As healthcare across Asia continues to modernize, many health tech company are setting up base in Singapore. That’s understandable considering is one of the region’s most dynamic healthcare innovation hubs. Many are drawn by the Singapore healthtech scene that boasts efficient operating environment and reliable legal framework.
Singapore is a place where most healthtech companies can get going fast enough, find talented employees, and generally trust that their contracts will be enforced. Even though it is rarely known for strong IP protections, it is among the relatively few Asian countries where innovators can feel comfortable conducting original R&D.
Another notable thing making Singapore’s health tech ecosystem worthwhile is the proximity to some of Asia’s most exciting growth markets. Singapore is merely a short flight away from Indonesia, Vietnam, and the Philippines, all of which have large populations of emerging middle-class consumers and massively underdeveloped healthcare systems.
It doesn’t end at that since Singapore is also a commercial healthcare hub for the broader Asia-Pacific region. The vast majority of leading pharmaceutical. Medical device, and healthcare services companies now have their Asia regional headquarters in Singapore. Things are no different for Asia-focused HealthTech startups and the growing number of investors chasing them.
Many might wonder how the country was able to achieve such remarkable developments in only a few years. Well, different players have come together to help make this possible. The Singapore government is a key player when it comes to improving the state of health technology in the country.
Long known as a champion of innovation, the Singapore government recently committed over $13 billion USD to a five-year R&D plan that focuses on health and biomedical sciences. Even though some of this money will fund basic and clinic research, some will go directly towards research at the intersection of healthcare and IT. That certainly helps bolster Singapore’s already-impressive research community.
The state of Singapore’s healthtech scene looks brighter with many more fascinating things expected in the future. And while modern tech continues transforming every day, it is expected that the country will stand out in the world when it comes to offering remarkable healthcare services.
After all, many companies are already coming together to help make the dream a reality. Take it upon yourself to do a bit of research and find out more about the future of health technology in Singapore to avoid lagging behind.