Speech by Dr Amy Khor, Minister of State for Health at the Official Opening of MEDICAL FAIR ASIA and MEDICAL MANUFACTURING ASIA 2012 on 12 September 2012 at 10:00 am at Suntec Singapore International Exhibition and Convention Centre

Mr Gernot Ringling, Managing Director of Messe Duesseldorf Asia

Dr Ricky Souw, Chairman, Singapore Precision Engineering and Tooling Association

Excellencies

Distinguished Guests

Ladies and Gentlemen

Introduction

1.    I’m happy to join you this morning at the opening of the 9^th MEDICAL FAIR ASIA and the inaugural MEDICAL MANUFACTURING ASIA.

2.    I’m told that the MEDICAL FAIR ASIA, organised by Messe Düsseldorf Asia, is currently the largest medical and health care trade exhibition in Southeast Asia. This biennial exhibition, held since 1997, encourages global players to showcase the best healthcare solutions that they have to offer and introduce new products for the industry. The exhibition this year also features a 50% expansion in floor space as well as 11 national pavilions and groups, including a first from Malaysia.

3.    Today also marks the debut of a parallel exhibition, the MEDICAL MANUFACTURING ASIA, or MMA in short, jointly organised by Messe Düsseldorf Asia and the Singapore Precision Engineering and Tooling Association (SPETA), in collaboration with International Enterprise (IE) Singapore and SPRING Singapore.

4.    Apart from featuring over 150 international suppliers, technology providers and buyers, MMA also provides a platform for our Singapore companies to showcase their precision engineering capabilities to the international medtech industry. 

5.    To further assist Singapore companies in this area, IE Singapore, together with SPETA, has organised a premier business matching event – the Global Asia Trade Exchange (GATE) Medtech 2012. An initiative by IE Singapore, GATE Medtech offers a platform for global procurement decision makers to meet with Singapore companies for one-to-one discussions. I’m pleased to note that over 100 meetings have been arranged this year.

Singapore’s medical and health care sector

6.    The MEDICAL FAIR ASIA and MEDICAL MANUFACTURING ASIA exhibitions come at a time when Singapore’s medical and health care sector are undergoing exciting, new developments.

7.    Singapore’s focus on healthcare covers not only medical care but also encompasses education and research, particularly in advanced specialties such as oncology, neurology, cardiology, ophthalmology, orthopaedics, rehabilitation and infectious diseases. Singapore is also home to many centres of medical excellence, including the Duke-NUS Graduate Medical School, Johns Hopkins Singapore International Medical Centre, and Singapore’s premier biomedical research hub, the Biopolis.

Driving the medical technology industry

8    The global medtech industry has been growing rapidly over the last decade and is expected to grow at a rate of some 10% per annum. Singapore’s medtech sector has similarly witnessed significant growth over the past decade. In the year 2000, manufacturing output stood at only S$1.5 billion. In 2011, this almost tripled to S$4.3 billion. [1]

9.    Together with the continued development of our high tech business park, One-North, and the strengthening of local biomedical and clinical research, Singapore’s position as the next hotspot for medtech innovation creation is beginning to take shape. The new MedTech Park located near to the Jurong Lake District, when fully developed, will occupy 185,000 square metres of space for the sector. The park will be set up in stages with the first phase of development scheduled for 2013.[2]

10.    Singapore leads the region in attracting a growing number of international medical device professionals and multinational healthcare companies to establish headquarters to train and share their expertise. Today, medtech companies in Singapore manufacture a diverse range of products, from pacemakers and heart valves, to hearing aids and contact lenses. In fact, Singapore is already a global leader in medical technology manufacturing especially in the areas of contact lenses, micro-arrays and thermal cyclers. These companies provide some 9,000 jobs, or more than 60% of the total number of jobs in the biomedical sciences cluster. [3]

11,    It is in this regard, that Singapore’s companies offer tremendous potential for partnerships with foreign MNCs. With a strong track record in working with global players such as Medtronic and Boston Scientific, Singapore companies are known for their extensive know-how and ability to support complex manufacturing requirements. Our companies are also valued for their extensive regional network which will help MNCs access the Asia Pacific’s potential and minimise their downside entry risk.

12.    Global companies and Asian enterprises alike are already using Singapore as a springboard to gain a strategic foothold in Asia.  In fact, eight of the top 10 pharmaceutical companies and all of the top 10 medical technology companies drive their business expansion in Asia from their regional headquarters in Singapore.[4]

13.    The presence of an established and vibrant electronics and precision engineering industry, the availability of high quality contract manufacturing and supporting services, coupled with an efficient logistics sector have all combined to make Singapore an attractive location for medtech manufacturing and distribution. The continued push to build synergy among the various industry players will further enhance Singapore’s value proposition.

14.    I would also like to applaud SPETA, as the co-organiser of the Medical Manufacturing Asia, in driving the precision engineering industry towards building-up higher capabilities. This is a milestone for the association as it moves precision engineering companies into high growth areas such as Medtech. The event plays an important role in promoting Singapore companies for the manufacturing of medical devices and medical-related equipment within the regional and international arena.

Making a difference with Medtech

15.    Beyond economics, a vibrant medtech industry can make significant contributions to better healthcare outcomes for our people. Singapore's greying population, the prevalence of chronic diseases, the rising expectations of a strong growing middle class and the discretionary demand for higher quality healthcare services have collectively led to an increase in demand for high quality medtech products. This naturally presents tremendous opportunities for global medtech companies to extend their presence here in Asia and to address the healthcare needs of the region. This in turn opens doors for local companies to showcase their capabilities and product offerings, increasing tie-ups between Singapore and global companies.

16.    For instance, Racer, a SME based in Singapore – and an exhibitor at MMA 2012 - specialises in the manufacturing of precision components, sub assemblies and contract manufacturing. Racer’s team of designers have generated innovative and cost saving products for their customers such as a health tracker - a wearable device that tracks health statistics like blood pressure and glucose levels. This device is deemed as the smallest in the market and automatically uploads the health data into the device itself. By working closely with its client, Racer was not only involved in the manufacturing of the product but in its design as well. Racer was able to address certain problems with the product’s design and packaging which had previously led to poor yield and high costs. Racer came up with a process redesign plan which allowed it to increase its yield from 65% to 97.5% and to achieve 50% cost savings. At the same time, it significantly boosted its manufacturing capabilities and was able to ramp up its production volume seven-fold from 10,000 per month to 70,000 each month.

17.    Companies like Racer are not only achieving stellar business results through their innovative products, but are also providing patients with a higher quality of life and wellness. Patients are at the very heart of Singapore’s healthcare system. Singapore’s Ministry of Health is committed to providing people with access to affordable, quality care which will help our patients live well, live long and have peace of mind. Medtech companies play a key role in developing innovations that improve care for patients. I therefore urge companies here to make every endeavour to create quality products that patients can purchase affordably and use sustainably.

18.    It is heartening to know that companies such as Messe Duesseldorf Asia also share the vision of improving care for patients. As part of its corporate social responsibility initiative of Reaffirming Value – Caring Beyond Business, it will be donating a dollar for every visitor to MEDICAL FAIR ASIA 2012 in support of Metta Hospice Care. I commend them for this initiative.

Conclusion

19.    I trust that you will have a fruitful time at the MEDICAL FAIR ASIA and MEDICAL MANUFACTURING ASIA 2012 sharing experiences and best practices and ideas in these fields. It is my pleasure to declare MEDICAL FAIR ASIA and MEDICAL MANUFACTURING ASIA 2012, open. Thank you.

[1] Principal Statistics of Manufacturing by Industry Cluster, 2011 Source: EDB ↗ (opens in new tab)

[2] Medtech Hub -  Tukang Innovation Park, April 2012  Source: MTI

[3] Principal Statistics of Manufacturing by Industry Cluster, 2011 Source: EDB

[4] Biomedical Sciences Factsheet, 2012  Source: EDB