Asia has experienced rapid growth in the biomedical sciences and pharmaceutical fields. Within the last decade, Singapore has established itself as a global scientific powerhouse, attracting leading companies. The city-state has built up a reputation for biomedical sciences innovation in addition to being a global financial and business hub.
Singapore’s biomedical sciences industry contributes 4.1% to the country’s gross domestic product (GDP), manufactures about US$14 billion worth of patented pharmaceutical products and medical devices for global markets, and employs more than 16,000 people. More than 50 companies conduct R&D in Singapore, including drug discovery and development, translational and clinical research, and medical technology innovation. In 2008 alone, R&D expenditure in biomedical sciences exceeded US$715 million.
Read more, source: Drug Discovery and Development