R&D

The host city of SIGEF 2018 is a reference in MedTech and new technologies as indeed Singapore aims to be at the upfront of a promising market with the right setup to attract both investors and innovators.

(Photo: RENDY ARYANTO/VisualVerve.SG)

Singapore is home to more than 60 MedTech companies which are mainly focused on research to develop new and innovative health care approaches. It is, indeed, a promising market. According to the Singapore Economic Development Board, the Asian medical technology market is expected to be the world’s second-largest by 2020, with a promise of a better life expectancy and quality of life.

In the last few years, the government has made a big effort to build a welcoming infrastructure for these businesses, either by investing in patient care based on a talent pool with big data and analytics skills, or by developing a supportive ecosystem which counts on research institutions, universities and startups, all of which provides the MedTech companies with a rich and fruitful research and development hub.

This ecosystem allows for companies like Tictrac – an app developing company which focuses on tracking health data and giving tips and information to its users -, to come up with solutions for patients with diabetes and other chronic diseases. In a recent interview, Martin Blinder, Tictrac CEO, confided that: “It is for people to find reliable information about the best way to reduce risk and improve their health. After meeting their doctor, people go home with some very high-level information, often go online and end up finding a lot of contradictory information or dangerous fat diets”. The company has a partnership with the Singaporean Ministry of Health, which aims to use more technology to prevent and manage diseases.

The successful combination of a friendly environment for MedTech innovation and public-private partnerships has pushed many companies to be more willing to invest in this market. In the last few years, a number of Singaporean IT businesses have set up MedTech operations in order to profit from the market’s good prospects. The electronic manufacturer Venture Corp is one of them and has been shifting their investment to LifeSciences and Medical Technologies, which now represent 43% of their revenues.

In a speech at a MedTech event last year, the Minister for Trade and Industry S. Iswaran stressed the importance of investing in new health care technologies knowing that populations are getting old and that artificial intelligence is taking over most industries. “We know that the nature of jobs is changing profoundly, as technology and automation play an increasing role in driving innovation and operations,” he said. “We need to transform our societies and economies to become more age-friendly, and turn longevity into a positive force for economic and social development.”

The host city of SIGEF2018 next September is thus the perfect place to bring together innovators and entrepreneurs from all over the world. Organized by Horyou, it will include a special panel on MedTech.

Eurostat launched a report showing the progression of the European Union towards the 2020 social and economic targets.

The report highlights the main achievements of  EU 2020 targets
The report highlights the main achievements of EU 2020 targets

2020 is only three years from now and, surely, a lot has been already accomplished. Still there’s so much left to do in such short time. One major point raised by Eurostat is that he European Union lacks cohesion between its member States when it has to deliver better levels of employment and productivity while reducing the impact on the environment.

Europe 2020 targets cover five areas of concern: Employment, Research & Development, Climate Change & Energy, Education and Poverty Reduction. Each member state has its own national target within the common targets. By analyzing the data, Eurostat, the statistical office of the EU, produced a report called “Smarter, greener, more inclusive?”, in which it details the Unions accomplishments since 2008, as well as it outlines the programs major trends.

The report thus highlights the “substantial progress” made in the area of climate change and energy, through the reduction in greenhouse gas emissions and energy consumption, combined with an increase in the use of renewable sources of energy. Positive developments have been made also in education, through an increased tertiary education and a reduced number of early leavers from higher education.

The areas where progress was limited were employment and R&D expenditure, while poverty reduction has reached poor results since 2008.

When analyzing each EU Member State data, Eurostat shows there’s still a lack of cohesion among the 27 countries. When it comes to reducing greenhouse gases emissions, for example, States as Portugal and Denmark have surpassed their targets on energy consumption and efficiency when France and Italy are still far from honoring their commitments and are hardly likely to do so by 2020.

From the poverty reduction perspective, only a few countries, like Austria and Bulgaria, have shown a slight development, while Spain and Greece are struggling to reach the 2020 targets. Currently, 23% of the EU population faces the risk of poverty or social exclusion, while employment rates among females have risen since 2008, inducing a vulnerability of this gender group.

Access the full report here

All 2020 targets are directly or indirectly related to the UN Sustainable Development Targets and are part of the EU commitment to the social and economic inclusion of its population.

Horyou is the Social Network for Social Good, which connects, supports and promotes social initiatives, entrepreneurs, and citizens who help the implementation of the Sustainable Development Goals to build a more harmonious and inclusive world. We invite you to Be the Change, Be Horyou!

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