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 the growth of MedTech ventures in Singapore. This collaboration will leverage ClavystBio’s venture-building expertise and A*STAR’s scientific capabilities to support the creation, development, and commercialisation of medical technologies.
The partnership is set against the backdrop of Singapore’s burgeoning biomedical sector, which saw MedTech output reach S$20b in 2023. With Asia’s MedTech market projected to grow to $225b (S$304b) by 2030, the collaboration aims to position Singaporean innovations for global expansion. Over the next two years, ClavystBio and A*STAR 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 from research, advancing MedTech product development, and accelerating commercial readiness in diagnostics and digital health. MedTech Catapult and the Diagnostics Development Hub (DxD Hub), both hosted by A*STAR, will play pivotal roles in these efforts. MedTech Catapult will support medical device development, whilst DxD Hub will focus on diagnostics and digital health ventures.
Anselm Tan, Digital Health and MedTech Lead at ClavystBio, emphasised the partnership’s potential to cultivate a thriving MedTech ecosystem in Singapore. Irene Cheong, Assistant Chief Executive of Innovation and Enterprise at A*STAR, highlighted the MoU as a significant step in co-creating globally investible MedTech ventures. This collaboration aims to transform Singapore’s MedTech landscape by bridging innovation with commercial success.
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