Singapore, South Korea Collaborate on Biomedical Technology

SINGAPORE, June 16 (Bernama) -- Singapore's Agency for Science, Technology and Research (A*STAR) and the Korean Health Industry Development Institute (KHIDI) celebrated the opening of the KHIDI-A*STAR Medtech Development Centre in Biopolis here Monday. A*STAR chairman Lim Chuan Poh said: "Within six months of signing the A*STAR-KHIDI memorandum of understanding (MoU), we have seen meaningful progress in our collaboration. "Singapore and South Korea share complementary strategies in the biomedical space. Korean companies want to regionalise and internationalise their operations through Singapore while we want to attract more biomedical companies to build a critical mass of such companies here. "The first talent exchange was successfully conducted early this year to bring the two communities closer together," Lim said at the opening of the centre here. Lim noted the opening of the Biomedical Sciences Development Centre will bring about a more institutionalised approach to fostering collaborations between Korean biomedical companies and research partners in Singapore. Dr Jung Kee-Taig, president of KHIDI, said: "Singapore plays a key role in realising President Park Geun-hye's roadmap of creating a creative economy in South Korea. "Singapore's excellence in scientific research, product development, intellectual property protection and pro-business climate offers South Korean SMEs the necessary tools to commercialise their biomedical products to other markets." The centre will promote the co-development of medical technologies and pharmaceuticals between Singapore and South Korea, and is a key milestone of the A*STAR-KHIDI MoU signed in December 2013. It will facilitate South Korean biomedical companies seeking to conduct biomedical technology innovation, first-in-human trials and registration and commercialisation of products in Singapore. Seven Korean SMEs have expressed interest to co-develop products with Singaporean partners in the research and healthcare space. The companies and their local partners will be able to tap on a US$5 million A*STAR-KHIDI joint research fund. The fund was set up as part of the MoU to help finance joint projects between Korean and Singapore entities to register and manufacture products in Singapore, as well as market them to the region from here. Successful recipients of the fund will base part of their operations in Singapore, which will create high-value jobs. Another aim of the MoU is to conduct talent exchanges between the two countries. --BERNAMA