Recent growth in the Biotech sector coincided with the human gene mapping and filing of several gene patents at USPTO. According to one recent estimate, about 127,000 patents have been filed. The European Patent Office currently has a backlog of some 15,000 biotechnology patent applications. Vigorous filing of patents led to the setting up of about 1200 biotech companies and development of 130 biotech drugs and vaccines in the market, and this is merely the tip of the iceberg.
Generally, patents help in boosting research and technology. Patenting promotes competition and therefore opens up newer avenues that are yet to be explored. The generous issuance of patents for example in the United States biotech industry has in turn generated a huge momentum in the financial sectors. Until recently, the NASDAQ Biotechnology Index was consistently outperforming the overall index.
Singapore has also realised the importance of the biotech sector. In line with the Industry 21 initiative to build a "knowledge-based economy," the "life sciences cluster" was selected by the government as the "4th pillar of Singapore's manufacturing sector." In this regard, the Economic Development Board, the government’s development agency, plays a pivotal role in the strategic planning and formulation of developmental policies to create a vibrant biomedical sciences industry. EDB's Biomedical Sciences Group (BMSG) facilitates new companies' entry into Singapore by linking them with suitable local research organizations, facilities, and other supporting services. In fact, many new pharmaceutical companies are already setting up their branch offices and research units here. At the same time, the BMSG nurtures the growth of local start-ups and companies through a variety of incentives, grants and programs.
A robust growth in the fields of pharmaceuticals, medical devices, healthcare service and biotechnology is expected. Singapore’s biomedical industry’s manufacturing output grew even while the technology sector shrank. Rising 3.2% to US$ 3.67 billion, biomedical’s value-added grew by 3.6% to US$ 2.2 billion. Manufacturing employment in the biomedical sector rose by 5.7% to 6,000 in 2001. By year 2010, EDB aims for Singapore to be the key business base for 15 world-class companies, and a regional centre for clinical trials and drug development.
In tandem with the growth in biotech and biomedical sectors, intellectual property will be Singapore's next growth driver, says the Economic Development Board, which will work closely with the industry and sister agencies to develop the country as a global IP hub.
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