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Singapore Reinforces Commitment to Life Sciences Industry Development

Strategic Insights

— 2 min read

Singapore has reaffirmed its dedication to establishing the life sciences as a key pillar of its economy, with a focus on nurturing local talent, attracting foreign expertise, and fostering a conducive regulatory environment. The country is investing in research institutions, promoting private R&D, and supporting start-ups through various initiatives. Speaking at the launch of Schering-Plough's expansion projects, Minister for Trade and Industry George Yeo emphasized the importance of this sector, stating that Singapore will provide resources, reorient its education system, and establish a Bio-ethics Advisory Committee to guide research and maintain standards.

Key Takeaways:

  • Singapore has committed to developing the life sciences industry as a long-term pillar of its economy, with a focus on nurturing local talent, attracting foreign expertise, and fostering a conducive regulatory environment.
  • The country is investing in research institutions, with continued investment in programs and the increase of the private R&D fund by one billion Singapore dollars (about 575 million U.S. dollars) to facilitate the establishment of corporate R&D centers in Singapore.
  • The government has also decided to seed the new venture capital industry with an additional one billion Singapore dollars (about 575 million U.S. dollars) and has set aside 25 million Singapore dollars (about 14.4 million U.S. dollars) for a Life Sciences Start-Up Competition Fund.
  • Schering-Plough's total investment in Singapore will reach 750 million U.S. dollars after the completion of the four facilities in mid-2002 to mid-2003.
  • The company's partnership with Singapore dates back to 1995, with the construction of a 260-million-U.S.-dollar manufacturing facility for its drug, Claritin, and a steroids plant.
  • The Bio-ethics Advisory Committee will be established to examine the legal, ethical, and social implications of life sciences research and provide policy recommendations to the country's Life Sciences Ministerial Committee.
  • Singapore Deputy Prime Minister Tony Tan will chair the Life Sciences Ministerial Committee.

Statistics:

  • 750 million U.S. dollars: Schering-Plough's total investment in Singapore after the completion of the four facilities.
  • 465 million-U.S.-dollar: The cost of Schering-Plough's expansion projects in Singapore.
  • 260 million U.S. dollars: The cost of the manufacturing facility for Claritin and the steroids plant in 1995.
  • 1995: The year Schering-Plough's partnership with Singapore began.
  • 2002-2003: The projected timeframe for the completion of the four facilities.
  • 200: The number of participants at the launch ceremony of Schering-Plough's expansion projects.

Sources:

  • Xinhua News Agency
  • COMTEX (http://www.comtexnews.com)

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