ClavystBio and A*STAR Unite to Drive MedTech Innovation in Singapore
- ClavystBio and A*STAR have partnered to co-create and grow MedTech ventures, aiming to strengthen Singapore’s role in Asia’s expanding healthcare market.
- The collaboration will focus on building ventures from research, accelerating medical device development, commercializing digital health solutions, and enhancing the MedTech ecosystem.
ClavystBio, a life sciences investor and venture builder backed by Temasek, has signed a Memorandum of Understanding (MoU) with Singapore’s leading public R&D agency, the Agency for Science, Technology and Research (A*STAR), to jointly create and scale MedTech ventures, strengthening Singapore’s position as a hub for medical innovation.
The collaboration coincides with Singapore's biomedical industry gaining traction, with MedTech production expected to exceed S$20 billion by 2023.
The goal of these initiatives is to better position Singapore-based inventions to expand and access new markets, as the MedTech market in Asia is expected to reach US$225 billion (S$304 billion) by 2030.
Developing new businesses from promising research, promoting medical device development through MedTech Catapult, commercializing diagnostics and digital health breakthroughs through DxD Hub, and bolstering Singapore's MedTech ecosystem are the four main focuses of the partnership.
A*STAR will give scientific and technical capabilities, while ClavystBio will offer funding and venture-building expertise.
Newsletter
The corridor, every morning.
Funding rounds and cross-border capital moves, one email, five minutes.
In Asia's rapidly expanding healthcare technology sector, this project seeks to scale indigenous ideas, draw in investment, and establish Singapore as a premier MedTech hub.
"This partnership highlights ClavystBio's commitment to nurturing globally successful medical devices, digital health, and diagnostics companies from Singapore," said Mr Anselm Tan, Digital Health & MedTech Lead at ClavystBio.
According to A*STAR's Assistant Chief Executive (Innovation & Enterprise), Irene Cheong, the organization is committed to creating a robust MedTech ecosystem that links cutting-edge technology firms with innovative ideas.
“This MoU builds on an existing collaboration with ClavystBio and marks a significant step forward in our joint efforts to co-create and grow globally investable MedTech ventures.”
The two-year collaboration will involve the teams developing new MedTech startups, investing in A*STAR-affiliated businesses, and promoting cooperation between A*STAR and ClavystBio-supported businesses.
Edited by Harshajit Sarmah
More in News
