SG amongst top 5 life science hubs in APAC
Its skilled talent pool, logistical network, government funding and physical infrastructure helped it maintain its competitive position as a biomedical hub.
Singapore is among the top five most competitive cities in the Asia Pacific in the life science industry market.
This is according to the latest research from CBRE, which looked into the the trends, demands, corporate real estate strategies and investment opportunities in the region’s major life sciences hubs.
The life sciences industry includes pharmaceuticals, biotechnology, medical equipment, food science and healthcare sectors.
“Singapore has maintained its competitive position as a biomedical hub–underpinned by its skilled talent pool, logistical network, government funding, as well as existing physical infrastructure to attract life sciences companies and foster a supportive eco-system,” said Catherine He, Director of Research for CBRE Southeast Asia.
Large life sciences companies have a strong presence in Singapore. Pharmaceutical company BioNTech announced plans to make the Lion City its regional headquarters for Southeast Asia in May 2021.
Several large life sciences firms have also established their own manufacturing facilities in Singapore, with Sanofi announcing plans to make a new vaccine production centre in April.
Whilst new development opportunities are scarce due to a small availability of business park sites, Singapore’s high specification industrial buildings with biomedical tenants are keenly sought after by investors.
Other countries in the top ten ranking, in no particular order, include Shanghai, Tokyo, Beijing, Melbourne, Sydney, Seoul, Hong Kong, Hyderabad and Bangalore.