ClavystBio, a life sciences investment company started by Temasek, has signed an agreement with A*STAR, Singapore’s main government R&D agency. Together, they plan to build and support new medical technology (MedTech) companies in Singapore.
ClavystBio said on Tuesday that this partnership will help start new companies, develop products, and bring them to market. It will bring together ClavystBio with two national programs run by ASTAR — MedTech Catapult and the Diagnostics Development Hub (DxD Hub) — as well as ASTAR’s wider support for medical technology and startups.
This partnership is happening at a time when Singapore’s biomedical sector is growing fast. In 2023, the country’s MedTech industry produced goods worth S$20 billion (about $15.55 billion).
Asia’s MedTech market is expected to grow to $225 billion by 2030. With this in mind, the partnership aims to help Singapore-based medical technology grow faster and reach more international markets.
During this two-year partnership, the teams will work together to create new MedTech startups, invest in companies linked to ASTAR, and encourage collaboration between ASTAR and companies supported by ClavystBio.
By bringing together their different strengths—like research, engineering, startup building, and funding—this partnership aims to find promising new technologies, prepare MedTech projects for the market, and help launch new startups. The goal is to boost Singapore’s growing MedTech innovation scene.
The partnership will focus on a few main goals: turning research into new startups, helping develop MedTech products, getting diagnostic and digital health tools ready for the market faster, and making Singapore’s MedTech industry stronger.
A*STAR and ClavystBio will work together to find promising research and ideas and turn them into new MedTech companies.
A*STAR will bring in strong scientific knowledge and support for starting new companies. ClavystBio will help by offering funding, expert advice, and connections to help these new MedTech companies grow and succeed.
MedTech Catapult will help develop medical devices by working on design, building prototypes, and getting them ready for manufacturing. At the same time, ClavystBio will use its investment experience and industry connections to find ways to bring these new products to market.
DxD Hub and ClavystBio will work together to develop new businesses with strong chances of success.
DxD Hub will use its technical skills, like AI software and advanced diagnostics, to improve these ideas and make them ready for the market.
ClavystBio will use its experience in investing and building startups to help bring these products to customers.
To help the industry grow in the long run, the partners will also look at how Singapore supports MedTech manufacturing, design, and regulations.
MedTech Catapult will take the lead in looking at what the MedTech industry in Singapore can do and find areas that need improvement.
ClavystBio will look for companies with special technologies to invest in, helping make Singapore’s MedTech industry stronger.
“This partnership highlights ClavystBio’s commitment to nurturing globally successful medical devices, digital health, and diagnostics companies from Singapore,
“By combining ClavystBio’s investment and venture-building expertise with A*STAR’s deep scientific capabilities and productization platforms, we are cultivating an ecosystem primed for innovation and commercial success,” said Anselm Tan, Digital Health & MedTech Lead at ClavystBio.
Irene Cheong, Assistant Chief Executive (Innovation & Enterprise) at A*STAR, said the company is dedicated to building a strong MedTech community that connects new ideas with advanced technology companies.
“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 investible MedTech ventures,
“Through national productization platforms like MedTech Catapult and DxD Hub, combined with A*STAR’s venture creation capabilities, we aim to commercialize more innovations from the lab to market and grow a vibrant MedTech ecosystem in Singapore,” she added.
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