Over the past decade, Singapore’s life sciences industry (including pharma and medtech) has undergone a remarkable transformation. Once primarily a commercial hub for Asia-Pacific operations, it is now a thriving center for innovation, driven by strategic investments, a growing talent pool, and an expanding ecosystem of biotech and medtech companies.
A decade ago, Singapore’s life sciences sector comprised just a dozen biotech firms and approximately 18,000 employees. Today, bolstered by national initiatives such as Research, Innovation and Enterprise (RIE) 2015 to 2025, the sector has grown significantly, with a 40%-plus increase in life sciences employment and a fourfold rise in biotech companies (from approximately 12 in 2015 to over 60 in 2025). This rapid expansion underscores Singapore’s evolution from a regional commercial headquarters to a key player in global life sciences innovation and R&D.
Ecosystem of 2025
Singapore’s life sciences ecosystem has expanded into a robust and diverse landscape, now home to:
- 30-plus pharmaceutical multinational corporations (MNCs)
- 60-plus biotech companies
- 50-plus medtech MNCs
- 400-plus medtech and digital health start-ups
This growth is underpinned by four key enabler pillars: Research (e.g., NUS, NTU, NUHS, A*STAR), Development (e.g., NHIC, EDDC, DxD Hub), Incubation (e.g., JLABS, Life Science Incubator) and Funding (e.g., EDBi, ClavystBio, Enterprise Singapore) — each strongly backed by the government’s strategic vision. A dynamic mix of global pharmaceutical leaders and high-growth start-ups has fueled this transformation.
Looking ahead: Singapore’s commitment to innovation
Singapore’s ambition continues to rise. With the RIE 2030 strategy and a US$3.1 billion investment in life sciences R&D as part of the 2025 budget (representing roughly 3% of total government expenditure and outpacing investments by some major economies like China), the nation is cementing its position as a global leader in life sciences and medtech innovation. The next five years will bring even greater opportunities for businesses, researchers and investors.
Key questions to consider
As a participant — or future entrant — in this dynamic ecosystem, key considerations include:
- How should your organization position itself within Singapore’s evolving life sciences landscape?
- What lessons can other ecosystems take from Singapore’s rapid transformation?
- What investment opportunities are available for MNC business development and investors?
At L.E.K. Consulting, we are here to help you navigate and capitalize on these opportunities. If you have any questions or would like to explore more around the innovation ecosystem topic worldwide, feel free to reach out — we look forward to sharing more with you.
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