Singapore Biotechnology

The Singapore biotechnology market size was valued at $823.5 billion in 2021 according to Market Research Community and is expected to grow 8.0% yearly. At present, there are 52 biotech companies, and the number of biotech companies is forecasted to increase to 84 firms by 2032.

Human Health and Potential is one of the four strategic domains under the $18.4 billion in funding that Singapore has committed to public sector research.  Increasingly, global pharmaceutical companies are establishing external innovation teams in Singapore to partner emerging biotechnology firms to bring innovative therapies to the market.  Phase 1 focused on developing the foundations of biomedical research, followed by Phase 2 which focused on translational clinical research.  Phase 3, from 2011-2015, saw the forging of academia-industry links while Phase 4 delved into meeting healthcare and economic outcomes.  The five key therapeutic areas that align to Singapore’s national healthcare needs are cancer, cardiovascular, diabetes, neurological and sensory disorders, and infectious diseases.  Phase 5, from 2021-2025, will focus on health promotion and advancing human potential. This involves expanding Singapore’s national Precision Medicine research program, extending the scope of research to prenatal and early childhood development, and to healthy and meaningful longevity and strengthening the local biotech ecosystem.

Biotech start-ups are a key engine of innovation and Singapore has tripled the number of companies in biotech-related areas from a decade ago.  Approximately 140 companies are involved in therapeutic diagnostic drug delivery, drug delivery tools or supporting the vibrant growth of this sector.

The biotechnology sector can be broadly classified by application - bio-pharmacy, bio-industrial, bio-services, bioinformatics, and bio-agriculture.

Since the nineties, Singapore established itself as a world-class manufacturing hub for pharmaceuticals and in recent years, has developed innovative products such as biologics drug substance. In 2022, the sector produced more than $14 billion worth of products for the world.

The Singapore government has its strategic investment vehicle, EDBI (Economic Development Board Investment), and is instrumental in fostering the development of the country’s life sciences sector, investing both domestically and internationally.  EDBI recognizes “high potential growth” and late-stage companies, ranging from biotechs, diagnostics and medtech companies.  Areas of interest include cell and gene therapy, genomics, precision medicine, digital therapeutics and increasingly AI and technology-driven medical devices. Public research is mainly conducted by A*STAR (Agency for Science Technology & Research) which oversees Singapore’s Research Institutes.

U.S. companies that supply products and services that support the biotech ecosystem, like instrumentation, reagents, services, nano-biotechnology, PCR technology, DNA sequencing, cell-based essays, chromatography, tissue engineering and regeneration, fermentation and software solutions may find Singapore a potential market. 

Those interested to explore the Singapore biotech and human health potential sectors may contact Ms. Luanne Theseira at the U.S. Commercial Service in Singapore.