Singapore has experienced explosive growth in its medical technology industry over the last decade, growing from about US$750 million in 2000 to over US$4 billion in 2012. This growth, coupled with Singapore’s highly educated, high-tech workforce, has led to significant new medical R&D investments in the country.
Many of the leading global medical technology companies are expanding operations in Singapore. Investment is primarily in medical manufacturing and R&D, with companies such as GlaxoSmithKline, Novartis, Abbott, and Pfizer investing from US$300 million to over US$1 billion in new facilities. Singapore expects to produce some 20,000 new science and engineering graduates from its higher education system to meet with this demand. Some companies are snapping up top graduates early through scholarship programs, like Siemens Medical Instruments’ US$16 million Master’s degree program in Singapore.