Medical devices sector enhances competitiveness due to local and global collaborations

Singapore’s partners were attracted to the market’s preventive healthcare.

The Lion City’s medical sector improved its competitiveness, which resulted in access to funding, resources, and global networks, analytics and data firm, GlobalData, said.

Its dominance in the medical device sector was renowned for biomedical innovation. It also shifted to preventive healthcare, which was attributed to partnerships with local and foreign markets. 

GlobalData’s research revealed that Singapore recorded over 25 mergers and acquisitions, partnerships, and financing deals during the first half of 2023. This is a promising start, GlobalData said, since it is 71% of the deals made in the whole year of 2022. 

One example of deals is MiRXES, a Singapore-based RNA technology firm, which had an agreement with Zhejiang Anji Economic Development District and PT Elion Medical Indonesia. 

“The company aims to democratize early disease detection worldwide. This move is expected to support MiRXES in expanding its commercial presence in China and Indonesia and enhance cancer combat efforts across the Asia-Pacific region,” read the statement.

Shreya Jain, medical devices analyst at GlobalData, said “strategic partnerships can pave the way for co-creating economic opportunities built on the principles of affordability, accessibility, and quality.”