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Singapore biotech startups chase the American dream

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Benjamin Cher

Benjamin Cher

Published Thu, Apr 13, 2023 · 04:32 PM
    • Setting up a lab in San Francisco has enabled Engine Biosciences to tap the deal flow among pharmaceutical giants in the US.
    • Dr Tan Min-Han, CEO of Lucence, notes that the US market is far more complicated than the Asian market.
    • Setting up a lab in San Francisco has enabled Engine Biosciences to tap the deal flow among pharmaceutical giants in the US. PHOTO: BENJAMIN CHER, BT
    • Dr Tan Min-Han, CEO of Lucence, notes that the US market is far more complicated than the Asian market. PHOTO: BT FILE

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    SINGAPORE biotech startups are looking to the US as their next market for expansion, tapping the large population size and market opportunities to match.

    Home-grown company Lucence, for one, recently secured Medicare reimbursement approval. The biotech startup’s blood test to detect lung cancer was approved by one of the world’s largest health insurance providers, opening the door for other insurance providers to follow suit.

    “What we are looking at here in terms of blood tests… is already a US$10 billion market here in the US,” said Tan Min-Han, founder and chief executive officer of Lucence.

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