Exciting innovations in medtech products and services
The onset of Covid-19 has accelerated investments into Europe's medtech sector
EUROPE'S medical technology (medtech) sector is one of the most innovative and scientifically advanced in the world.
Medtech is also becoming an important employer within the broader European healthcare sector, with over 730,000 people employed across 32,000 medtech companies. Of these firms, some 95 per cent are small and medium-sized enterprises, contributing to the majority of R&D efforts.
Opportunities for Singapore companies
The onset of Covid-19 has accelerated investments into Europe's medtech sector, with a push towards digital health technologies, medical devices, and in-vitro diagnostics, opening the door to opportunities for international collaboration.
Singapore is an attractive source of partners for EU firms, as the country has been working to develop standards and quality benchmarks to support medtech innovations and bring new products to market swiftly.
Singapore was the first Asian country to be recognised by the Organisation for Economic Co-operation and Development for the Good Laboratory Practice (GLP) compliance programme in 2009.
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This facilitates regulatory approval for new products, and expedites exports in the pharmaceutical, biomedical sciences, and chemical sectors.
Studies conducted in Singapore's GLP-registered facilities are accepted in more than 40 economies worldwide, including over 20 EU markets. Firms that are keen to enter the EU should watch out for the proposed update of the EU Medical Device Regulation in 2021.
GERMANY
At 30 billion euros (S$48 billion), Germany's medtech market is the largest in the EU. The country has a strong demand for medtech products and services, due to its large ageing population and relatively high healthcare expenditure.
Its medtech sector is characterised by deep and innovative collaborations among the private sector, clinicians and knowledge institutions.
These activities are supported by more than 30 medtech clusters across the country, such as Tuttlingen and Düsseldorf. These are potential soft-landing pads for Singapore companies keen to venture into the German market.
Facts and figures
FRANCE
Europe's second-largest medtech sector is that of France, worth nearly 20 billion euros in 2020 and set to grow at 4.7 per cent annually.
French medtech manufacturers are highly sophisticated, with many involved in the production of non-invasive surgical devices and intensive care equipment, and now undertaking R&D for Covid-19 treatments.
Innovative medtech solutions developed by French startups include the digitalisation of healthcare services through mobile apps, and the remote training of surgical procedures.
The government plans to digitalise the healthcare sector, invest in the modernisation of technical equipment and infrastructure, and attract foreign investors with a pro-business environment.
THE NETHERLANDS
The medtech sector in the Netherlands is at the forefront of implementing new technologies. Among European countries, it had the third most medtech patent applications at the European Patent Office in 2019, behind Germany and France.
The country has strengths in medical imaging, rehabilitation technologies, minimal invasive devices and digital health.
The Netherlands actively promotes public-private partnerships among science, industry and government. It is an ideal test-bed, with a streamlined healthcare and a population that is open to early adoption of technology. Singapore medtech companies can consider test-bedding their solutions with Dutch clinicians or co-innovating with Dutch medtech companies.
Facts and figures
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