South Korean healthcare and medtech companies are getting a leg up to expand into Singapore and South-east Asia.
Investment and consulting group Golden Equator and Korean regulatory and clinical research provider C&R Healthcare Global (C&R) will sign a memorandum of understanding today to set up the Korea-Singapore Healthcare Incubator.
The incubator, which will be based at Spectrum business club in Duo Tower, aims to help 10 to 15 Korean companies expand into Singapore and the region over the next few months.
C&R will identify and financially support Korean companies operating in sectors such as medical devices, medical technology and cosmetics.
Meanwhile, Golden Equator will offer the companies access to investors and business partners, as well as advice on growing their business.
"The healthcare industry in the Asia-Pacific region is a $500 billion market, one of the world's fastest-growing regions," said Ms Shirley Crystal Chua, founder and chief executive of Golden Equator.
"Innovations in this area, notably new technologies such as artificial intelligence and data analytics, present unique investment opportunities."
POTENTIAL GROWTH AREAS
Innovations in this area, notably new technologies such as artificial intelligence and data analytics, present unique investment opportunities.''
MS SHIRLEY CRYSTAL CHUA, founder and chief executive of Golden Equator, on the Asia-Pacific healthcare industry.
Mr Lee Sang Deok, South Korea's Ambassador to Singapore, said Singapore is a gateway to the region and offers optimal conditions for Korean companies keen on going global.
"As the bio-healthcare field can contribute to creating a new growth engine for both countries, taking this opportunity, I hope Korea and Singapore can strengthen our cooperation," he added.