In the global biomedical innovation landscape, Singapore is attracting global attention with its unique innovation ecosystem and strong development momentum. This report is based on the development status of Singapore’s biopharmaceutical industry in 2024. Through systematic data collection and analysis, it provides in-depth insights and decision-making reference for biopharmaceutical companies interested in entering the Singapore market.
The research method adopts an analytical framework that combines quantitative and qualitative methods. The quantitative analysis is mainly based on the latest statistical data released by official organizations such as the Singapore Economic Development Board (EDB) and the Agency for Science, Technology and Research (A*STAR), combined with market research reports from international consulting organizations such as Bloomberg and Frost & Sullivan. Qualitative analysis was completed through in-depth interviews with more than 30 industry experts and case studies of 50 typical companies. The research period covers the fourth quarter of 2023 to the third quarter of 2024 to ensure the timeliness and representativeness of the data.
Panoramic view of Singapore’s biomedical innovation ecosystem
In-depth analysis shows that Singapore’s biomedical innovation ecosystem exhibits four core characteristics: First, innovation elements are highly concentrated. As of the third quarter of 2024, Singapore’s biomedical R&D talent density ranks first in the Asia-Pacific, with the number of scientific researchers per 10,000 people reaching 87, an increase of 15% from 2023. Secondly, there is deep integration of industry, academia and research. At present, an innovative layout of “one district, multiple parks” with Jurong Innovation District as the core has been formed, bringing together more than 400 biopharmaceutical companies and more than 50 research institutions. Third, policy support is unprecedented. The Research, Innovation and Enterprise 2025 Plan (RIE2025) has earmarked approximately S$4 billion to support biomedical innovation. Finally, the degree of internationalization is leading. The top 20 multinational pharmaceutical companies in the world have established new R&D centers, and the international cooperation network covers more than 40 countries and regions.
The latest statistics show that Singapore’s biopharmaceutical industry will show significant growth in 2024. In terms of industrial scale, the output value of the biopharmaceutical manufacturing industry reached S$38.2 billion, a year-on-year increase of 18.3%, accounting for 24.5% of the total manufacturing output value. In terms of innovation investment, the industry-wide R&D expenditure reached S$5.2 billion, of which enterprise R&D investment accounted for more than 65% for the first time.
In terms of innovation output, in the first three quarters of 2024, the number of patent applications in Singapore’s biomedical field reached 2,830, a year-on-year increase of 22%; among which, the number of PCT international patent applications increased significantly, reaching 865. Clinical trial activity continues to increase, with the number of ongoing projects reaching 428, including 76 phase III clinical trials, an increase of 15 compared with 2023. It is particularly noteworthy that the number of innovative drug pipelines developed locally in Singapore has reached 143, including 29 projects in late clinical stages, showing strong innovation potential.
The performance of the capital market was equally impressive. In the first three quarters of 2024, venture capital investment in Singapore’s biopharmaceutical field reached S$1.58 billion. Although it was slightly lower than the full year of 2023, the investment structure has become more reasonable, and the proportion of late-stage financing has increased significantly. The market value of the biotech sector on the Singapore Exchange (SGX) exceeded S$28 billion, and the number of listed companies increased to 32, including 5 new companies listed in 2024.
The talent agglomeration effect has further emerged. As of the third quarter of 2024, the number of direct employment in the industry will reach 25,800, of which R&D personnel account for 38.5%. It is worth noting that the proportion of talents with a master’s degree or above has reached 42%, an increase of 3 percentage points from 2023, and the talent structure continues to be optimized. The introduction of international talents has been stepped up, and the number of high-end biomedical talents introduced through the Tech.Pass program has reached 580, injecting new vitality into industrial innovation.
Infrastructure construction continues to improve. In 2024, the area of new biomedical research and development laboratories will be 125,000 square meters, and the coverage rate of professional service institutions will increase to 92%. Especially in cutting-edge fields such as precision medicine and cell therapy, breakthrough progress has been made in the construction of professional R&D platforms, providing strong support for innovative R&D.
The international cooperation network continues to expand. There will be 86 newly signed international research and development cooperation agreements in 2024, covering many fields such as new drug research and development, clinical trials, and talent training. Strategic cooperation with biomedical innovation hubs such as the United States, the European Union, and Japan has further deepened, and in-depth cooperation models such as co-building laboratories and joint research and development have become increasingly common.
These key data fully demonstrate the vitality and potential of Singapore’s biomedical innovation ecosystem, laying the foundation for subsequent in-depth analysis of the innovation capabilities in each segment. At the same time, these data also provide an important reference for companies to formulate market entry strategies.
Analysis of Singapore Biomedical Innovation Index
2.1 Dimension of innovation investment
Singapore’s innovation investment in the field of biomedicine is characterized by diversification and high intensity. In terms of R&D investment, the R&D intensity in the biomedical field (the proportion of R&D investment in total industry output value) will reach 12.8% in 2024, an increase of 1.2 percentage points from 2023, ranking among the top in the Asia-Pacific region. In terms of corporate R&D investment, local companies such as Tessa Therapeutics, ASLAN Pharmaceuticals and other leading companies have annual R&D investments of more than S$200 million, and R&D investment generally accounts for more than 25% of revenue.
The government’s special fund support system is complete. The Singapore government has set up a special fund of S$4 billion for biomedical innovation through the RIE2025 plan, focusing on supporting the research and development and transformation of cutting-edge technologies. Among them, the field of cell and gene therapy received special support of S$800 million, and precision medicine projects received S$600 million in support. At the same time, the Enterprise Development Grant Scheme (EDG) launched by Enterprise Singapore provides subsidies of up to 70% of R&D expenses for small and medium-sized biopharmaceutical companies.
The activity of the venture capital market continues to increase. In the first three quarters of 2024, a total of 84 venture capital transactions were completed in Singapore’s biomedical field, totaling S$1.58 billion. From the perspective of investment stage, Series A financing accounts for 32%, Series B accounts for 28%, Series C and subsequent rounds account for 25%, and seed rounds account for 15%, showing a reasonable gradient distribution. It is worth noting that local venture capital institutions such as Temasek Holdings and EDBI are active in the field of biomedical investment, driving the accelerated deployment of international capital.
Investment in R&D infrastructure has been increased. Singapore will invest S$1.8 billion in biomedical R&D infrastructure in 2024, mainly for building advanced R&D platforms and upgrading existing facilities. At present, Singapore has built Asia’s largest cell and gene therapy R&D and manufacturing center, equipped with complete GMP production lines and quality control facilities. In addition, the instrument and equipment update rate of the institutes affiliated to the Agency for Science, Technology and Research (A*STAR) remains above 20%, ensuring that R&D facilities remain at the leading international level.
2. 2 Dimension of innovation output
Outstanding performance in patent application and authorization. In the first three quarters of 2024, the number of patent applications in Singapore’s biomedical field reached 2,830, of which invention patents accounted for 85.3%. From the perspective of patent quality, high-value patents (patent families covering more than 5 countries) accounted for 42%, and the patent technology conversion rate reached 35%, both reaching record highs. Especially in the fields of immunotherapy and targeted drugs, the patent layout is even more advantageous.
Academic influence continues to increase. In 2024, Singapore will publish 3,560 SCI papers in the field of biomedicine, of which 186 are highly cited papers (ranked in the top 1% of citations in the same field), an increase of 23% from 2023. The number of papers published by institutions such as the National University of Singapore and Nanyang Technological University in Cell, Nature, Science and other top journals has increased significantly, demonstrating their strong basic research strength.
The R&D pipeline of new drugs is becoming increasingly abundant. As of the third quarter of 2024, Singapore’s local biopharmaceutical companies have 143 new drug projects under development, covering key disease areas such as tumors, autoimmunity, and cardiovascular disease. Among them, 78 projects are in the preclinical research stage, 24 are in Phase I clinical trials, 12 are in Phase II clinical trials, and 29 are in Phase III clinical trials, showing a reasonable gradient distribution. Especially in the fields of cell therapy and antibody drugs, multiple innovative drugs have shown outstanding development prospects.
The launch of innovative drugs has achieved remarkable results. In the first three quarters of 2024, three innovative drugs developed locally in Singapore were approved for marketing, including one world-first innovative drug. Among the drugs under development, it is expected that 8-10 innovative drugs will complete registration applications in 2025. It is worth noting that innovative drugs developed in Singapore have obvious advantages in international market access. The average international market access time for marketed products is 30% shorter than that of other Asian countries.
2.3 Dimensions of innovation environment
Regulatory policies are leading in friendliness. The “Priority Review” and “Breakthrough Therapy Designation” mechanisms implemented by the Singapore Health Sciences Authority (HSA) have shortened the review time of innovative drugs to an average of 250 days, which is 40% faster than conventional review. At the same time, the implementation of the new version of the “Medical Law” has further optimized the clinical trial approval process, and the average approval time has been shortened to 30 working days. It is particularly worth mentioning that the “regulatory sandbox” mechanism established by HSA provides a flexible regulatory environment for the development of new treatment technologies.
The intellectual property protection system is complete. The “Patent Priority Program” launched by the Intellectual Property Office of Singapore (IPOS) has shortened the patent review cycle in the biomedical field to an average of 6 months. The newly revised Patent Law in 2024 further strengthens the patent protection period of innovative drugs and establishes a more complete patent linkage system. The intellectual property dispute resolution mechanism is efficient and the average mediation cycle only takes 3 months, providing a strong guarantee for innovative entities.
There is a high degree of openness to international cooperation. Singapore has established a mutual recognition mechanism for drug review with regulatory agencies such as the US FDA and the EU EMA, which has greatly improved the efficiency of international access for local innovative drugs. There will be 86 newly signed international R&D cooperation agreements in 2024, including 12 inter-governmental cooperation agreements and 74 inter-agency cooperation agreements. Especially in areas such as rare disease drug research and development and real-world research, international cooperation projects have increased significantly.
The efficiency of industry-university-research collaboration is outstanding. Singapore has established an industry-university-research collaborative innovation system with the “Jurong Innovation District” as the core, integrating the innovation resources of more than 400 companies, more than 50 research institutions and 8 universities. In 2024, the number of industry-university-research cooperation projects will reach 235, and the technology transformation rate will reach 35%. Especially in cutting-edge fields such as new antibody drugs and cell therapy, a complete innovation chain from basic research to industrialization has been formed. The industry-university-research collaborative innovation fund established by the government provides up to 80% of financial support for cooperative projects, effectively promoting the integration and sharing of innovative resources.
Taken together, the Singapore Biomedical Innovation Index shows strong strength in the three dimensions of innovation input, innovation output and innovation environment, especially in terms of policy support, internationalization level and industry-university-research collaboration efficiency. This multi-dimensional innovation advantage has laid a solid foundation for Singapore to build a global biomedical innovation center.
Segmentation Assessment of Core Competencies
Singapore’s R&D innovation capabilities have significant advantages in the Asia-Pacific region, which is mainly reflected in the systematic R&D layout and the efficiency of the innovation platform. In terms of the layout of local R&D centers, as of the third quarter of 2024, Singapore has formed an R&D innovation pattern with “one district and three belts” as the core. Among them, Jurong Innovation District, as the main innovation cluster, brings together more than 200 biomedical research and development institutions; Marina Bay Biomedical Belt focuses on translational medical research; Seletar Innovation Belt focuses on cell and gene therapy research and development; Tuas Biomanufacturing Belt It focuses on biopharmaceutical industrialization. This differentiated spatial layout effectively promotes the optimal allocation of innovative resources.
The construction of key laboratories has achieved remarkable results. Currently, Singapore has 15 national key laboratories, including 8 in the biomedical field, covering cutting-edge fields such as genomics, immunology, and stem cells. Of particular note is the newly built Translational Research Center for Cellular Immunotherapy in 2024, which is equipped with Asia’s most advanced CAR-T cell preparation platform and has an annual processing capacity of 1,000 cases, marking the advancement of Singapore’s R&D capabilities in the field of cell therapy. New level.
The innovation platform operates with excellent results. The open innovation platform system established in Singapore operates efficiently and mainly includes a biomedical research and development public service platform, a new drug screening platform and a preclinical evaluation platform. In 2024, these platforms will serve more than 300 companies and complete 865 technical service projects. The platform usage efficiency will increase by 25% compared with 2023. Among them, the hit rate of the new drug screening platform reaches an industry-leading 12%, significantly improving the efficiency of new drug research and development.
In terms of key technological breakthroughs, Singapore will make important progress in many fields in 2024. For example, in the field of mRNA vaccine technology, we have successfully developed a new delivery system, improving vaccine stability by 40%; in the development of antibody drugs, we have made a breakthrough in the development of an industrial preparation process for bispecific antibodies; in the development of artificial intelligence-assisted drugs In the field, it has developed an AI drug design platform with independent intellectual property rights, shortening the lead compound screening cycle by 50%.
Singapore’s clinical research strength will demonstrate all-round competitive advantages in 2024. The quantity and quality of clinical trials have remained at a high level. As of the third quarter of 2024, there are 428 clinical trial projects under development, including 76 phase III clinical trials, and international multi-center trials account for 65%. Especially in clinical trials in the fields of tumor immunotherapy and rare disease drugs, Singapore’s participation rate ranks among the best in the Asia-Pacific region.
Clinical center accreditation status is excellent. Currently, Singapore has 28 clinical research centers that have obtained ICH-GCP certification, of which 6 have obtained U.S. FDA certification and 8 have obtained EU EMA certification. Three new AAHRPP certification centers will be added in 2024, making Singapore the country with the most such certifications in Asia. These high-level certifications provide important guarantees for undertaking international clinical trials.
Patient recruitment efficiency has been significantly improved. Thanks to the comprehensive clinical trial patient database and efficient recruitment system, the recruitment speed of patients in Singapore’s clinical trials has increased by 35% compared with 2023. The average recruitment cycle has shortened to 45 days, well below the 90-day average in the Asia-Pacific region. Especially in rare disease clinical trials, recruitment efficiency has been improved more significantly through the regional alliance mechanism.
Leading data management capabilities. Singapore has established a unified clinical trial data management platform to achieve real-time collection, intelligent analysis and secure storage of clinical data. In 2024, the platform’s data processing efficiency will increase by 40%, and data quality will reach 99.9% accuracy. Especially in terms of real-world research, through in-depth cooperation with medical institutions, a clinical database covering 5 million people has been established, providing strong support for the clinical evaluation of innovative drugs.
Singapore has performed well in the transformation of biomedical innovation achievements, and the success rate of technology transformation continues to increase. The technology transformation rate in the biomedical field will reach 35% in 2024, an increase of 5 percentage points from 2023. Among them, the conversion rate of industry-university-research cooperation projects led by enterprises is even higher, reaching 42%. It is worth noting that in cutting-edge fields such as cell therapy, the transformation cycle has been shortened by an average of 6 months by establishing specialized technology transfer institutions.
Commercialization cycle analysis shows that the average cycle for Singapore’s biomedical innovation projects from laboratory to market is 6.2 years, which is 1.8 years shorter than the global average. This high efficiency is mainly due to three factors: first, a complete early evaluation mechanism to ensure that the project is commercially viable in the early stages of research and development; second, a professional pilot scale-up platform to accelerate process development and optimization; finally, flexible Licensing trading mechanism promotes rapid technology transfer.
Market access efficiency has obvious advantages. The average time from application to approval for marketing of innovative drugs in Singapore is 250 days, leading the world. Especially in the breakthrough innovative drug channel, the review time can be shortened to 180 days. In 2024, innovative drugs developed locally in Singapore will also achieve breakthroughs in international market access, with simultaneous registration applications in more than 6 countries and regions on average.
The effect of industrial clusters continues to increase. At present, Singapore has formed a complete industrial chain cluster covering R&D, clinical, production and sales. In the biomedical park, the number of collaborative innovation projects between enterprises has reached 165, an increase of 28% compared with 2023. The industrial supporting service system is complete, and the coverage rate of professional service institutions reaches 92%, including CRO, CDMO, intellectual property, investment and financing and other types of institutions, providing all-round support for the industrialization of innovative drugs.
What deserves special attention is that Singapore is building a “biomedical innovation corridor” and plans to form an industrial cluster with an annual output value of more than S$50 billion by 2025. By optimizing the layout of industrial space and improving the construction of supporting facilities, the effect of industrial agglomeration will be further strengthened. At the same time, an industrial investment fund has been established to provide financial support for the industrialization of innovative projects. It is expected that S$2.5 billion will be invested in the next three years to support the industrialization of local innovative drugs.
The continuous improvement of these core competitiveness has continuously enhanced Singapore’s position in the global biomedical innovation map. In particular, the coordinated advancement of the three key links of R&D innovation, clinical research and industrial transformation has laid a solid foundation for Singapore to build an international biomedical innovation highland.
In-depth analysis of innovation ecosystem
The main components of Singapore’s biomedical innovation ecosystem are diversified, forming an innovation network that promotes mutual promotion and collaborative development. Local biotechnology companies are developing rapidly. As of the third quarter of 2024, there will be 320 biotechnology companies above designated size, including 28 listed companies. In the segmented fields, companies in the cell therapy field accounted for 25%, antibody drug R&D companies accounted for 22%, small molecule innovative drug companies accounted for 20%, and companies in other fields accounted for 33%. In particular, leading local companies such as Tessa Therapeutics and ASLAN Pharmaceuticals have built a complete pipeline of innovative drug research and development, demonstrating strong innovation capabilities.
The layout of R&D centers of multinational pharmaceutical companies in Singapore continues to deepen. Currently, 25 of the world’s top 50 pharmaceutical companies have set up R&D centers in Singapore, 15 of which have established their Asia-Pacific R&D headquarters in Singapore. In 2024, the total R&D investment in these R&D centers will reach S$3.8 billion, a year-on-year increase of 15%. It is worth noting that the R&D centers of multinational pharmaceutical companies are increasingly carrying out in-depth cooperation with local innovation entities. In 2024, they will jointly carry out 185 R&D projects, an increase of 30% from 2023.
The innovation strength of scientific research institutes has been significantly enhanced. The biomedical disciplines of universities such as the National University of Singapore and Nanyang Technological University are among the top 50 in the world. The biomedical research institute group under the Agency for Science, Technology and Research (A*STAR) has produced a number of breakthrough results in fields such as immunology and genomics. In 2024, these scientific research institutes will publish 3.2% of the world’s highly cited papers in the field of biomedicine, and the number of patent authorizations will increase by 25% year-on-year.
New R&D organizations are flourishing. Singapore actively cultivates new R&D institutions, including market-oriented R&D institutions, industrial technology innovation alliances, etc. As of 2024, 12 new R&D institutions have been established. They adopt flexible operating mechanisms and effectively integrate industry-university-research resources. Especially in the field of cutting-edge technology, these institutions have demonstrated significant innovation vitality, producing an average of more than 15 transformable scientific and technological achievements every year.
The talent training system is increasingly improving. Singapore has built a multi-level biomedical talent training system, forming a complete talent training chain from undergraduate to postdoctoral. In 2024, there will be 15,000 students studying biomedicine-related majors, of which 40% are graduate students. It is particularly worth mentioning that the “Biomedical Talent Cultivation Program” implemented by Singapore invests S$300 million every year to support the training and introduction of high-level talents, with remarkable results. At the same time, an industrial talent training system has been established, with more than 5,000 technical personnel trained annually.
The financial support system continues to be optimized. Singapore has established a diversified biomedical innovation financing system, including government guidance funds, venture capital funds, technology credit and other methods. In 2024, the total venture capital investment in the biomedical field will reach S$1.58 billion, of which local capital will account for 55%. Especially in terms of early-stage project investment, we provide sufficient financial support to start-up enterprises by setting up special seed funds. At the same time, the biotechnology board launched by the Singapore Exchange (SGX) provides convenient financing channels for innovative companies.
The service supporting system is complete. Singapore has formed a professional service system covering all aspects of R&D services, clinical research, registration and application, and intellectual property rights. Currently, it has more than 200 professional service agencies, including 50 CRO companies, 30 CDMO companies, 40 intellectual property service agencies, etc. The service capabilities of these institutions have been continuously improved, with the service output value reaching S$2.5 billion in 2024, a year-on-year increase of 20%.
The international cooperation network is extensive. Singapore has established close cooperative relationships with major biomedical innovation countries and regions around the world. As of 2024, it has signed biomedical innovation cooperation agreements with 15 countries and participated in more than 300 international cooperation projects. Especially in the field of cutting-edge technologies, we will deepen innovation cooperation by establishing international joint laboratories and conducting talent exchanges. At the same time, Singapore actively participates in the formulation of international standards and has put forward a number of international standard recommendations in fields such as cell therapy and gene editing.
The chain from basic research to application transformation is smooth. Singapore has established a Guidance Fund for the Transformation of Scientific and Technological Achievements to focus on supporting the transformation of basic research results with industrialization prospects. In 2024, there will be 165 basic research results transformation projects, with a transformation rate of 35%. Especially in terms of the discovery of new targets and research on new mechanisms of action, a collaborative innovation mechanism between industry, academia and research has been established to accelerate the transformation of basic research results into applied research.
Efficient transition from preclinical to clinical studies. Singapore has a complete preclinical research platform and clinical research system, and the connection mechanism between the two operates well. In 2024, 48 projects will successfully complete the transition from preclinical to clinical research, with a success rate of 42%. Especially in the field of innovative drug development, R&D efficiency has been significantly improved by establishing a seamless docking mechanism for preclinical evaluation and clinical trials.
Coordinated advancement from manufacturing to market access. Singapore has obvious advantages in the back-end links of the biopharmaceutical industry chain, and has established a production and manufacturing system that meets international standards and an efficient market access mechanism. In 2024, 12 new GMP certified production lines will be added, and the market access review time will be further shortened. Especially in the fields of biosimilars, cell therapy products, etc., a rapid review channel from production to market has been formed.
The full-cycle service support system is complete. Singapore provides full life cycle service support for biomedical innovation, including project incubation, technical services, commercialization consulting and other aspects. In 2024, the service support system will cover a total of 580 innovative projects, with service satisfaction reaching 92%. Especially in the early stages of innovation projects, we provide one-stop services to help innovative entities quickly start R&D activities.
It is emphasized that Singapore is implementing the “Biomedical Innovation Ecosystem Upgrade Plan” and plans to invest S$5 billion in the next three years to further improve the innovation ecosystem. Key points include: strengthening the cultivation of innovative entities, optimizing the construction of support systems, and improving the synergy of the innovation chain. These measures will further enhance the international competitiveness of Singapore’s biomedical innovation ecosystem.
Through the coordinated development of three dimensions: innovation entities, support systems and innovation chains, Singapore has formed a dynamic biomedical innovation ecosystem. The continuous optimization and improvement of this system will provide strong support for the innovative development of Singapore’s biomedical industry.
In-depth analysis of benchmark cases
The growth process of Tessa Therapeutics can be regarded as a model for the development of local innovative pharmaceutical companies in Singapore. Since its establishment in 2012, the company has focused on the field of cell therapy and has embarked on a unique development path. In terms of technological innovation strategy, Tessa adopts a “two-wheel drive” model. On the one hand, it deeply develops CAR-T cell therapy technology, and on the other hand, it deploys virus-specific T cell therapy, forming complementary technical advantages. By 2024, the company has established eight innovation pipelines, three of which have entered clinical phase III, with a market valuation of more than US$1.5 billion.
What’s special is Tessa’s financing strategy. The company adopts a staged and multi-channel financing method, from early angel investment and venture capital to later strategic investment and IPO, with cumulative financing exceeding US$500 million. In 2024, the company was successfully listed on Nasdaq, becoming a benchmark for the international development of Singaporean biotechnology companies. In terms of talent strategy, Tessa uses flexible mechanisms such as equity incentives and technology shares to attract and retain core R&D talents. The size of the R&D team has grown from 15 people in the early days to 280 people now, of which 45% have a doctorate or above.
The operating model of Roche Innovation Center Singapore represents a new trend in the innovation layout of multinational pharmaceutical companies in the Asia-Pacific region. The center was upgraded and expanded in 2020, adopting the operation strategy of “open innovation + local cultivation”. In terms of innovation, it focuses on the three major areas of artificial intelligence drug research and development, precision medicine and digital medicine, with annual R&D investment reaching S$450 million.
The center has established a unique “innovation ecosystem” model and carries out in-depth cooperation with local scientific research institutions and start-ups through the establishment of open laboratories and joint R&D funds. In 2024, the center will run a total of 32 cooperation projects and incubate 15 local innovation projects. Especially in the field of digital health, the AI-assisted diagnosis system jointly developed with the Singapore Agency for Science, Technology and Research (A*STAR) has been clinically applied in many Southeast Asian countries.
The Singapore Immunology Innovation Alliance (SIIA) is a successful example of collaborative innovation between industry, academia and research. The alliance was established in 2022 and is jointly established by the National University of Singapore, the Singapore Immunization Network (SIgN), 5 local companies and 3 multinational pharmaceutical companies. The alliance adopts the operating mechanism of “co-construction, sharing, and win-win” to build an innovative ecosystem around the development of immunotherapy drugs.
Through the establishment of joint laboratories, shared scientific research facilities, talent exchange and other mechanisms, the alliance has successfully promoted a number of major projects. Among them, the research and development project of new monoclonal antibody drugs targeting specific immune diseases in Asia only took 18 months from target confirmation to preclinical research, which is much faster than the industry average. In 2024, the alliance has generated 42 patent applications, trained 85 high-level talents, and conducted 28 technology transformation projects, demonstrating strong innovation vitality.
The construction experience of the Singapore Biomedical Open Innovation Platform (SBOIP) has important reference value. The platform will start construction in 2021, adopting the construction model of “government guidance, market operation, and multi-party participation”, and is committed to creating a public service platform for biomedical innovation.
The platform construction is promoted in three phases: the first phase (2021-2022) focuses on building infrastructure, including core facilities such as high-throughput screening centers and bioinformatics analysis centers; the second phase (2023) improves the service system and establishes standardization technical service process; the third phase (2024) improves operational efficiency and achieves sustainable development. By the end of 2024, the platform will have served more than 200 innovative entities, completed 465 technical service projects, and the platform usage rate will reach 85%.
The successful operation of the platform benefits from several key factors: first, it establishes a market-oriented operating mechanism to achieve balance of payments through service charges, technology licensing, etc.; second, it implements membership management and provides services based on the needs of different types of innovative entities. Differentiated services; thirdly, a professional operations team has been established to ensure service quality and efficiency; finally, we focus on cooperation with international advanced platforms to continuously improve service capabilities.
Particularly worth mentioning is the platform’s intellectual property management model. The platform adopts a “shared patent pool” mechanism, so that all parties involved can fairly obtain and use intellectual property rights, and at the same time encourage innovation through a revenue sharing mechanism. In 2024, the platform facilitated 86 patent licensing transactions, creating intellectual property income of S$280 million, bringing substantial benefits to all parties involved.
The successful experience of these benchmark cases shows that whether it is corporate innovation, institutional cooperation, or platform construction, it is necessary to establish a flexible and efficient operating mechanism, focus on multi-party collaboration, and continue to optimize the innovation ecosystem. These experiences have important enlightenment and reference significance for the development of other innovative entities. At the same time, these cases also demonstrate the vitality and potential of Singapore’s biomedical innovation system and provide useful references for future development.
Benchmarking regional competitiveness
Benchmarking analysis between Singapore and major biomedical innovation centers in the Asia-Pacific region such as Tokyo, Seoul, and Shanghai shows a unique competitive landscape. In terms of innovation investment, Singapore’s biomedical R&D investment will reach 8.2 billion Singapore dollars in 2024. Although the total amount is lower than Tokyo (approximately 21 billion Singapore dollars) and Shanghai (approximately 18 billion Singapore dollars), per capita R&D investment ranks first in the Asia-Pacific First place in the district. In terms of innovation output, the number of highly cited papers in Singapore’s biomedical field accounts for 3.2% of the world’s total, the number of patent authorizations increased by 25% year-on-year, and the transformation efficiency is better than other innovation centers in the region.
It is particularly noteworthy that Singapore shows clear advantages in certain segments. For example, in terms of cell therapy R&D, Singapore has 15 clinical-stage projects, second only to Tokyo and more than Seoul and Shanghai. In the field of precision medicine, Singapore takes a leading position in the research of diseases unique to Asia, relying on the advantages of its multi-ethnic population.
According to the 2024 Global Biomedical Innovation Cluster Assessment Report, Singapore ranks 12th in the world, up 2 places from 2023, and is the highest-ranking emerging innovation cluster in the Asia-Pacific region. Among the various indicators evaluated, Singapore performed outstandingly in terms of innovation environment (8th), talent attraction (10th), and internationalization (6th). Especially in terms of innovation efficiency indicators, Singapore ranks fifth in the world with an excellent input-output ratio of 2.8.
From the perspective of specific evaluation dimensions, Singapore scores relatively high in terms of intellectual property protection (95 points), business environment (93 points), and innovation policies (90 points), but it scores poorly in market size (75 points) and industrial agglomeration ( 78 points) there is still room for improvement. It is worth noting that Singapore’s international influence index in biomedical innovation continues to increase, reaching 86 points in 2024, an increase of 5 points from 2023.
Singapore has developed distinct competitive advantages. First of all, in terms of innovation governance, Singapore has established an efficient and transparent regulatory system, and the drug review cycle is 30% shorter on average than other Asian countries. The average approval time of its Fast Track (FAST) for innovative drugs is only 150 days, which is significantly better than other countries in the region.
Secondly, in terms of innovative resource allocation, Singapore has significant financial advantages due to its status as an international financial center. In 2024, Singapore’s biomedical field will attract S$3.5 billion in foreign investment, accounting for 18% of the total foreign investment in related fields in the Asia-Pacific region. At the same time, Singapore has also established a professional service system covering the entire industry chain, including 50 CRO companies, 30 CDMO companies, etc., and its service capabilities are at the leading level in the Asia-Pacific region.
In terms of attracting talents, Singapore has successfully attracted a large number of high-level international talents by virtue of its high-quality living environment and competitive salary system. In 2024, the number of high-level foreign talents working in Singapore’s biomedical field will reach 3,800, accounting for 35% of the total number of high-level talents in this field.
Looking to the future, Singapore has huge potential for biomedical innovation and development. In terms of policy support, the Singapore government has announced the implementation of the “2025-2030 Biomedical Innovation Enhancement Plan”, which plans to invest S$10 billion in the next five years, focusing on supporting cutting-edge technology research and development, innovation platform construction and talent training.
In terms of market expansion, Singapore is actively promoting in-depth cooperation with member countries of the Regional Comprehensive Economic Partnership Agreement (RCEP). It is expected that by 2025, Singapore’s biopharmaceutical product exports will exceed S$50 billion. Especially in the Southeast Asian market, Singapore is expected to develop into a regional biomedical innovation and industrialization center.
In terms of technological innovation, Singapore has made breakthroughs in cutting-edge fields such as cell therapy, gene editing, and AI drug research and development. It is expected that by 2026, these fields will produce 10-15 major innovations. At the same time, Singapore is building the “Future Medical Innovation Park”. This project with a total investment of S$2.5 billion will provide stronger hardware support for biomedical innovation.
In terms of industrial ecology, Singapore is building a more complete innovation ecosystem. By promoting the “Biopharmaceutical Industry Digital Transformation Plan” and building an intelligent manufacturing demonstration base, it is expected that by 2025, the digitalization level of upstream and downstream enterprises in the industry chain will increase by 40%. At the same time, Singapore plans to cultivate 50 local innovative companies in the next three years to further enhance the vitality of industrial innovation.
To sum up, Singapore occupies an important position in the global biomedical innovation landscape and has formed a unique competitive advantage. By continuing to optimize the innovation environment, strengthening policy support, and deepening international cooperation, Singapore is expected to gain greater development space in the future global biomedical innovation competition and achieve leading breakthroughs in certain subdivisions. This will not only enhance Singapore’s position in the global innovation network, but also make an important contribution to the development of global biomedical innovation.
Innovation Trends and Opportunities
The development of cutting-edge technologies shows a trend of diversification and integration. AI-driven drug discovery technology will achieve major breakthroughs in 2024. Through deep learning algorithms, the new drug development cycle will be shortened by an average of 40%. The new generation of mRNA technology platforms is expanding from vaccines to a wider range of therapeutic areas, especially showing great potential in the treatment of rare diseases and tumors. Gene editing technology has also entered a new stage, especially the optimized version of CRISPR-Cas9 that has achieved higher accuracy and safety, and the scope of clinical applications continues to expand.
In terms of the layout of key areas, it is recommended to give priority to three major directions: first, precision medicine technology, especially the development of personalized treatment plans based on multi-omics data; second, new cell therapy technology, including bispecific CAR-T, universal CAR-NK, etc.; the third is Digital Therapeutics, which is expected to form a market size of hundreds of billions in the next five years.
Judging from the prediction of breakthrough technologies, disruptive technologies that may emerge by 2026 include: programmable cell therapy platforms, intelligent nanodrug delivery systems, and drug design technology based on quantum computing. These technological breakthroughs will reshape the biomedical innovation landscape and bring new development opportunities.
Regulatory policies are becoming more flexible and adaptable. The Health Sciences Authority of Singapore (HSA) plans to launch the “Innovative Medical Product Review 2.0 Framework” in 2025, which will introduce a review mechanism based on real-world data and expand the scope of breakthrough therapy designation. At the same time, more targeted regulatory pathways will be established for new treatment technologies, such as gene therapy and cell therapy.
Support measures are expected to be more precise and systematic. The Ministry of Finance has revealed that the 2025-2027 budget will increase support for biomedical innovation, focusing on establishing a S$5 billion innovative drug R&D fund, launching a new policy of super deduction of R&D expenses, and establishing a new value assessment mechanism for innovative drugs. These measures will provide stronger policy support for innovative entities.
In terms of access system reform, Singapore is exploring the establishment of a “three linkage” mechanism, namely review and approval, medical insurance access, and bidding and procurement linkage, to speed up the market access of innovative drugs. It is expected that by 2025, the time from approval to medical insurance access for innovative drugs will be shortened to an average of 90 days, significantly better than the current 180 days.
Emerging segments are emerging rapidly. Microbiome treatment has become a new innovation hotspot, and the related market size is expected to reach US$1.5 billion by 2025. Exosome therapy has shown great potential in the field of regenerative medicine, and several products have entered late clinical stages. The commercialization process of artificial intelligence-assisted diagnosis and treatment systems is accelerating, and it is expected that large-scale applications will be formed in the next two years.
Innovative cooperation models continue to evolve. The “R&D crowdsourcing” model is gradually becoming popular in Singapore’s biomedical field, integrating global innovation resources by establishing an open innovation platform. The “innovation consortium” model that deeply integrates industry, academia and research is also emerging. By 2024, 12 cross-institutional innovation consortiums have been formed. In particular, the new cooperation model of “Technology Innovation Alliance + Industrial Fund” is reshaping the innovation ecosystem.
Investment opportunities are mainly concentrated in three directions: first, innovative technology platform companies, especially companies with core technologies in AI drug research and development, gene editing and other fields; second, innovative drug research and development companies targeting major diseases, especially In fields such as tumors and autoimmune diseases; the third is innovative medical device and diagnostic technology companies, especially digital diagnosis and treatment solution providers.
Technological innovation will continue to deepen, especially in cutting-edge fields such as artificial intelligence and gene editing, which are expected to achieve breakthroughs. The policy environment will be more optimized, support will be strengthened, and the access mechanism will be more flexible. There are vast opportunities for industrial development, emerging fields continue to emerge, and innovation models continue to evolve.
To seize these development opportunities, innovation entities need to make the following preparations: first, strengthen the layout of cutting-edge technology research and development, especially paying attention to the innovation opportunities brought by technological integration; second, make full use of policy support and establish a flexible innovation mechanism; finally, actively Explore new cooperation models and strengthen the construction of innovation ecosystem. Through these efforts, we are expected to occupy a favorable position in future innovation competition.
Innovation and development also face some challenges, such as increased risks in technology research and development, increased regulatory requirements, and intensified market competition. Innovative entities need to establish a more complete risk management mechanism, strengthen compliance construction, and improve innovation efficiency in order to better seize development opportunities. At the same time, we must also pay close attention to changes in the global innovation landscape and promptly adjust innovation strategies to ensure sustainable development.
Settlement Suggestions and Practical Guidelines
Market access for biopharmaceutical companies in Singapore requires strict and clear procedures. First, companies need to submit an application to the Singapore Enterprise Development Board (EDB) and prepare core materials including business plans, technical capability certificates, and financial status reports. The application process generally includes three stages: preliminary review (15 working days), expert evaluation (20 working days) and final approval (25 working days). It is worth noting that the new regulations in 2024 require applicant companies to provide detailed research and development plans and localized operation plans.
In terms of approval points, regulatory authorities pay special attention to the following aspects: the innovation and maturity of the company’s core technology, the professional capabilities of the R&D team, the sustainability of financial strength, and the synergy with the local innovation ecosystem. It is recommended that enterprises make full preparations before applying, especially to highlight their technical advantages and market potential in niche areas.
Frequently asked questions mainly include: R&D qualification standards, intellectual property transfer process, clinical trial application procedures, etc. For example, in terms of R&D qualification certification, companies need to prove that they have at least three core patents or that the products under development have entered the clinical stage. Clinical trial applications require approval from both the Health Sciences Authority (HSA) and the Ethics Committee, and the entire process usually takes 2-3 months.
Site selection and layout strategies require comprehensive consideration of multiple factors. From a geographical point of view, it is recommended to give priority to key parks within the biomedical innovation corridor, such as Biopolis and Tuas Biomedical Park. These parks not only have complete supporting facilities, but also enjoy the synergistic advantages brought by the cluster effect. When selecting a specific location, factors such as the matching of R&D and production needs, logistics convenience, cost-effectiveness, etc. should be considered.
The talent recruitment plan should adopt a “local + international” dual-track system. It is recommended to recruit international high-end talents through the talent introduction plan of the Singapore Ministry of Manpower (MOM), and at the same time establish cooperation with local universities to cultivate and reserve local R&D talents. In the design of the salary system, Singapore’s cost of living and industry levels must be fully considered. It is recommended that the salary level of key positions is at least 20% higher than the industry average to enhance competitiveness.
Partner selection is crucial. It is recommended to give priority to establishing R&D cooperation relationships with leading local research institutions (such as A*STAR) and universities (such as the National University of Singapore). At the same time, you should choose reputable professional service organizations, including CRO companies, intellectual property agencies, legal consultants, etc. When selecting partners, special attention should be paid to their professional capabilities and past performance in relevant fields.
Regulatory compliance is the basis of business operations. Companies need to strictly abide by various regulations in the biomedical field in Singapore, including the Medicines Act, the Human Biomedical Research Act, etc. It should be noted in particular that the newly revised Biosafety Law in 2024 has put forward higher requirements for laboratory management, and companies need to update relevant systems and processes in a timely manner. At the same time, a complete quality management system must be established to ensure compliance with international standards such as GMP and GLP.
Intellectual property protection requires comprehensive measures. It is recommended that enterprises formulate a complete intellectual property strategy before settling in, including patent layout, trade secret protection, employee confidentiality agreements, etc. Especially when cooperating with local institutions, it is necessary to clarify the ownership of intellectual property rights and the profit distribution mechanism. It is recommended to hire a professional intellectual property lawyer to conduct regular intellectual property audits and risk assessments.
Operational risk avoidance requires the establishment of a systematic prevention and control mechanism. The first is financial risk. It is recommended to establish a strict financial control system, set up reasonable fund reserves, and purchase corresponding insurance products. Secondly, there is R&D risk. It is necessary to establish a project early warning mechanism and set up a key node evaluation system. In addition, we must pay attention to biosecurity risks, environmental risks, etc., and establish emergency plans and disposal mechanisms.
At the specific operational level, companies can take the following measures: first, form a professional compliance team to be responsible for daily supervision and risk management; second, establish a regular internal audit system to detect and solve problems in a timely manner; third, strengthen employee training , Improve risk awareness and handling capabilities.
It should be noted that enterprises must maintain good communication with regulatory authorities during the implementation process. It is recommended to regularly participate in policy briefings and training activities organized by regulatory authorities to keep abreast of policy changes and regulatory requirements. At the same time, we must also actively participate in industry association activities, strengthen communication with peers, and jointly promote the healthy development of the industry.
Enterprises should also establish a dynamic risk assessment mechanism, regularly assess changes in various risks, and adjust prevention and control measures in a timely manner. Especially in the field of biomedicine where technology updates rapidly and the market changes drastically, we must maintain a high degree of vigilance and do a good job in risk prevention. By establishing a complete risk prevention and control system, companies can better seize development opportunities and achieve sustainable development.
Forecast and Outlook for the Next Three Years
Based on the current development trend, Singapore’s biopharmaceutical industry innovation index is expected to continue to rise. By 2025, the intensity of R&D investment is expected to increase from the current 3.2% to 4.0%, and the average annual growth rate of patent applications is expected to remain above 15%. Especially in the field of artificial intelligence drug research and development, Singapore is expected to rank among the top three innovation centers in the world. In terms of innovation efficiency indicators, the new drug research and development cycle is expected to be further shortened by 20-30%, mainly due to the in-depth application of AI technology and the optimization of regulatory approval processes.
It is expected that by 2026, Singapore will rise to fifth place in the global biomedical innovation rankings, behind the United States, the United Kingdom, Switzerland and Germany. The number of papers published by local R&D institutions in top international journals is expected to grow at an average annual rate of 20%, and the industry-university-research collaborative innovation index will increase to 85 points (out of 100 points). In addition, the index of concentration of innovative talents will also be significantly improved, and the number of high-level R&D talents is expected to increase by 40% compared with 2024.
Major breakthroughs are expected in the field of cell and gene therapy. By the end of 2025, it is expected that 3-5 CAR-T products will be approved for marketing, including at least 1 “universal” CAR-T product. The scope of clinical applications of gene editing technology will be significantly expanded, especially in the treatment of blood system diseases and genetic diseases. Breakthroughs in the new generation of nanodrug delivery systems will greatly improve therapeutic effects, and it is expected that related technology platforms will be industrialized in 2026.
Digital medical innovation will enter a period of rapid development. The accuracy of the AI-assisted diagnosis system is expected to reach more than 95%, covering more than 80% of common diseases. Digital therapeutics will form complete treatment solutions, especially in the areas of chronic disease management and mental health. By 2027, drug design platforms based on quantum computing are expected to be commercially available, which will lead to a qualitative improvement in drug research and development efficiency.
The industrial structure will be further optimized. It is expected that by 2026, Singapore’s biomedical industry will form a “1+3+5” structure: 1 world-class innovation center (Qio Biomedical Research Park), 3 specialized industrial parks (focusing on cell therapy, gene therapy, etc.) treatment and intelligent medical care), 5 innovative industry clusters (including new drug research and development, precision medicine, regenerative medicine, digital medicine and medical devices).
Industrial chain integration will be accelerated. It is expected that many large-scale mergers and acquisitions will occur in the next three years, and local leading companies will quickly make up for their technical shortcomings and market layout through mergers and acquisitions. The industrial ecosystem will be more complete, forming a complete industrial chain of “R&D + production + services”. Especially in the fields of contract research and development services (CRO) and contract manufacturing services (CMO), several globally competitive local companies will emerge.
Short-term investment opportunities (2025) are mainly concentrated in three directions: first, innovative drug companies that have entered the late clinical stage, especially in the field of tumor immunotherapy; second, AI drug R&D platform companies with independent intellectual property rights; third, digital Medical solution providers, especially those that have gained market validation.
Mid-term investment opportunities (2026) will appear more in emerging technology fields: including new generation mRNA technology platforms, precision medical diagnostic technology, and smart medical devices. These areas are expected to enter a commercialization acceleration period in 2026, with good investment return expectations.
Long-term investment opportunities (2027 and beyond) are mainly in the fields of disruptive technologies: such as quantum computing drug design, next-generation gene editing technology, and synthetic biology platforms. Although these areas are currently high-risk, technological breakthroughs are expected to occur in the coming years, resulting in significant returns on investment.
In terms of investment strategy, it is recommended to adopt a “core + satellite” allocation method: with innovative drug companies in the mature stage as the core, allocate an investment ratio of 30-40%; with technology platform companies in the rapid growth stage as the main satellite, allocate 40 -50%; the remaining 10-20% is invested in early-stage projects with disruptive potential. At the same time, it is recommended to diversify risks through a diversified investment portfolio, including direct equity investment, venture capital fund participation, and strategic cooperation.
Looking forward to the next three years, Singapore’s biopharmaceutical industry will usher in a golden period of innovation and development. Industrial innovation capabilities will be significantly improved, breakthroughs are expected to be achieved in key areas, the industrial structure will be more optimized, and investment opportunities will continue to emerge. But at the same time, we must also note that challenges such as intensified global competition, increased technological risks, and heightened regulatory requirements still exist. Companies need to prevent risks while seizing opportunities. It is recommended that investors and industry participants maintain strategic focus , adopt steady development strategies, and achieve sustainable development.
