Speaking at the launch of the MedTech Hub on Thursday, Mr Lim said Singapore is well positioned to harness the growth opportunities in the sector.
He added that Singapore's medtech industry has grown significantly over the past decade.
The sector's manufacturing output grew from S$1.5 billion in 2000 to S$4.3 billion in 2011.
Singapore's medtech sector grew by 12 per cent last year, according to the Economic Survey of Singapore 2011.
The setting up of MedTech Hub at Tukang Innovation Park will help to attract more medtech companies to Singapore, Mr Lim said.
Developed by JTC Corporation, the 7.4 hectare MedTech Hub will host an integrated ecosystem of local and international medtech companies, including manufacturers, suppliers, service providers and shared utilities, all in one location.
At the launch ceremony, Biosensors International Group signed an agreement with JTC, making it the first medtech company to lease land at the MedTech Hub.
Biosensors will lease 12,000 square metres of land to build a facility for the manufacturing of drug-eluting stents and other medical devices.
Medtech companies in Singapore currently provides 9,000 jobs, which represent over 60 per cent of the total number of jobs in the biomedical sciences cluster.
Mr Lim says the global medtech industry is expected to grow at a rate of 10 per cent per annum.
Today, it accounts for about S$423 billion in annual revenues, with the Asia Pacific region making up a quarter of global market share by 2012.
No comments:
Post a Comment