Singapore has a program called Research, Innovation and Enterprise 2020 that has allocated four billion dollars in various research and development projects for four years until the end of the decade. In the first half of this year, the country clocked sixteen million dollars worth of deals in the health related technology sector as per the report published by Galen Growth Asia. This includes the over eight million dollars funding received by UCare.ai, a startup specializing in the use of artificial intelligence in healthcare. The company was founded two years ago and uses algorithms to predict the patterns of healthcare needed by patients.
Another healthtech company, Docdoc secured a funding of almost seven and a half million dollars a few months back. The website facilitates online search and scheduling for various types of medical appointments. The same report published by Galen Growth Asia also finds ObvioHealth as a significant healthtech startup. The platform for mobile clinical study that aims to facilitate clinical trials without the confinements of onsite procedures secured a funding of over four million funds. Singapore has not fared as well in healthtech as in fintech and some other sectors such as shipping and ride hailing services in recent times. Singapore is a long way behind China that has bagged investments of over three billion dollars. India too has fared much better than Singapore with a hundred and thirty five million dollars worth of investments in healthtech.
Investors, both individual and institutional, are optimistic about Singapore. There is a widespread perception and also conviction that Singapore is at the cusp of a major healthtech reshuffle. The country has already managed to become the most promising startup hub in Asia. The digitalization drives in Singapore, by private and public enterprises as well as by the government, are providing the necessary boost to healthtech and it is only a matter of time before the sector catches up with fintech. Healthtech is often confined to conglomerates and even startups have little access to large pools of money and big data. Fintech is relatively more viable for startups as healthtech is inherently complicated owing to the gravity of the issues the solutions must address. Only when small to medium sized companies as well as major corporations will thrive and make way for an evolving startup scene can the healthtech segment leapfrog into the big league. All the founding factors are in place already.
The government has already started simplifying many regulations pertaining to various types of medical equipments and applications. Several devices and treatments have been approved in a much more simplified and expedited manner, thereby empowering citizens and also making the whole process convenient for manufacturers, importers and users. Healthtech needs the fillip that the Singaporean government has been providing the fintech sector. Smart initiatives cannot be confined to infrastructure and digitization of other aspects of the economy. From education to healthcare, digitization and smart programs should benefit every crucial sector. Many changes are expected in the near future that would ensure Singapore makes the most of its promising healthtech landscape.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Two Major Healthy Living Initiatives are Expanded to Improve Life in Singapore,Balancing Work & Life as Business Owner and all topics related to Singapore Business and Economy. For more info aboutSingapore company setup and business formation visit our website.
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