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Singapore's skyline |
Recognising that innovation and enterprise development add diversity and vibrancy to the biomedical sciences cluster, EDB’s BioMedical Sciences Investment Fund (BMSIF) was set up as a catalyst for Singapore’s biomedical venture capital industry. BMSIF invests selectively in local biomedical ventures as well as key overseas companies who are interested in expanding in Asia, either through the setup of a locally-based subsidiary or joint venture.
To promote and commercialise indigenous technologies in the biomedical sciences arena, BMSIF also launched the Biomedical Sciences Innovate ‘N Create Scheme (BMS INC) in 2002. This scheme provides start-up funding for viable business ideas in biomedical sciences. Companies that qualify will receive up to US$1.1m as seed capital to form a company and execute their business plans. Since its launch, it has attracted keen interest from the local universities and research institutes, and has successfully spun-off its first two companies, Attogenix and Promatrix, from Nanyang Technological University and Johns Hopkins Singapore, respectively.
To further encourage biomedical entrepreneurship, the SEED (Start-up Enterprise Development Scheme) programme administered by EDB also provides equity funding for start-ups in the seed stage of enterprise formation.
Besides BMSIF, private venture capital groups such as JAFCO, 3i, Temasek Capital, UOB Ventures, BioVeda and Walden International are actively involved in biomedical sciences investments. As these funds have well established regional networks, they offer investee companies sound Asian business expertise and counsel.
To further assist medical technology and biotechnology start-ups, Becton Dickinson (BD) and Johns Hopkins Singapore jointly launched an incubator, the BioVenture Centre, in 2002. The Singapore incubator marks the first time BD has set up such an operation outside the US as part of its BD Incubator programme. It seeks to provide a conducive breeding ground that will enhance the ability of Singapore and Asia-Pacific entrepreneurs to create and develop new companies in the area of biomedical sciences.
Ed Ludwig, chairman, president, and CEO of BD, says: “As part of BD’s strategy for growth, we are committed to growing globally in order to reach new and emerging markets. Singapore’s strategic position in the region along with its strong biomedical sector growth make the region well-suited for the first international location of BD’s incubator programme.”
