Singapore is also launching a startup support program, he said.
More market players could spell better programs and solutions for the medtech sector, but Singapore’s industry minister emphasises how high barriers in the sector is preventing it from flourishing.
In a speech at the Medical Fair Asia 2016 at the Marina Bay Sands Expo and Convention centre, MTI minister S Iswaran said the medtech sector is different from many other sectors in that there are high barriers to entry at many stages of its value chain.
“At the research and development stage, high barriers to entry arise due to long development timelines and strict regulations which are necessary to safeguard the testing of new devices, as well as the need to navigate the patents and intellectual property rights space,” he said.
He added that at the production stage high barriers also arise from the need for highly specialised equipment to achieve a specified level of precision in manufacturing.
Meanwhile, to help overcome this, he said Singapore is providing support for medtech companies in its development and collaboration efforts.
“At the product development stage, local medtech start-ups can apply for SPRING’s Technology Enterprise Commercialisation Scheme (TECS), which supports successful applicants for the development of new, innovative and potentially market-changing technology at the proof of concept and proof of value stages,” he said.
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