ClavystBio, a life sciences investor established by Temasek, and the Agency for Science, Technology and Research (A*STAR), Singapore’s leading public sector R&D agency, have signed a Memorandum of Understanding (MoU) to foster MedTech ventures in Singapore. This collaboration will leverage ClavystBio’s venture-building expertise and A*STAR’s scientific capabilities to support venture creation, product development, and commercialisation.
The partnership is timely, as Singapore’s MedTech output reached S$20b in 2023, with Asia’s MedTech market projected to grow to $225b (S$304b) by 2030. Over the next two years, the collaboration will focus on co-creating new ventures, investing in A*STAR-affiliated companies, and fostering collaborations between A*STAR and ClavystBio’s portfolio companies.
Key areas of focus include:
– **Fostering new ventures:** A*STAR and ClavystBio will identify promising research to build new MedTech companies, combining scientific expertise with venture capital and guidance.
– **Advancing product development:** MedTech Catapult will aid in developing medical devices, whilst ClavystBio will explore commercial pathways for innovations.
– **Accelerating commercial readiness:** DxD Hub and ClavystBio will shape ventures in diagnostics and digital health, focusing on commercial viability.
– **Strengthening the ecosystem:** The partnership will assess Singapore’s MedTech landscape to identify gaps and investment opportunities.
Anselm Tan, Digital Health and MedTech Lead at ClavystBio, stated, “By combining ClavystBio’s investment and venture-building expertise with A*STAR’s deep scientific capabilities, we are cultivating an ecosystem primed for innovation and commercial success.” Irene Cheong, Assistant Chief Executive of Innovation and Enterprise at A*STAR, added, “This MoU marks a significant step forward in our joint efforts to co-create and grow globally investible MedTech ventures.”
This partnership aims to position Singapore as a leader in MedTech innovation, potentially transforming the local and regional landscape.
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