Government agency International Enterprise (IE) Singapore has launched a biomedical R&D consortium involving seven companies based in the island state, with the aim of tapping into the trend for outsourcing of R&D across Asia, according to PharmaTimes.
The anchor company in the consortium, which will consolidate services ranging from validation of biological targets to lead candidate identification, pre-clinical research and clinical trials, is Singapore Clinical Research Institute (SCRI).
Its Singapore-based partners are Dx assays, Experimental Therapeutics Center, Innoheart, Maccine, MerLion Pharmaceuticals and PWG Genetics.
The consortium can also provide stand-alone services based on client needs, noted IE Singapore, which said CROs and research institutes in the island state “have the technical expertise and competencies to address the needs of global biomedical companies.”
Many of these companies, however, “are niche players with a narrow range of services, which puts them at a disadvantage when competing with larger providers offering the full suite of product development services,” it said.
As of 2010, more than 50 companies were carrying out biomedical R&D in Singapore, while the local contract research sector was valued at $133 million, making up 3% of a total Asian market estimated at $4 billion, according to IE Singapore.
“As global companies outsource part of their R&D functions to Asia, it means increased business opportunities for our companies,” said Tan Soon Kim, group director of lifestyle business services at IE Singapore.
“The consortium aggregates key capabilities of the companies along the biomedical R&D value chain, to provide a one-stop solution for global players,” he added. “This equips them with the competitive edge to gain a foothold overseas. We will support the consortium in market research, lead referrals and project facilitation.”