Mr Lee, in his recent address, underscored the pivotal role of precision medicine within Singapore’s economic strategy, alongside other sectors supported by EnterpriseSG. Precision medicine, harnessing Singapore’s vibrant bio life sciences ecosystem, holds significant promise for growth.
Mr Lee cited precision medicine’s substantial global market size of US$75 billion in 2023, projected to grow at an average rate of 9.1% annually until 2032. Despite acknowledged challenges in product commercialization, he noted EnterpriseSG’s support in facilitating connections between local companies and international healthcare providers.
This collaborative effort has enabled startups to navigate clinical trials and regulatory hurdles, with the potential to catalyze Singapore’s emergence as a hub for groundbreaking medical advancements. Notably, Mr Lee expressed optimism, foreseeing Singapore fostering its own breakthroughs akin to Moderna and BioNTech in the future.
In tandem with precision medicine, EnterpriseSG has also bolstered sectors such as offshore wind, exemplified by local firms like Sembcorp and Seatrium engaging in green power projects globally. Such initiatives align with Singapore’s commitment to sustainable energy solutions and economic diversification.
These endeavors reflect Singapore’s proactive stance in embracing transformative industries to sustain growth amidst global economic shifts. By leveraging its research and development capabilities and fostering strategic partnerships, Singapore aims to position itself at the forefront of innovation and economic resilience.