Questions about whether Singapore is getting bang for its buck in biotech arise from time to time. The chairman of the agency in charge issues a report card.
By Lim Chuan Poh, Published The Straits Times, 29 Jul 2017
On May 24, a local biotechnology company successfully raised US$33 million (S$44.8 million) through an initial public offering on the Taipei Exchange (TPEx), valuing the company at US$300 million.
This went largely unnoticed by most of Singapore, but caused ripples of excitement throughout the local biotech and research circles.
The company that listed on the TPEx was none other than a Singapore drug-development biotech, Aslan Pharmaceuticals, which develops therapies for cancer tumour types prevalent in Asia.
Drug development is a high-risk endeavour. The fact that a local biotech has achieved this level of market validation is certainly something for us to be proud of.
Perhaps this is what the Nobel laureate and A*Star (Agency for Science, Technology and Research) senior fellow, Dr Sydney Brenner, envisioned when he first visited Singapore in 1983, to advise the Government on what it would take for this young country to create a biotechnology industry.
Back then, Singapore's biomedical research was practically non-existent. The late Prime Minister Lee Kuan Yew asked Dr Brenner why Singapore should invest in biomedical sciences (BMS) and biotechnology infrastructure, noting that Singapore was a nation of technicians. Dr Brenner replied candidly: "Prime Minister, if you don't do something like this, you will remain a nation of technicians."
Following this conversation, the Government set up the Institute of Molecular and Cell Biology (IMCB), Singapore's first biomedical research institute, in 1985.
In three decades, Singapore has progressed from a humble "nation of technicians" to a leading biomedical hub, with BMS becoming the fourth pillar of the manufacturing sector.
Today, Singapore is home to more than 50 BMS manufacturing plants employing over 19,000 people, with a value add of $15 billion, just a shade behind the top sector, electronics.
In 2015, business expenditure on research and development (Berd) in BMS-related fields had grown by a compound annual growth rate of over 10 per cent in the last decade to reach a high of nearly $1 billion, and employs more than 2,100 researchers.
By Lim Chuan Poh, Published The Straits Times, 29 Jul 2017
On May 24, a local biotechnology company successfully raised US$33 million (S$44.8 million) through an initial public offering on the Taipei Exchange (TPEx), valuing the company at US$300 million.
This went largely unnoticed by most of Singapore, but caused ripples of excitement throughout the local biotech and research circles.
The company that listed on the TPEx was none other than a Singapore drug-development biotech, Aslan Pharmaceuticals, which develops therapies for cancer tumour types prevalent in Asia.
Drug development is a high-risk endeavour. The fact that a local biotech has achieved this level of market validation is certainly something for us to be proud of.
Perhaps this is what the Nobel laureate and A*Star (Agency for Science, Technology and Research) senior fellow, Dr Sydney Brenner, envisioned when he first visited Singapore in 1983, to advise the Government on what it would take for this young country to create a biotechnology industry.
Back then, Singapore's biomedical research was practically non-existent. The late Prime Minister Lee Kuan Yew asked Dr Brenner why Singapore should invest in biomedical sciences (BMS) and biotechnology infrastructure, noting that Singapore was a nation of technicians. Dr Brenner replied candidly: "Prime Minister, if you don't do something like this, you will remain a nation of technicians."
Following this conversation, the Government set up the Institute of Molecular and Cell Biology (IMCB), Singapore's first biomedical research institute, in 1985.
In three decades, Singapore has progressed from a humble "nation of technicians" to a leading biomedical hub, with BMS becoming the fourth pillar of the manufacturing sector.
Today, Singapore is home to more than 50 BMS manufacturing plants employing over 19,000 people, with a value add of $15 billion, just a shade behind the top sector, electronics.
In 2015, business expenditure on research and development (Berd) in BMS-related fields had grown by a compound annual growth rate of over 10 per cent in the last decade to reach a high of nearly $1 billion, and employs more than 2,100 researchers.
Adding to this rapid growth, albeit from a low base, is a crop of local biotech companies that has sprung up in recent years.
From 2010 to last year, at least 48 local drug-development and related biotechs have been incorporated, doubling that of the preceding decade (2000-2009). Singapore's biotech ecosystem is certainly headed in the right direction and appears to have reached an inflexion point.