDB)
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