Singapore's Agency for Science, Technology and Research (A*STAR) and the Korean Health Industry Development Institute (KHIDI) today launched the KHIDI-A*STAR Medtech Development Centre in Biopolis, Singapore.
In a joint statement, KHIDI and A*STAR said that the centre will facilitate South Korean biomedical companies seeking to conduct biomedical technology innovation, first-in-human trials, registration and commercialisation of products in Singapore.
To date, seven South Korean small medium enterprises (SMEs) have expressed interest to co-develop products with Singapore partners. The SMEs include Gencurix Inc, Handok Inc, Charm Engineering Co. Ltd, GEMSS Co. Ltd, Cellumed Co. Ltd, L&C BIO, and BMT Inc.
As part of the KHIDI-A*STAR Memorandum of Understanding (MOU) agreement signed in December 2013, the South Korean SMEs and their Singapore partners will be able to tap on a US$5 million joint research fund. The fund can be used to register and manufacture products in Singapore, as well as market them to the region from the republic.
"Singapore and the Republic of Korea share complementary strategies in the biomedical space," said Lim Chuan Poh, Chairman of A*STAR. "Korean companies want to regionalise and internationalise their operations through Singapore while Singapore want to attract more biomedical companies to build a critical mass of such companies here. The opening of the Centre will bring about a more institutionalised approach to fostering collaborations between the Korean biomedical companies and research partners in Singapore."
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