SPRING Singapore, an agency responsible for growing local enterprises, has inked a memorandum of understanding with Dutch medical institution Maastricht University Medical Centre Holding (MUMCH).

This will create further opportunities for the development of local healthcare, life sciences and medical industries, said Deputy Chief Executive of SPRING Singapore Mr Ted Tan.

MUMCH is the holding firm for the commercialisation of activites of Maastricht University Medical Centre. It has conducted clinical trials with major pharmaceutical companies and developed 3D-printed implants for patients amongst other things.

"Singapore med-tech and life sciences can leverage on the expertise of MUMC to penetrate the European market," Mr Tan said. "They can look forward to more research and development collaborations, joint product development projects, possible joint-ventures and investment opportunities with Dutch companies."

Singapore's healthcare, life sciences and medical technologies employ about 51,000 people. The med-tech sector is fast-growing, aiming to achieve $5 billion in manufacturing output and provide 10,000 jobs by 2015, said sources from the Economic Development Board and Spring Singapore.